Kamala Harris' inaction on US economy the past 3 years speaks louder than her words
Since becoming her party’s presidential nominee last month, Kamala Harris has done a great job of avoiding reporters and remaining silent about her policy priorities. But based on the few economic proposals she has outlined, it is clear she is more interested in political pandering than actually tackling the real-world problems facing American families.
Let us first be reminded that Harris is currently vice president of the United States, meaning she has had the power and ability to lead on aggressive policy reforms head-on. Any misgivings or criticisms about the current policy landscape are a direct rebuke of the administration she has been a part of for the past three-and-a-half years. Instead, she has done nothing.
For example, inflation has surged over the past four years, a fact we are reminded of every time we go to the grocery store, fill up our gas tanks, or pay our insurance premiums. What cost $100 in January 2021 − when the Biden-Harris administration took office − now costs $120.25, according to the U.S. Bureau of Labor Statistics. Over that same period, gas prices are up 35%, electricity 28%, groceries 21% and the cost of purchasing a home is up 16%.
Harris herself admitted as much during a campaign event in August, acknowledging that “a loaf of bread costs 50% more today than it did before the pandemic” and that “ground beef is up almost 50%.”
Harris’ solution? More government control and intervention in the economy that, ultimately, will lead to product shortages and empty store shelves. She says she wants to impose a “federal ban on price gouging on food,” i.e. grocery stores. The idea that grocery stores are gouging consumers ignores basic economic realities. Grocery stores operate on razor-thin profit margins − 1.18% on average last year, with industry giant Kroger reporting just 1.43% over the past 15 years.
The notion that these businesses could engage in widespread price-gouging is not only misguided but also economically illiterate. So long as there is substantial competition in the marketplace, stores will be required to keep their costs low or else risk losing customers to their less expensive competitors. By contrast, imposing an arbitrary, government-mandated price cap on the stores will lead to less production of items consumers depend on and, as a result, shortages.
Harris’ price-control proposal, however misguided, is clearly an attempt to give the illusion during an election year that she is a champion of working-class families. But again, where was this urgency over the past three years? As vice president, Harris had ample opportunity to influence policy and address the economic challenges facing Americans. Instead, she remained silent while the country was saddled with out-of-control inflation, which was exacerbated by the Biden-Harris administration’s reckless spending. Her inaction over the past three years speaks louder than her words today.
The contrast between Harris’ policies and those of previous Republican administrations could not be starker. Under Donald Trump’s leadership, we gained energy independence that led to lower energy prices, a more affordable cost of living, and low inflation.
Kamala Harris’ economic platform represents a continuation of the same failed policies that have brought us to this point. Rather than offering real solutions, Harris is making empty promises and pandering for votes, the consequences of which could lead to even more economic hardship for American families.
Robert Sprague, a Republican, is Ohio Treasurer.
This article originally appeared on Cincinnati Enquirer: Kamala Harris is making empty promises and pandering for votes