Vice President Kamala Harris promised a “new way forward” economically for the country at a campaign event in North Carolina on Friday.
“This election . . . is about two very different visions for our nation,” she said. “One, ours, focused on the future. And the other, focused on the past. Building up the middle class will be a defining goal of my presidency, because I strongly believe when the middle class is strong, America is strong.”
Harris, in the West Wing since Jan. 20, 2021 when President Joe Biden was inaugurated, promised that she will continue to address how she plans to build what she called an opportunity economy over the coming weeks. At this occasion, she primarily focused on how she said she plans to lower the cost of living.
The task is challenging. Inflation is more than double – 2.9% – the inherited 1.4% by this administration in which she serves, and prices have risen more than 22% since she and Biden took office.
Harris called out former President Donald Trump, who appeared at a rally in Asheville on Wednesday.
“Two days ago, Donald Trump was here in North Carolina,” she said. “He said he was going to talk about the economy. He offered no serious plans to reduce costs for middle class families and no plan to expand access to housing or health care.”
Harris defended her and Biden’s time in office, pointing to what she said is a prosperous American economy. Her speech came two years to the day she cast the deciding vote on the $891 billion Inflation Reduction Act of 2022.
“Our country has come a long way since President Biden and I took office,” she said. “Today, by virtually every measure, our economy is the strongest in the world.”
Her comments were in contrast to the nation’s record $35 trillion in debt and annual budget deficits that for the first time now exceed $1 trillion annually.
Harris said the steps the administration has taken are just the first.
“As President of the United States, it will be my intention to build on the foundation of this progress,” Harris said.
Harris, not a candidate for the office until 26 days earlier when Biden abruptly stepped aside, said the American people still feel economic insecurity, despite the progress she says the Biden administration has made. Polls back her up on the first part of that, repeatedly citing the economy, inflation or a combination of both as their No. 1 concern.
But also, most of the polls also say the country under this administration is headed in the wrong direction.
To help end this insecurity, Harris laid out a plan to take on “big food companies,” “big pharma,” and exploitation in the housing market.
One of the first steps she promised was to take on what she called “price gouging” at grocery stores.
“Most businesses are creating jobs, contributing to our economy, and playing by the rules, but some are not. And that’s just not right,” Harris said. “As president, I will go after the bad actors and I will work to pass the first-ever federal ban on price gouging on food.”
Harris promised that her administration will address the cost of health care by capping the costs that companies can charge for certain drugs.
“I’ll lower the cost of insulin and prescription drugs for everyone,” she said.
Harris said that housing costs are also impacting Americans.
“As president, I will work, in partnership with industry, to build the housing we need, both to rent and buy,” Harris said. “We will take down the barriers and cut red tape, including at the state and local levels.”
By the end of her term, if she’s elected, Harris said she plans to build 3 million new homes and rentals. She also said that her administration will give all first-time home buyers a $25,000 down payment to put toward their first home.
Harris also said that her policies will give 100 million Americans a tax cut, all while cutting the national deficit.
“We will do this by restoring two tax cuts designed to help middle class and working Americans: The Earned Income Tax Credit and the Child Tax Credit,” she said.
She called out Trump’s approach to the economy, saying that his plans to pass a national sales tax on imports will “devastate Americans.”
“At this moment when everyday prices are too high, he will make them even higher,” Harris said.
For context, prices today are higher – in many cases significantly – than when Trump and Mike Pence were beaten by Biden and Harris. A federal report recently released for the state where she spoke, North Carolina, said households spend 22% more – $1,017 on average.
She added that Trump’s administration would only hurt the middle class.
“Donald Trump’s plans will devastate the middle class, punish working people, and make the cost of living go up for millions of Americans,” Harris said. “On the other hand, when I’m elected president, we will . . . bring down costs, increase the security and stability financially for your family, and expand opportunity for working and middle class Americans.”
