Kamala Harris is set to unveil a comprehensive plan to address high grocery costs, prescription drug prices, and housing affordability as she previews her economic agenda ahead of the upcoming November election. The announcement will be made in a speech in North Carolina on Friday.
Harris’s plan aims to tackle price inflation in the food and grocery sectors by proposing a federal ban on price-gouging. This measure targets corporations in these industries to prevent them from unfairly increasing prices on consumers. She will also focus on reducing meat prices by addressing issues within the meat-processing industry and pledging support for small businesses. Additionally, Harris plans to scrutinize unfair mergers and acquisitions among food corporations.
The Harris campaign has emphasized her commitment to addressing high grocery prices, even as inflation fell below 3% in July for the first time in nearly three and a half years. Despite this decrease, grocery and consumer goods prices remain significantly higher than pre-pandemic levels.
In contrast to Donald Trump’s economic policies, Harris will advocate for maintaining Biden’s promise not to raise taxes on individuals earning $400,000 or less annually. Trump’s administration had reduced the corporate tax rate from 35% to 21% and implemented other tax breaks, which are set to expire next year. Trump has also proposed new tax cuts and tariffs, including eliminating taxes on tipped wages and considering across-the-board tariffs on imports, which Harris opposes.
Harris’s economic agenda will also include initiatives to lower housing costs by funding affordable housing projects and promoting climate-resilient communities. Marcia Fudge, a Harris adviser and former Secretary of Housing and Urban Development, highlighted the campaign’s focus on addressing the housing crisis in the U.S.
While the Harris campaign continues to shape its agenda, not all details will be revealed in Friday’s speech. The campaign aims to avoid divisive elements and potential backlash from business groups, opting for strategic ambiguity on certain issues, such as energy policy.
Trump, in a recent speech in Asheville, North Carolina, diverged from economic topics, using a comparison involving Tic Tac mints to illustrate inflation, and dismissed economic issues as a primary concern of the election. His campaign criticized Harris’s economic policies, arguing that Trump’s track record offers a more prosperous and affordable future for Americans.
As Harris prepares to present her economic plan, President Joe Biden received a briefing on the U.S. economy from key advisors, including Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo. The briefing noted the economy’s resilience, with strong business investment, consumer spending, and a healthy job market.
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