Weeks into her campaign, Kamala Harris unveils her economic agenda

WASHINGTON — Facing increasing pressure to present her own plans, Vice President Kamala Harris is set to unveil her economic agenda at her first policy-focused event of the campaign this Friday in North Carolina.

Harris plans to advocate for a federal ban on price gouging for food and groceries, along with proposals aimed at lowering the costs of prescription drugs. Additionally, her campaign has released new details about her plans to reduce housing costs, which are currently a significant concern for many Americans.

As part of her housing initiative, Harris will offer up to $25,000 in down payment assistance for first-time homebuyers. This amount surpasses the $10,000 tax credit for first-time homebuyers previously outlined by the Biden administration. Her campaign suggests that this initiative could assist over 4 million first-time buyers in purchasing their homes.

Housing costs remain a critical factor in driving inflation, even as rises in food prices have begun to slow down.

Harris also aims to stimulate the housing market by providing tax incentives for homebuilders to construct and sell starter homes. Furthermore, she is proposing the establishment of a $40 billion fund dedicated to helping local governments tackle housing shortages.

Since taking the place of President Biden on the Democratic ticket in late July, Harris has emphasized the importance of reducing costs for middle-class families as a key focus of her administration. However, details have been scant during the weeks following her transition.

“The cost of living is still too high. Giant corporations are driving up those costs every day. That’s why we are taking on special interests and working to lower the costs of housing, gas, groceries, and everyday essentials,” she stated during a recent campaign rally in Nevada.

The lack of clarity in her economic proposals has allowed her Republican opponent, former President Donald Trump, to fill the narrative void. At a rally, he made unsubstantiated claims that Harris would lead the country into a “1929-style Depression” and warned that if she were to become president, Americans’ financial situations would never recover. This comes despite new consumer price index data showing a deceleration in inflation rates.

In July, inflation rates increased by 2.9%, marking the slowest pace since early 2021. This context highlights the challenges Harris faces as she seeks to articulate her economic vision.

A former attorney general of California, Harris is leveraging her legal experience to shape her agenda. Her campaign asserts that she will enforce the newly proposed price-gouging regulations by empowering state attorneys general and the Federal Trade Commission. They will have increased authority to investigate and penalize businesses that engage in unfair pricing practices. Harris also intends to promote government intervention to block mergers that could result in elevated grocery prices.

Additionally, Harris has expressed opposition to new tariffs that might cause household good prices to rise, as well as proposed tax cuts for affluent Americans. Recently, she appeared alongside President Biden at an event in Maryland, where he disclosed that Medicare had negotiated with private companies to reduce prices for vital medications used to treat conditions such as cancer, heart disease, diabetes, and blood clots.

The unveiling of Harris’s economic agenda signifies her commitment to addressing pressing financial issues faced by many citizens as she campaigns for higher office.