Senator Elizabeth Warren (D-Mass.) has thrown her support behind Vice President Kamala Harris’ proposed measures to combat corporate price-gouging, drawing a stark contrast with former President Donald Trump’s economic strategy. In a tweet on Tuesday, Warren endorsed Harris’ plan, emphasizing its aim to protect working-class Americans from escalating costs. She directly criticized Trump’s economic approach, alleging that it solely benefits the wealthy.
Warren stated, “Trump’s plan is to help the rich and powerful get richer and more powerful while letting everybody else in America eat dirt.” This statement was made in the context of a recent event in Wisconsin where Warren spoke about Harris’ potential to become a president who prioritizes lowering costs for working Americans.
Warren’s endorsement comes in response to Harris’ proposal for a historic federal ban on price-gouging within the food and grocery sectors. This plan includes heightened scrutiny of potential mergers between major supermarkets and food producers, particularly focusing on the risk of these mergers contributing to higher grocery prices for consumers.
Harris’ proposal has faced resistance from the food industry, with critics arguing that it oversimplifies the issue. However, Warren’s endorsement adds significant weight to the plan, emphasizing the ideological divide between Harris and Trump’s economic approaches.
Trump’s proposed “universal baseline tariff” on most imports and a 60% tariff on all Chinese imports have also been met with criticism, as some believe they could exacerbate inflationary pressures.
Senator Bernie Sanders (I-Vt.) has also defended Harris against Trump’s claims, dismissing his assertion that Harris’ plan is equivalent to price controls and labeling her as an “extreme communist.”
However, Jason Furman, who served as Chairman of Economic Advisers under President Barack Obama, dismissed Harris’s plan, labeling it an “insensible policy.” He expressed hope that the plan would ultimately remain a matter of rhetoric without any concrete implementation.
