Harris makes "fighting price gouging" a priority
Democratic Party rides a wave of euphoria after Kamala Harris' presidential nomination, but so far, she hasn't backed it up with substance. Now, however, she's making it clear where the focus of her politics should lie: reducing the cost of living in key areas.
U.S. presidential candidate Kamala Harris plans to make reducing the cost of living for citizens her top priority if she wins the election. She will lower taxes for the middle class, tackle excessive food prices, high housing costs, and rent gouging, her campaign team announced. Her rival, Donald Trump, had previously accused Harris of being partly responsible for the "terrible inflation" as vice president during a press conference.
Although President Joe Biden withdrew from the candidacy on July 21, the Democratic Party quickly united behind Harris as the new candidate. However, her policy statements remained vague. On Friday afternoon (14:45 local time, 20:45 UTC), she planned to deliver a speech outlining her economic agenda in the U.S. state of North Carolina. Her campaign team had already revealed some details. Harris wants to implement a package of measures to reduce the "costs for American families" within the first 100 days of her presidency. She plans to provide relief to parents with middle or low incomes through a new tax credit of $6,000 (around $5,460) for the first year of their child's life.
Harris wants to combat rent gouging
She also aims to introduce a law against "price gouging" in food and launch an initiative to build three million new homes within four years, while also taking legal action against rent gouging by real estate corporations.
Former President Trump accused Harris of failing to combat inflation during her time as vice president in his press conference on Thursday evening (local time). He said, "Day one for Harris was already three and a half years ago. Where was she? And why didn't she do it?"
Surrounded by food products and signs showing price increases, the right-wing populist commented, "Bacon is through the roof!" among other things.
Under President Biden, who took office in early 2021, inflation reached 9.1 percent by June 2022, the highest level in almost 40 years. The main causes were the COVID-19 pandemic and the Russian invasion of Ukraine. The inflation rate then decreased significantly.
This Wednesday, the U.S. Department of Labor announced that the Consumer Price Index (CPI) increased by 2.9 percent compared to the same period last year, the lowest increase since March 2021. Nevertheless, many U.S. citizens continue to struggle with the effects of high inflation rates in recent years.
Cheaper medicines to relieve seniors
High prices for prescription drugs also burden many citizens. Together with Biden, Harris announced a "historic" reduction in the prices of ten medications for seniors on Wednesday. The agreement with pharmaceutical companies will provide relief of $1.5 billion for seniors alone in 2026.
Harris and Biden also held their first joint campaign event since Biden's candidacy withdrawal on Wednesday, demonstrating unity. The 81-year-old appeared in good spirits at the event in the state of Maryland, intentionally misspeaking the rival's name as "Donald Dump or Donald Whatever" ("dump" means landfill) and praising Harris as a "damn good president" in the making.
Biden is also set to deliver a speech at the Democratic National Convention next week in Chicago. After Harris was already crowned the presidential candidate by electronic vote in early August, the 59-year-old will formally accept the nomination at the convention.
Trump has been put on the defensive by the wave of enthusiasm caused by Harris' candidacy among some voters, and recent polls have shown her slightly ahead of him. At his press conference, the right-wing populist continued his personal attacks on Harris, calling her unintelligent, among other things.
Kamala Harris' economic agenda emphasizes reducing the cost of living, including tackling high housing costs and excessive food prices. As part of her plans, she aims to lower taxes for the middle class, combat rent gouging, and introduce a law against price gouging in food.
Property prices, while not directly mentioned in Harris' economic agenda, could potentially be impacted by her plans to build three million new homes within four years and take legal action against rent gouging by real estate corporations.
