By Axios | Created at 2024-09-25 10:30:20 | Updated at 2024-09-30 07:34:09
4 days ago
Vice President Kamala Harris will outline her economic vision to grow the middle class during a Pittsburg speech Wednesday, as she seeks to draw clear contrasts between her policies and those of former President Trump.
Why it matters: The Harris campaign believes this speech could help define the Democratic presidential nominee as a champion of the middle class and Trump as being for billionaires, as she emphasizes her middle-class upbringing and his more prosperous start to life.
- Polls show Harris is as trusted as Trump on the economy and one survey conducted after this month's presidential debate had her slightly ahead. A senior campaign official said they aim to further enhance this with her Pittsburgh speech.
State of play: Harris' speech will build on already-announced policy positions on the economy.
- These include a $25,000 tax credit and other incentives for first-time homebuyers, banning price gouging on food and groceries, expanding a tax break for creating a small business, lowering health care costs and taxing long-term capital gains at 28% for wealthy Americans.
- A senior campaign official said Harris plans to describe her economic philosophy as pragmatic. She'll outline how this philosophy and worldview informs three key pillars of her plan to build what she calls an "Opportunity Economy:"
- Lowering costs.
- Investing in American innovation and entrepreneurship.
- Leading the world in the industries of the future.
Zoom in: Harris is expected to reveal new proposals to ensure that the U.S. is a world leader in manufacturing in the industries of the future as she outlines what her priorities would be if she's elected president.
- She's expected to point to how she has spent her career as a public servant working in partnership with the private sector and entrepreneurs, per a senior campaign official.
- Examples include Harris' work as California attorney general with the business community on a public-private agreement to bolster protection of consumers' information on mobile app.
- Harris' team also points to her efforts as vice president in working with the public and private sectors to advance racial equity with measures to boost small and minority-owned businesses.
What they're saying: Over 400 economists and policy experts said in an open letter endorsing Harris on Tuesday that she "worked on behalf of American families to lower costs, cut taxes, raise wages, and promote worker organizing."
- They added that "Trump's proposed policies risk reigniting inflation" and threaten the "global standing and domestic economic stability" of the U.S.
- Two reports from economists at Goldman and Nomura earlier this month said a new Trump administration would bring a round of trade wars that reduce GDP growth and raise prices, while Harris would bring a more steady-as-she-goes economic policy.
Yes, but: Axios' economics reporter Courtenay Brown notes that the U.S. economy experienced steady growth, historically low unemployment and benign inflation during Trump's administration, even amid trade wars.
- Trump advisers argue that his tax and deregulatory policies will unleash economic growth far beyond that seen in mainstream forecasts like those from Goldman, per Brown.
Go deeper: Harris and Trump economic policies divide voters and economists
