Pittsburgh – Vice President Kamala Harris spoke about Lowering costs for the middle class and establishing himself as a pro-business, “pragmatic” capitalist in a speech on Wednesday that focused on the toplines of the economic plan and kept the broad details.
In describing his economic philosophy, Harris asked Franklin Roosevelt and said he would participate in “bold, continuous experiments.” He called for “practical solutions” not to be “held back by ideology” and said he would take “good ideas from anywhere.”
a new CBS News poll shows he is cutting past president Donald Trump among voters who say the economy is a “major factor” in their vote, but especially among those who believe the economy is good or doing well.
Harris’s speech reiterated the proposal he had declared on housing affordability, calling for a federal ban on price gouging and increasing tax credits for young parents and those looking to start small businesses. He also suggested continuing or expanding the policies of the Biden administration if elected.
His three-pillar plan would expand or restore tax cuts implemented during the Biden administration, such as the earned income tax credit or the child tax credit. He also said he would work to expand Medicaid, lower prescription drug costs and prioritize union contracts for government jobs.
Harris also spoke about spurring domestic manufacturing and innovation through a set of tax incentives. He said the US must “re-establish global leadership in sectors that will define the next century” such as bio-manufacturing, artificial intelligence and Blockchain, the technology that enables cryptocurrency. As part of the push there to improve infrastructure, Harris also said that he would work to reform the permit.
Asked during a Wednesday interview with MSNBC about how he would finance his economic plan, he pointed to an increase in corporate tax rates and promised no tax increase for those making less than $400,000. “I’m not mad at anyone who gets the success, but everyone has to pay their fair share,” he said.
Harris’ plan also signaled that he would continue Mr. Biden’s antitrust approach by directing his administration to “break down the unfair mergers and acquisitions that give big food companies the power to sell food.” A previous policy sheet for his campaign specifically mentioned the merger of Kroger-Albertsons, two large grocery store chains, as one that would be “closely scrutinized” by his administration.
CBS News has reached out to Harris’ campaign saying he will keep Federal Trade Commission Chairwoman Lina Khan, who has built an aggressive antitrust record, as some of the biggest Democratic billionaire donors have pushed for Khan’s ouster. Khan said”60 minutes” he would “absolutely” serve in the Harris administration if asked.
Although Mr. Biden, while still president, often cited job growth and unemployment numbers to defend the record economy, Harris acknowledged the rising cost of living and highlighted his own upbringing in a middle-class home.
“Let’s be clear, for all these positive steps, the cost of living in America is still very high. You know it, and I know it, and that was true before the pandemic happened,” Harris said on Wednesday.
“I know the pressure to make ends meet. I grew up in a middle-class family, and while we were more fortunate than many,” Harris said, “I still remember my mother sitting at the yellow Formica table at night, a cup of tea in hand with piles of bills in front of him, just trying to make sure he pays at the end of the month.”
The inflation rate in the months leading up to the pandemic, during the Trump administration, was closer to between 2% and 2.5%, according to US Labor Bureau data. It rose to 9.1% in June 2022, during the Biden administration, but gradually. down to 2.5% in August 2024.
Trump has repeatedly slammed Harris and sought to tie him to high inflation during the Biden administration.
“Kamala works every day in the White House. The family is suffering right now. So if she has a plan, she should stop and do it,” Trump said Wednesday in North Carolina.
On Wednesday, Harris highlighted his differences with Trump over the economy, record and personal background. He pointed to the manufacturing jobs lost during his administration in the White House and offered approval from economists on the plan.
“His agenda will destroy the economy and destroy working people and the middle class. You look at Donald Trump, our economy works best if it works for the people who own the big skyscrapers, not the ones who actually build them, not the ones who make the cables, not who mops the floor,” Harris said.
Businessman and investor Mark Cuban, who attended Harris’ speech, praised the plan as “clear and precise” but called for more specifics on health care and prescription drug prices. Asked what Harris needs to do to convince more voters to choose her economic vision over Trump’s, Cuban said “it just takes time.”
“You’re not going to convert everyone in one day. It’s like running a business, right? You don’t just throw your product out there and expect everyone to buy it. It takes time to communicate what it is, why it’s yours. It’s better and the benefits of your product said, and he got until November 4 to deliver the message,” he told reporters.
