The economic policies of Vice President Kamala Harris, the Democratic presidential nominee, are facing scrutiny as inflation continues to soar. Critics are pointing to her tie-breaking votes on two key pieces of legislation, the American Rescue Plan and the Inflation Reduction Act, as contributing factors to the recent price surge.
Since Harris cast the deciding vote on the Inflation Reduction Act in August 2022, the cost of rent has climbed by 13%. In the same period, the cost of new mortgages has skyrocketed by a staggering 36%, according to data compiled by Americans for Tax Reform (ATR). Notably, household staples like baby food and frozen vegetables have also experienced double-digit inflation, rising by 13% and 14% respectively.
The ATR, a conservative group, analyzed data from the Bureau of Labor Statistics and the Federal Reserve to highlight the impact of these bills on consumer prices. While some prices, such as those for gas, transportation, energy, chicken, and milk, have declined since January 2021, overall inflation has remained stubbornly high.
Grover Norquist, president of the ATR, asserts that Harris’s voting record, coupled with the Biden administration’s regulatory policies, has exacerbated the inflation problem. He argues that Harris’s proposed economic plan, which aims to address ‘price gouging’ and ‘excessive profits’, will only worsen the situation by imposing additional taxes on businesses and individuals.
The Harris campaign has not responded to these criticisms. However, the Democratic National Committee (DNC) points to the economic record of former President Donald Trump during the COVID-19 pandemic, arguing that his policies were responsible for the initial economic downturn. The DNC highlights a statement by 16 Nobel economists who endorsed then candidate Joe Biden’s economic plan, arguing that Trump’s proposals would have fueled inflation.
The debate over inflation is likely to remain a central issue in the upcoming presidential election. Both Democrats and Republicans are grappling with how to address the rising cost of living, with each party blaming the other for the current economic challenges.
It remains to be seen how Harris will address these concerns and whether her economic plan can effectively tackle the rising cost of living for American families.
