Kamala Harris Releases Economic Agenda

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Facts

  • During a speech in North Carolina on Friday, Democratic US presidential candidate Kamala Harris announced some of her campaign's economic proposals, including a ban on what she calls 'price-gouging' and tax credits for homebuilders who build for first-time buyers.[1]
  • The home-buying policy proposal, for which first-time buyers would receive $25K toward their down payment, would be part of Harris' pledge to build 3M new houses over the course of her first four years in office and beyond.[2]
  • Some of her other proposals, several of which would require congressional approval, include expanding the child tax credit to $3.6K per child and up to $6K for middle- and low-income parents with kids younger than one.[3]
  • She also proposed imposing price caps on prescription drugs and eliminating college loan debt, both of which were promises made by the current Biden-Harris administration.[4][5]
  • Excluding her pledge to control the prices of groceries, Harris' economic platform is estimated to cost $2T over 10 years, most of which would reportedly come from her child tax credit policy.[6]

Sources: [1]BBC News, [2]New York Times, [3]Wsj, [4]Washington Post, [5]Forbes and [6]New York Post.

Narratives

  • Democratic narrative, as provided by MSNBC. Harris is not latching herself to either side of the traditional economic debate but rather offering a nuanced approach focused on the middle and working class. While she believes in using the government to fight corporate greed, she also understands the need to cut the red tape that holds average citizens back from starting a business. And while she understands the need for innovation, she won't let companies overprice their products to the detriment of the consumer.
  • Republican narrative, as provided by City Journal. When Kamala says she'll fight against 'price gouging,' what she really means is using the government to fix prices — one of the most illogical economic ideas ever invented. Prices naturally go up and down, whether at a large or small business and often to ensure goods don't run out when they're in short supply. If Harris gets her way, her price-fixing policy will prove ineffective against corporations while sending small businesses into bankruptcy.