Robert Reich, who served as Secretary of Labor under President Bill Clinton, offered strong support for Vice President Kamala Harris’s new economic plan aimed at curbing monopoly power. In an interview with NBC News’ Valerie Castro on “NBC News Now,” Reich highlighted the importance of Harris’s approach. “Kamala Harris’s initiative is crucial because it addresses the primary cause of high prices: the influence of monopolies,” Reich said.
Harris uncovered her economic strategy during a rally in North Carolina, outlining several key proposals. One major component is a federal ban on price gouging, which would enable state attorneys general and the Federal Trade Commission (FTC) to investigate how corporations inflate prices to increase their profits.
Reich defends Harris’s measures, arguing they enhance market competition rather than imposing price controls and benefit consumers
The plan also includes measures to address the housing shortage by funding new construction and assisting first-time homebuyers with down payments. However, Harris aims to restore and expand the child tax credit.
Reich, currently a Chancellor’s Professor of Public Policy at the University of California, Berkeley, defended Harris’s measures against criticisms. He argued that her proposals focus on enhancing market competition, rather than imposing price controls. “Big corporations are benefiting from record profits because there’s not enough competition,” Reich explained. “Consumers are the ones suffering from high prices.”
Former President Trump’s campaign has criticized Harris’s plan, alleging it aligns with socialist policies from countries like Venezuela and Cuba, and would not effectively reduce consumer costs. However, Reich countered that increasing competition and dismantling monopolies is essential for a fair market, contrasting it with the concept of price controls.
