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Former Chair of the Council of Economic Advisers Kevin Hassett breaks down Kamala Harris approach to economic policy during an appearance on The Big Money Show.
Vice President Kamala Harris is set to roll out key components of her economic agenda as the Democrat presidential nominee in a speech in North Carolina on Friday, which is expected to emphasize plans to lower the prices of groceries, housing and health care, her advisers told Reuters.
Harris' speech is expected to tout plans to lower costs and combat alleged price gouging by companies with possible price controls in an effort to show her campaign's efforts to address voters' concerns about high prices ahead of the election.
American households have faced considerable pressure on their budgets in recent years, with inflation surging to a 40-year high of 9.1% in June 2022. Interest rates were increased to the highest level in 23 years to tame inflation, which has slowed to 2.9% as of the latest consumer price index report but remains above the Fed's target rate of 2%.
Harris' economic agenda speech is her first major policy announcement since President Biden dropped out of the presidential race on July 21 and Harris quickly emerged as the Democratic Party's nominee. She has previewed some elements of her economic policy plans in speeches, although as of Thursday afternoon her campaign website still has no policy proposals.
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Vice President Harris plans to roll out an economic plan that has the “same values” but a “different vision” than President Biden’s. (Brendan Smialowski/AFP via Getty Images)
Harris will call for a federal law banning corporations from setting excessive prices and call out the practices of meat processing companies, her campaign said late Wednesday.
Under her proposal, the Federal Trade Commission would be allowed to investigate abuses and impose penalties on the food and grocery industry, and her administration would put more scrutiny on merger activity in the sector.
Other aspects of Harris' economic plan are expected to focus on dealing with prescription drug costs and housing costs. She plans to tout efforts to cut the costs of rental housing and homeownership, with funding for affordable housing and building climate-resistant communities.
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Vice President Harris plans to focus on plans to lower consumer prices. (Elizabeth Conley/Houston Chronicle via Getty Images)
Harris' economic platform closely mirrors President Biden's and aims to appeal to the middle class, with her advisers noting that they plan to pay special attention to aspects of the plan that appeal to voters in battleground states.
"Same values, different vision," one aide said in describing Harris' economic agenda in relation to Biden's. "She's not moving far away from him on substance. She will highlight the ones that matter most to her."
A Harris adviser told Reuters that the vice president cares a lot about "pocketbook issues for working families, in particular those with small kids." The adviser added that Harris will continue to "embrace" the child tax credit, which reduces the tax burden for lower-income families.
Harris' economic speech on Friday will exclude some elements of her agenda as her campaign plans to be "strategically ambiguous" in areas like energy that could prove divisive with voters and attract criticism from business groups over policy details.
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Vice President Kamala Harris plans to distance her current presidential campaign from economic policy positions she took in her 2020 campaign and as a senator. (Drew Angerer/Getty Images)
Her advisers also said Harris no longer supports policies such as a fracking ban and Medicare for All that comprised part of the platform for her short-lived 2020 presidential bid and that she supported while serving in the U.S. Senate.
The Harris campaign said she will try to draw contrasts with her Republican opponent, former President Trump, on tax policy. Trump implemented tax cuts in 2017, some of which are set to expire next year. Trump has said he wants to make those permanent, while Harris has argued they should expire except for those benefiting taxpayers earning less than $400,000 per year.
Although she will aim to contrast her tax plans with those of the Trump campaign, Harris did adopt Trump's plan to end taxes on tips.
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On Wednesday, the Trump campaign tied Harris to Biden's economic record.
"America cannot afford another four years of Kamala's failed economic policies. President Trump has a proven track record of making this country prosperous and affordable, and Americans can trust him to put more money back in their pockets again," Trump spokesperson Karoline Leavitt said.
Reuters contributed to this report.
