Vice President Kamala Harris, the Democratic nominee for the 2024 US Presidential election, took the stage in Raleigh, North Carolina, to unveil her economic agenda, highlighting a stark contrast between her vision and that of her potential Republican opponent. In her address, Harris emphasized a future-oriented approach, focused on building an “opportunity economy” that empowers the middle class. This was the first time she detailed her economic policy proposals since securing the Democratic nomination following President Joe Biden’s decision not to seek re-election.
Harris’s economic agenda is multifaceted and addresses key concerns facing American families, particularly rising costs. She pledged to tackle soaring grocery prices by working with Congress to implement a nationwide ban on “price gouging” and empowering the Federal Trade Commission to crack down on price-fixing, particularly in the meat industry.
Recognizing the housing crisis, Harris proposed a $25,000 down payment assistance program for first-time homebuyers and advocated for the creation of three million new housing units over the next four years. She also promised to expand a tax credit for housing developers to incentivize the construction of affordable rental units and combat the practice of “predatory investors” who drive up rent prices.
Addressing the financial burdens faced by families, Harris proposed a $6,000 tax credit for newborns in their first year of life and plans to reinstate the pandemic-era tax credit of $3,600 per child for middle and lower-income families. She also called for expanding the Earned Income Tax Credit for low-income workers, a move that could provide tax cuts of up to $1,250.
On healthcare, Harris pledged to work with states to cancel Americans’ medical debt and expand Affordable Care Act subsidies, potentially saving families an average of $700 on their health insurance premiums. She also proposed capping the cost of insulin at $35 and limiting out-of-pocket expenses on prescription drugs to $2,000 per year, building upon President Biden’s recent agreement to lower costs on ten medications.
In addition to addressing immediate concerns, Harris reiterated her commitment to maintaining the independence of the Federal Reserve, a stance in contrast to former President Donald Trump’s suggestion that the president should have a say in the Fed’s decisions. She also expressed her support for eliminating taxes on tips for hospitality and service workers, a controversial proposal previously championed by Trump.
While Harris’s speech highlighted her focus on economic security for the middle class, her plan does not address other key issues such as a specific proposal for paid leave. She did, however, reiterate her support for raising the minimum wage, although her campaign did not specify the proposed increase.
Harris’s detailed economic agenda has garnered significant attention among the American working class, raising the stakes in the upcoming 2024 Presidential election. As the campaign progresses, it remains to be seen how her economic proposals will be received by voters and how her Republican opponent will respond.
