Pittsburgh — Vice President Kamala Harris spoke about lowering costs for the middle class and cast herself as a pro-business, “pragmatic” capitalist in an address Wednesday that focused on toplines of her economic plan and kept the details broad.
In describing her economic philosophy, Harris invoked Franklin Roosevelt and said she’d engage in “bold, persistent experimentation.” She called for “practical solutions” not “constrained by ideology” and said she would take “good ideas from wherever they come.”
CBS News’ recent polling shows her cutting into former president Donald Trump’s lead among voters who say the economy is a “major factor” in their vote, but primarily among those who believe the economy is good or improving.
Harris’ speech reiterated proposals she has already announced on housing affordability, calling for a federal ban on price gouging and expanding tax credits for young parents and those looking to start a small business. She also suggested that she’d continue or expand on Biden administration policies if elected.
Her three-pillar plan would expand or restore tax cuts enacted during the Biden administration, such as the earned income tax credit or child tax credit. She also said she’d work to expand Medicaid, lower prescription drug costs and prioritize union contracts for government projects.
Harris also spoke about spurring domestic manufacturing and innovation through a set of tax incentives. She said the U.S. must “recommit to global leadership in the sectors that will define the next century” such as bio-manufacturing, artificial intelligence and Blockchain, the technology that enables cryptocurrency. As part of an existing push to improve infrastructure, Harris also said she would work to reform permitting.
Asked during an interview Wednesday with MSNBC how she’d finance her economic plans, she pointed to a hike in the corporate tax rate and pledged no taxes would be raised for those making under $400,000. “I’m not mad at anyone for achieving success, but everyone should pay their fair share,” she said.
Harris’ plan also signals she’d continue Mr. Biden’s antitrust approach by directing her administration to “crack down on unfair mergers and acquisitions that give big food corporations the power to jack up food.” A previous policy sheet for her campaign specifically cited the merger of Kroger-Albertsons, two big grocery store chains, as one that would be “closely scrutinized” by her administration.
CBS News has reached out to the Harris campaign on if she would keep Federal Trade Commission Chair Lina Khan, who has enacted an aggressive antitrust record, as some of her biggest Democratic billionaire donors have pushed for Khan’s ouster. Khan told “60 Minutes” she would “absolutely” serve in a Harris administration if asked.
Although Mr. Biden, when he was still running for president, often touted job growth and unemployment numbers to defend his economic record, Harris acknowledged the rise in the cost of living and highlighted her own upbringing in a middle-class home.
“Let’s be clear, for all these positive steps, the cost of living in America is still just too high. You know it, and I know it, and that was true long before the pandemic hit,” Harris said on Wednesday.
“I understand the pressures of making 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 that yellow Formica table late at night, cup of tea in hand with a pile of bills in front of her, just trying to make sure that she paid them off by 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 U.S. Labor Bureau data. It climbed as high as 9.1% in June 2022, during the Biden administration but has gradually dropped to 2.5% as of August 2024.
Trump has repeatedly slammed Harris and sought to tie her to high inflation during the Biden administration.
“Kamala goes to work every day in the White House. Families are suffering now. So if she has a plan, she should stop grandstanding and do it,” Trump said Wednesday in North Carolina.
On Wednesday, Harris highlighted her differences with Trump on the economy, record and personal background. She pointed to manufacturing jobs lost during his administration in the White House and touted approval from economists of her plan over his.
“His agenda would weaken the economy and hurt working people and the middle class. You see for Donald Trump, our economy works best if it works for those who own the big skyscrapers, not those who actually build them, not those who wire them, not those who mop the floors,” Harris said.
Businessman and investor Mark Cuban, who attended Harris’ speech, praised her plan as “clear and precise” but called for more specifics on healthcare and prescription drug pricing. Asked what Harris needs to do to convince more voters to choose her vision for the economy over Trump, Cuban said “it just takes time.”
“You’re not going to convert everybody on day one. It’s like opening up a business, right? You don’t just throw your product out there and expect everybody to buy it. It takes time to communicate what it’s about, why yours is better and the benefits of that product, and she’s got until Nov. 4 to communicate those messages,” he told reporters.