In a speech in North Carolina, the vice president gave her first clear policy instructions since she is expected to be the Democratic presidential nominee.
Kamala Harris unveils economic plans for homeowners and new housing
The vice president will speak in North Carolina to promote a $25,000 loan for first-time home buyers.
Cheddar
Vice President Kamala Harris visited the swing state of North Carolina on Friday to outline her economic policy plans, focusing on the cost of living.
Speaking to a modest crowd in an automotive building at Wake Technical Community College, just 20 minutes north of the state Capitol, she said the American economy is the strongest in the world, but not all Americans feel it in their daily lives.
That is why she is introducing what she calls an “economy of opportunity”. The most important basis of this plan, she said, is “building our middle class”.
“The middle class is one of America’s greatest strengths,” she said.
The proposal includes, among other things, a ban on price gouging, financing the construction of affordable housing, tax relief for young families and a reduction in food prices.
This was her first visit to the state and the first time she spoke in detail about her political plans since President Joe Biden dropped out of the race and she received enough delegate support to become the likely Democratic presidential nominee.
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The economy is still a major concern for many Americans despite slowing inflation, USA TODAY reports. Both Harris and Donald Trump have weighed in on the issue. Trump focused on the economy at a rally in western North Carolina on Wednesday, and Harris took a cue from Trump, saying at a rally in Las Vegas on Saturday that she wants to end taxation on tips.
Gov. Roy Cooper and Attorney General Josh Stein, who is running for governor, spoke before Harris took the stage. Cooper poked fun at the amount of attention North Carolina gets from the vice president, saying, “We’ve had a lot of practice at this. This is her 16th trip to North Carolina during her tenure as your vice president.”
WTK: Harris’ key economic policy points
Costs of renting and owning a home: Harris’ plan includes building three million additional housing units, tax incentives for developers who build single-family homes, and a $40 billion federal fund for innovative housing practices to be used in local government.
Saving to buy a home was a matter close to her heart, Harris said, looking back on her youth.
“We lived in rented accommodation for most of my childhood,” she says, until her mother finally saved enough to buy a house.
“It just excited us that she was so excited,” she continued.
She also wants to work with Congress to pass a bill to combat predatory investing that “would limit these practices by eliminating important tax benefits for large investors who purchase large numbers of single-family homes for rental,” the campaign’s press release said.
In addition, the campaign hopes to work with Congress to pass a bill to prevent algorithmic promotion of rental housing cartels. This would “crack down on the companies that contribute to rising rent prices,” the campaign says.
In particular, the Vice President also proposed a provision that would provide families with up to $25,000 for the down payment on their first home.
Prescription drug costs and medical debt: Harris wants to cap the price of insulin at $35 for everyone, speed up Medicare negotiations and hold pharmaceutical companies accountable when they hinder competition.
Food costs: She proposed a nationwide ban on price gouging in the grocery trade, which would have to pass Congress. Harris also wants to give the Federal Trade Commission and state attorneys general more power to investigate companies that violate the rules. In addition to these plans, she wants to take a more targeted approach to corporate mergers that lead to a lack of competition and higher prices for customers.
“I believe that competition is the lifeblood of our economy,” Harris said of the importance of her policy recommendations.
Tax cuts: She said she wants America’s middle class to “keep more of their hard-earned money” through tax cuts that would affect more than 100 million Americans.
To that end, it would create a child tax credit that would give families with newborns a $6,000 tax break and increase the earned income tax credit.
At his rally in Asheville before a packed house, Trump attacked Harris’ economic track record, blamed the Biden administration for rising rents and proposed a 10 to 20 percent tariff on foreign investors.
“Does anyone here think they are richer under Kamala Harris and Crooked Joe than they were during the Trump administration? Is anything cheaper under Kamala Harris and Crooked Joe?” the former president said in Asheville.
And in a press release Friday responding to Harris’ announcement, the Trump Rapid Response Team said her plans resembled those of a “communist” and that price controls would lead to “grocery lines, shortages and skyrocketing inequality among citizens.”
The state of the race in North Carolina
North Carolina remains in the running for both candidates as Election Day approaches. Elections have been won by razor-thin margins in recent years and the state has a long history of voting for Democrats in major elections. Despite the Republican streak, Democratic county party leaders have said Harris has sparked new enthusiasm among voters.
Harris’ visit came just days after a Cook Political Report poll showed her leading Trump by 2 percentage points. That’s a shift from months when Trump was ahead of Biden. But the same poll showed respondents had less confidence in Harris’ ability to get the economy under control than Trump, USA TODAY reports.
Harris and her running mate Tim Walz will attend the Democratic Party convention in Chicago next week, where they are expected to officially accept their nominations.
