In recent weeks, the energy in the Presidential election has drastically changed. Vice President Kamala Harris has been packing arenas going on tour across the nation with her new running mate Minnesota Governor Tim Walz. Over the last week, there has been a large focus on the unveiling of a new economic agenda by the Harris campaign and today I am going to dive into how this agenda will improve the lives of many Americans.
The primary focus for Harris is lowering costs for average folks for everyday goods while also providing necessary incentives and benefits to create attainable housing for all. Quite literally, Harris plans on making the American Dream a reality for millions more Americans, especially young people who have been priced out of housing due to inflated rents and home prices. By taking on corporate greed, a Harris Presidency would make it significantly more affordable for Millennials and Generation Z to start families and for Boomers to retire with dignity.
Let’s dive into the specific proposals.
1. Calling for the Construction of 3 Million New Housing Units To End the Housing Supply Shortage in the Next Four Years.
We all know that housing is a huge issue across the country, largely being focused on in major metropolitan areas like New York. However, for people to afford living near their workplace, we must expand our sights to include suburban and rural areas for investment and development. The creation of new housing units is simple supply and demand; however, it is important to note that the increase in the supply of housing units does not and will not undercut the value of current homeowners. Demand is so significant that the prices are artificially inflated for housing and it creates a feedback loop that limits older Americans as well since they can’t afford to downsize which then stops young families buying the houses that are currently owned by the Silent Generation/Boomers.
Harris plans on doing this by developing the first-ever tax incentive for building starter homes, as well as expanding existing tax incentives for businesses that build rental housing that is affordable. This is key because developers are largely incentivized to only develop “luxury” units that will provide them with the highest return. With a tax incentive, attainable housing can be developed at a profitable margin, yet remain affordable to regular folks. They also plan on developing a fund to spur innovative housing construction. This will empower local governments to fund local solutions to build housing. This is an innovative and pragmatic policy since the needs of Bucks County residents differ from those in Nashville or Los Angeles, but ultimately we are all dealing with a housing shortage. And interestingly, Harris also plans on cutting red tape and needless bureaucracy around home construction. I like this specifically because this will alleviate some of the burdensome regulations and make government functional and efficient – the way we want it to be!
2. Lowering the Rent for Hardworking Americans by Taking on Corporate and Major Landlords.
A lot of the plan focuses on homeownership, which is a key component of the American Dream; however renters specifically are being skewered by landlords raising rents astronomically with no repercussions until now. This is vital for young Americans since we have largely been relegated to renting over the last 2 decades. Harris plans on doing this by stopping Wall Street investors from buying up and marking up homes in bulk. This would be achieved by passing the Stop Predatory Investing Act which will limit the acquisitions of single-family rental homes by investors. Harris also plans on sopping rent-setting data firms from price fixing to raise rents. There is no functional marketplace for rent when big corporations rig the system against working people.
3. Providing Historic $25,000 Down-Payment Support for First-Time Homeowners.
The Biden-Harris Administration had previously proposed a program that would provide $25,000 to first-generation home buyers and $10,000 to first-time home buyers. While this is a progressive policy that could help many Americans, the means-testing restricts the impact of the program. By making the full $25,000 down-payment available to all first-time homebuyers, the impact will be significantly higher and will provide the funds for young people who can’t save up enough money while paying for inflated rent prices. Given the influx of funding, young people may finally be able to afford to buy the houses needed to provide for their families and open units for older Americans to downsize without breaking the bank.
4. Lowering the Costs of Prescription Drugs and Relieving Medical Debt
Millions of Americans use necessary and life-saving prescription drugs that have been historically funded through tax-payer investment. During the Biden Administration, we finally got Medicare negotiating drug costs with manufacturers which both saves the government money and reduces out-of-pocket costs to consumers. This also came with a $35 cap on insulin for seniors. While this is great, there are millions of more people who rely on insulin and other prescription drugs who don’t qualify for this. Under Harris’ plan, she will expand that insulin cap to everyone and cap all out-of-pocket expenses at $2,000.
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It is still ridiculous to me that America is the only modernized country that does not provide universal healthcare coverage, but what is even worse is that there are millions of Americans suffering from stifling medical debt. Americans deserve better. Harris’ proposal includes a plan to cancel medical debt for up to 3 million people. Let me also say that a Trump Presidency would coincide with the dismantling of the Affordable Care Act which would take away the healthcare coverage of millions of Americans and dramatically increase the costs for those who would still have coverage due to the removal of the patient protections for pre-existing conditions included in the ACA. Of course, in stark contrast, Harris plans on expanding the ACA and increasing competition between companies (both pharmaceutical and insurance) to drive down costs for consumers.
5. Lowering Grocery Costs
While giant corporations expand their influence and buy up smaller competitors, they continue to post record profits. While COVID has impacted global supply chains, corporate greed has been the largest contributing factor to increased prices for grocery and consumer goods. If you only listened to Republican rhetoric, you would believe this is due to increased government spending, but that is a bunch of malarkey. Thankfully, we may have a champion for working-class people who will take on these greedy companies and limit price increases by passing a federal ban on price gouging on food and groceries. Arguably one of the best things that Biden has done has been empowering his FTC and NLRB, and with a Harris Administration we should expect more of the same. Specifically on this issue, the FTC will be empowered with new authority to investigate and impose strict penalties on companies that attempt to price gouge consumers.
6. Cutting Taxes for the Middle Class—With Up to $6,000 Tax Credit per Child
While Trump and Vance roleplay as fighters for regular people, they truly represent the interests of the wealthy elite and billionaires that received the benefits of the 2017 tax cut during Trump’s Presidency. Harris won’t be playing a character; she will actually pass legislation that will benefit working-class people and young families. Recall that Republicans shot down the continuation of the expanded tax credit, but Harris is proposing a new $6,000 Child Tax Credit for families with children in their first year of life and restore the $3,600 expanded Child Tax Credit that as part of the American Rescue Plan. And if you don’t have children, Harris wants to cut your taxes by up to $1,500 by expanding the Earned Income Tax Credit. And in tandem with other cost-savings on health insurance, Harris wants to cut taxes up to $6,000 to help Americans afford their health insurance acquired through the ACA marketplace. While not included explicitly here, I will also add that the Biden/Harris plan has always included the protection of Social Security and Medicare by lifting the cap on the tax that funds both programs. That would make both of them solvent indefinitely.
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All-in-all, for the first piece of her platform Vice President Kamala Harris has provided Americans a lot to chew on. Unlike Trump, her proposals are pragmatic and provide opportunity for everyday people. And even more importantly, Kamala Harris is proposing an agenda that is hopeful – one that will expand the possibility of the American Dream for younger generations. I look forward to seeing what more will come from her campaign, especially around the issues of worker’s rights, wealth inequality, and healthcare.
While these proposals hit on some of these issues, there is always more to do. It appears that Harris will try to carry on the domestic agenda that has improved the lives of millions of Americans, and we know that she will protect the civil rights of all while protecting our democracy. The Harris agenda is something we can be excited about, and I can’t wait to see what else is rolled out during the Democratic National Convention this coming week.
