Harris proposes economic agenda aimed at lowering costs for Americans

Vice President Kamala Harris on Aug. 16 introduced a sweeping set of proposals to help lower costs for families.

Harris, the Democratic presidential nominee, laid out her agenda for her first 100 days in office if she wins the presidency this fall. The proposed policies would cut taxes for middle-class Americans, lower grocery costs, slash prescription drug prices, and relieve medical debt.

“These bold actions will address some of the sharpest pain points American families are confronting and bolster their financial security,” the Harris-Walz campaign said in a press release.

Speaking on the northern campus of Wake Technical Community College in Raleigh, North Carolina, Harris said she believes the 2024 election is about two competing visions for the nation: one focused on the past, and the other focused on the future.

“We see that contrast clearly in many ways, including when it comes to how we think about the economy,” she said.

Harris highlighted economic progress that has been made under President Joe Biden: “We have created 16 million new jobs. We have made historic investments in infrastructure and chips manufacturing and clean energy. And new numbers this week alone show that inflation is down under 3%. And as president of the United States, it will be my intention to build on the foundation of this progress.”

But she acknowledged the economic pain that many Americans are still feeling.

“When I am elected president, I will make it a top priority to bring down costs and increase economic security for all Americans,” Harris said. “As president, I will take on the high costs that matter most to most Americans, like the cost of food. We all know that prices went up during the pandemic when the supply chains shut down and failed, but our supply chains have now improved, and prices are still too high.”

She pinned the blame for high prices on corporate profits.

“Many of the big food companies are seeing their highest profits in two decades, and while many grocery chains pass along these savings, others still aren’t,” she said. “Look, I know most businesses are creating jobs, contributing to our economy and playing by the rules, but some are not, and that’s just not right, and we need to take action when that is the case.”

One of Harris’ key economic proposals is to enact a new federal ban on price gouging for food and groceries.

“My plan will include new penalties for opportunistic companies that exploit crises and break the rules, and we will support smaller food businesses that are trying to play by the rules and get ahead,” she said.

Harris said her economic agenda makes obvious a clear distinction between her and former President Donald Trump, who has been campaigning on a plan to impose tariffs of between 10% and 20% on all products manufactured outside the United States.

“He wants to impose what is, in effect, a national sales tax on everyday products and basic necessities that we import from other countries. That will devastate Americans. It will mean higher prices on just about every one of your daily needs: a Trump tax on gas, a Trump tax on food, a Trump tax on clothing, a Trump tax on over-the-counter medication,” Harris said. “Economists have done the math. Donald Trump’s plan would cost a typical family $3,900 a year. At this moment when everyday prices are too high, he will make them even higher.”

Harris also called for policies intended to lead to the construction of millions of new homes to respond to the ongoing U.S. housing shortage that she says is driving up costs for families. Her plans include tax incentives for those who build homes for first-time buyers and for businesses that build affordable rental housing as well as bans on corporate landlords using software to collude to keep rent higher.

Other proposals include  up to $25,000 for first-time homebuyers to use on a down payment; a $6,000 tax credit for families in the first year of their child’s life; and new limits on medical expenses, including a $35 cap on the cost of insulin and a $2,000 annual cap on out-of-pocket prescription drug expenses for all Americans.

“I think that if you want to know who someone cares about, look who they fight for,” Harris said. “Donald Trump fights for billionaires and large corporations. We, I will fight to give money back to working- and middle-class Americans.”