USA (Washington Insider Magazine) – In the 2019 Democratic presidential debate, then Senator Kamala Harris sharply criticised President Donald Trump’s economic policy. She described his tax cuts as only benefiting the rich and argued that the booming stock market had not helped the middle class. Harris also warned that Trump’s trade policy was harming American farmers.
The transition from Bidenomics to Harris’ vision
According To NYTimes, Kamala Harris is preparing to potentially take the lead on the Democratic ticket. She faces the task of defining her economic strategy while differentiating herself from Trump and President Biden. Harris has been a vocal supporter of Biden’s economic policies, including the American Rescue Plan and the Inflation Reduction Act, but her legislative history shows a more progressive stance, advocating for universal healthcare and greater tax benefits for working-class Americans.
Economic Opportunity Tour Highlights
Recently, Harris embarked on an “opportunity tour,” emphasizing wage increases outpacing inflation, growth in manufacturing jobs, and Democratic efforts to forgive student loan debt. These points form the foundation of her economic argument as she prepares for a potential presidential run against Trump.
Key Economic Positions of Harris
During her presidential campaign, Harris proposed the LIFT the Middle Class Act, offering a monthly refundable tax credit up to $500 for individuals earning less than $100,000. She also suggested increasing estate taxes to fund a significant teacher salary raise and aimed to elevate the corporate tax rate higher than Biden’s proposal.
Harris has prioritized affordable housing, proposing the Rent Relief Act for tax credits to renters paying over 30% of their income on housing, and called for emergency relief for the homeless and substantial investments in communities affected by discriminatory lending practices.
Harris criticized Trump’s trade policies during the Democratic primary, describing them as harmful to American farmers and consumers. She advocates for boosting American exports and holding China accountable for unfair trade practices without resorting to protectionism.
As California’s Attorney General, Harris focused on consumer protection, threatening legal action against Uber over driverless cars and securing substantial mortgage relief for California homeowners post-financial crisis. However, she has faced criticism for not prosecuting OneWest Bank for foreclosure misconduct.
Progressive Economic Agenda in Focus
Kamala Harris is poised to present a progressive economic agenda, emphasizing support for working-class Americans, stringent regulation of corporate misconduct, and a balanced approach to trade policies. Her potential leadership promises a shift towards more progressive economic policies compared to the current administration.