Vice President Kamala Harris is poised to unveil her economic agenda on Friday, taking aim at companies unfairly raising prices, particularly in the grocery sector. This announcement marks her first major policy statement as the Democratic Party’s presidential nominee. Harris, who replaced President Joe Biden as the nominee last month, has enjoyed a surge in enthusiasm, buoyed by recent government figures indicating cooling inflation. According to a new University of Michigan poll, more Americans now trust Harris to handle the economy than her Republican rival, Donald Trump, marking the first time in this election cycle that the former president has trailed on this issue.
However, with the Democratic National Convention just days away, the 59-year-old vice president has faced increasing pressure to articulate her vision for the country. Her team has unveiled a set of economic proposals that include a federal ban on price gouging on groceries, expanded tax credits for parents, measures to reduce rent and housing costs, and initiatives to lower prescription drug prices. The campaign statement asserts that these bold actions will alleviate some of the most pressing financial burdens facing American families and bolster their financial security.
While Harris has previewed a few policy positions, she has yet to solidify a comprehensive plan for governing. Instead, she has framed the race to the November 5th election as a “fight for the future.” The conservative Wall Street Journal, in an editorial, argued that elections aren’t solely about winning, but about accumulating political capital for a specific agenda, which Harris cannot achieve without articulating one. Harris’s initial economic proposal – to refrain from taxing tips – puzzled some Democrats, who viewed it as a political ploy for votes after Trump first proposed something similar. However, her stance on Thursday, promoting a likely vote-winning reduction in medication costs for seniors, and her participation in her first joint public event with Biden since taking his place as the nominee amid concerns about his mental acuity, solidified her position.
In her highly anticipated speech in Raleigh, North Carolina on Friday, Harris is expected to call on Congress to pass the first federal ban on “price-gouging,” imposing penalties on food companies that unfairly inflate prices. Harris will also draw a stark contrast with Trump’s economic vision, arguing that his proposed tariffs of up to 20% on imports will drive up costs for food and other everyday items. The campaign statement claims that “Donald Trump is running on a promise to give another billionaire tax break to his ultra-wealthy friends.”
Some political strategists have advised Harris to maintain a degree of vagueness, avoiding potentially divisive granular policy details, as long as the current wave of enthusiasm surrounding her candidacy persists. Others have suggested creating a greater distance between her and Biden, whose approval ratings on the economy have faltered. However, their joint appearance on Thursday hinted at their continued close relationship. Harris has adopted many of Biden’s economic policies, vowing to eliminate “junk fees” while reducing prescription drug prices and housing costs, and maintaining the president’s pledge to avoid tax hikes for those earning under $400,000.
Harris will advocate for the construction of three million new housing units during her first term, introduce enhanced tax incentives for builders of starter homes and rental housing, and confront corporate landlords who are raising rents excessively. Trump has been visibly upset since Biden withdrew from the presidential race and passed the torch to Harris on July 21st. Republicans have implored the former president to focus on policy and cease his personal attacks on his new opponent. However, Trump has struggled to stay on message, complaining about Harris’s crowd sizes, attacking her biracial heritage, and labeling the former California attorney general “stupid.” During a rambling speech in North Carolina on Wednesday, intended to focus on his economic message, Trump dedicated much of his attention to personal insults, even stating that he was “not sure” if the economy was the “most important subject” in the election.
