Democratic presidential nominee Kamala Harris unveiled her economic platform on Aug. 16 and vowed an “opportunity economy” if elected.
Harris pitched her new package of economic proposals during a campaign rally in Raleigh, North Carolina, and said she would prioritize her agenda within her first 100 days of office. Her agenda focuses on reducing Americans’ everyday costs and bolstering the middle class.
Her economic agenda rollout comes after Republican presidential nominee Donald Trump recently released his policy platform.
The event marked Harris’ first policy-focused address since she replaced President Joe Biden at the top of the 2024 Democratic ticket. Her policies aim to lower the cost of groceries and prescription drugs, expand affordable housing, and cut taxes for the middle class.
“As President, I will be laser-focused on creating opportunities for the middle class that advance their security, stability, and dignity. Together, we will build what I call an ‘opportunity economy.'”
Groceries, Food
Harris said although inflation is down to under 3 percent, costs are still high.
She proposed a federal ban on “corporate price gouging” on food and groceries and pledged to work with Congress to advance legislation that would include new penalties for “opportunistic companies” that take advantage of consumers.
The Democratic presidential nominee also vowed to help the food industry become more competitive, saying, “More competition means lower prices for you and your families.” She further vowed to support smaller food businesses.
Trump’s proposal to bring prices down is to ramp up oil and natural gas production.
“When I win, I will immediately bring prices down, starting on day one … We’re going to drill, baby drill that’s going to bring down prices of everything because energy brought it up,” Trump said.
Health Care
Harris reiterated her push to lower drug costs.
This comes after President Joe Biden joined Harris the day before and unveiled their plan to lower prescription drug prices. This includes a new agreement with drugmakers on medicare price cuts for the 10 costliest drugs, including ones used to treat cancer, diabetes, and heart disease. The agreement lowers drug costs by capping the cost of insulin at $35 and out-of-pocket expenses for prescription drugs at $2,000 for everyone, Harris said.
Under her plan, medical debt will no longer be used against a credit score.
Trump, in his economic policy speech on Aug. 14, pledged to reduce the price of prescription drugs. The 45th president told supporters that he would keep the Affordable Health Care Act intact unless there is another way to offer “less expensive and better health care” for Americans.
Tax Cuts, Credits
“Americans should keep more of their hard-earned money,” according to Harris.
Under her plan, more than 100 million Americans would get a tax cut by restoring two tax cuts designed to help middle-class working Americans: the Earned Income Tax Credit and the Child Tax Credit.
Harris called to restore the American Rescue Plan’s expanded Child Tax Credit, which allowed families to claim up to $3,600 per child.
Additionally, the Democratic presidential nominee said that having a baby would give families a big tax break under a Harris administration. Harris proposed a new $6,000 Child Tax Credit for low—and middle-income families when they have a newborn.
Trump touted his tax cuts during his first term as president.
“In just four short years under President Trump, we passed the largest tax cuts in history, the largest regulation cuts in history. We unleashed American energy, and real income surged by more than $4,200 in just a short number of months,” Trump said on Aug. 14.
Affordable Housing
“Sadly, home ownership is out of reach for far too many American families,” Harris said.
Harris proposed the construction of 3 million new housing units to end the housing supply shortage, both for middle-class Americans to rent and buy, and pledged to cut red tape at the local and state levels. She pledged to take on big corporations that engage in illegal price gouging and corporate landlords that unfairly raise rents on working families.
She also called for a $25,000 down-payment assistance for first-time homeowners.
Harris: The ‘Opportunity Economy’ Vs. Trump: ‘Make America Affordable Again”
Both Harris and Trump have criticized each other’s economic platforms.
“When I’m elected president, we will bring down costs, increase the security and stability of your family, and establish opportunity for working-class Americans,” Harris said.
The 45th president said that, under his leadership, the United States had one of the greatest periods of economic growth that any country has ever seen. Trump pledged a “brand new Trump economic boom” under his “Make America Affordable Again” economic agenda if re-elected.