The Democratic nominee for president, whose campaign has largely relied on vague promises and distancing from Joe Biden, will eventually need to address concrete economic policies. As voters prioritize the economy, they will seek clarity on her plans.
In a metaphorical nod to tradition, expect Harris to present a mix of old, new, borrowed, and blue elements in her economic agenda. The “old” component is particularly challenging. When questioned about her attempts to distance herself from Bidenomics, White House spokesperson Karine Jean-Pierre pointedly reminded journalists that the administration is both Biden and Harris, underscoring Harris’s role in current policies.
Harris’s Economic Platform Emphasizes Traditional Democratic Measures While Overlooking Inflation Root Causes
As for the “new” aspect, Harris is proposing increased taxpayer funding for social programs, potentially introducing initiatives like universal child care to alleviate high costs. The “borrowed” element might reflect her influences, whether drawing from her father’s Marxist economics or the progressive views of her running mate, Minnesota Gov. Tim Walz. Interestingly, Harris has also adopted Donald Trump’s “No Taxes on Tips” pledge, echoing his proposal from Nevada.
Additionally, Harris’s economic plan mirrors Biden’s approach to inflation, focusing on combating alleged corporate price gouging. Despite her accusations, studies, including one from the San Francisco Federal Reserve, suggest that price increases are more due to higher production costs rather than corporate greed.
While Harris’s economic strategy may score points with some voters, it overlooks the root causes of inflation. Excessive federal spending combined with supply chain disruptions is largely to blame. Despite this, Harris’s platform advocates traditional Democratic measures—higher taxes and expanded government—which may not fully address the economic hardships faced by consumers.
