Harris expected to roll out proposals midweek
23/9/2024 6:13
U.S. Vice President Kamala Harris plans to roll out a new
set of economic policies this week that aim to help Americans
build wealth and set economic incentives for businesses to aid
that goal, three sources with knowledge of the matter said.
The new policies, which have not been previously reported
and could be announced in Pittsburgh on Wednesday, come as
undecided voters continue to ask for more information about how
Harris would help them economically if she were elected
president in November, including those in critical swing states,
the sources said.
The rollout would follow heated debate in Democratic circles
over whether releasing more economic policies so close to
election day is a smart strategy.
"It's not just about affordability, it's also about showing
(voters) they have a path to building wealth," said one of the
sources with direct knowledge of Harris's economic plans, adding
she wanted to show Americans how they can "get a foot in the
door."
None of the sources would provide specific details on the
expected new policies, and the Harris campaign would not comment
on any new proposals. However, Harris' 2020 presidential run and
President Joe Biden's administration included plans with similar
goals.
In her 2020 campaign, Harris proposed significant pay
hikes for the
millions of public school teachers
, forcing companies to disclose their pay gap between men
and women and penalizing those who are not narrowing it. The
Biden and Harris administration have
pushed to eliminate
bias in home appraisals and use the over $700 billion
federal contracting budget to buoy minority businesses.
Harris has released a basket of economic policies focused
on the high cost of housing, taxes, small business expenses,
childcare and goods. Her plans often build on Biden's policies,
like increasing the child tax credit and lifting the corporate
tax rate to 28%.
Campaign spokesman James Singer did not comment on the
story. He told Reuters that Harris "will continue to present her
opportunity economy agenda to lower costs, make housing more
affordable, and spur economic growth across America."
Releasing new economic policy with less than 50 days left in
a tight presidential election race could mean the new measures
never reach crucial voters, some advisers acknowledge.
"Typically you'd see a campaign wrap up persuading voters by
September and move to mobilizing people but this is not a
typical campaign," said a source with knowledge of the new
plans, referring to Harris' jump to the top of the ticket in
late July. "We have to continue persuading and mobilizing folks
at the same time until the very end."
Republican
Donald Trump's economic proposals
aimed at working-class Americans include eliminating taxes
on tips and Social Security benefits, opening up federal lands
to housing construction and
deporting millions
of
immigrants
to the country who Republicans say are driving up costs.
The former president has also proposed new across-the-board
tariffs on goods not made in the U.S. that could raise costs for
American consumers and inflation, but that is backed by a slim
majority of voters.
Trump has tried to pin on Democrats inflation that popped
globally as the COVID-19 pandemic shutdowns eased and has made
the still-high cost of groceries, particularly bacon, a rally
speech staple. From 2019 to 2023, the food Consumer Price Index
rose by 25%, the U.S. Department of Agriculture reported.
HARRIS GAINS ON ECONOMY
Republicans have traditionally polled better on the economy
than Democrats, and Trump beat Biden and then Harris on the
topic earlier this year.
Some polls, however, are shifting in her direction.
A Financial Times-Michigan Ross poll this month showed 44%
of registered voters trusted Harris' economic stewardship
compared with 42% who backed Trump, and Reuters/IPSOS polling in
August showed her narrowing the gap on the economy.
The Federal Reserve's decision to cut interest rates by half
a percentage point last week, reflecting the belief that
inflation risks have fallen, could lower some costs for
consumers.
Some Harris supporters have urged the campaign to double
down on the economic message that is already out there instead
of rolling out new ideas.
"My recommendation is to do more show-and-tells. Rather than
address this with endless white papers, go to grocery stores and
apartment buildings and more," said Donna Brazile, a longtime
Democratic strategist.
"Inflation may have gone down, but the cost of living hasn't
changed. Some of this is post pandemic and that still must be
addressed," she said.
Others believe more economic policy is not a priority. Adam
Newar, a money manager and Harris donor said "it's a character
election" and not a policy election.
"I'm not sure what more policy information actually brings
to the table. She really has to continue articulating a vision,
communicate that vision to people who really feel like they've
been left behind," Newar said.
Many of Harris' proposals would require congressional
approval, and would be unlikely to pass unless Democrats win
both the House and Senate.
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