Harris to release new economic proposals this week on US wealth creation, sources say
WASHINGTON – US Vice-President Kamala Harris plans to roll out a new set of economic policies this week that aim to help Americans build wealth and set economic incentives for businesses to aid that goal, three sources with knowledge of the matter said.
Ms Harris, speaking to reporters on Sept 22 after Reuters reported the expected rollout, said she would outline her vision for the economy in a speech this week.
The new policies, which have not been previously reported and could be announced in Pittsburgh on Sept 25 as undecided voters continue to ask for more information about how Ms Harris would help them economically if she were elected president in November, including those in critical swing states, the sources said.
The rollout would follow a heated debate in Democratic circles over whether releasing more economic policies so close to election day is a smart strategy.
“It’s not just about affordability, it’s also about showing (voters) they have a path to building wealth,” said one of the sources with direct knowledge of Ms Harris’s economic plans, adding she wanted to show Americans how they can “get a foot in the door.”
None of the sources would provide specific details on the expected new policies, and the Harris campaign would not comment on any new proposals. However, Ms Harris’ 2020 presidential run and President Joe Biden’s administration included plans with similar goals.
In her 2020 campaign, Ms Harris proposed significant pay hikes for the millions of public school teachers, forcing companies to disclose their pay gap between men and women and penalising those who are not narrowing it. The Biden and Harris administration have pushed to eliminate bias in home appraisals and use the over US$700 billion (S$903 billion) federal contracting budget to buoy minority businesses.
Ms Harris has released a basket of economic policies focused on the high cost of housing, taxes, small business expenses, childcare and goods. Her plans often build on Mr Biden’s policies, like increasing the child tax credit and lifting the corporate tax rate to 28 per cent.
Campaign spokesman James Singer told Reuters that Ms Harris “will continue to present her opportunity economy agenda to lower costs, make housing more affordable, and spur economic growth across America.”
Releasing new economic policy with less than 50 days left in a tight presidential election race could mean the new measures never reach crucial voters, some advisers acknowledge.
“Typically you’d see a campaign wrap up persuading voters by September and move to mobilising people but this is not a typical campaign,” said a source with knowledge of the new plans, referring to Ms Harris’ jump to the top of the ticket in late July. “We have to continue persuading and mobilizing folks at the same time until the very end.”
Republican Donald Trump’s economic proposals aimed at working-class Americans include eliminating taxes on tips and Social Security benefits, opening up federal lands to housing construction and deporting millions of immigrants to the country who Republicans say are driving up costs.
The former president has also proposed new across-the-board tariffs on goods not made in the US that could raise costs for American consumers and inflation, but that is backed by a slim majority of voters.
Trump has tried to pin on Democrats inflation that popped globally as the Covid-19 pandemic shutdowns eased and has made the still-high cost of groceries, particularly bacon, a rally speech staple. From 2019 to 2023, the food Consumer Price Index rose by 25 per cent, the US Department of Agriculture reported.