US Vice-President Kamala Harris released an economic blueprint on Friday focused on reducing costs for Americans while criticising large corporations for price gouging. Speaking in North Carolina, a key battleground state, Harris presented her vision for tackling inflation, a major concern among voters frustrated with US President Joe Biden’s administration.
According to news agency AFP, she emphasised her commitment to an "opportunity economy" to strengthen the middle class as central to her presidency.
Harris highlighted her modest upbringing, including working at McDonald's during college, to resonate with voters dissatisfied with the economic policies of President Biden. She admitted that while the U.S. economy is strong, many Americans still struggle to feel that progress in their daily lives.
Drawing inspiration from Trump's populist playbook, Harris proposed significant tax breaks for families with children, expanded access to government-subsidised healthcare, and support for first-time homebuyers, AFP reported.
She also announced that the White House had negotiated lower prices for retirees buying common medicines from major drug companies and urged Congress to pass a federal ban on "price gouging" by food companies that blindly increase their prices.
These proposals, revealed ahead of the Democratic National Convention in Chicago, aim to add substance to the campaign of Harris, which has generated enthusiasm within the Democratic Party but lacked detailed policy plans. As she seeks to become the first female president, Harris hopes her bold proposals will help her break away from Biden's unpopular management of increases in prices that hit ordinary Americans in the wake of the COVID pandemic.
The Republicans, led by Trump, are attempting to tie Harris to the 81-year-old Biden, who abruptly withdrew his candidacy for reelection on July 21 and endorsed his vice president. "Kamala Harris has had three-and-a-half years in office and all she's done is break the economy. Kamala can't shake the stench of Bidenomics," the Trump campaign stated.
Trump's Campaign Accuses Kamala Harris Of Promoting 'Soviet-Style Communism'
The Trump campaign also referred to an "inflation nightmare for American families" and accused her of promoting "Soviet-style communism."
In real terms, the US economy has ignored the much-feared recession, with robust job growth and record-high stock markets, all while inflation is steadily declining. However, the lingering effects from the Covid-related upheaval continue to be felt by regular consumers, ranging from prices on some food items to high interest rates for home buyers.
How the substantial Harris tax breaks would be funded is still unknown. As per the nonpartisan Committee for a Responsible Federal Budget, the cost of Harris's proposals would exceed $1.7 trillion in the ensuing ten years.