Trump promises radical price cuts - what does Harris say?
Harris' Honeymoon with US voters is coming to an end, so the Democratic presidential candidate needs: Substance. The biggest chunk is the economy and consumer prices, for which she is partly responsible. Her opponent Trump, meanwhile, promises great things.
The Democratic presidential candidate is indeed Kamala Harris. But, according to Donald Trump, it doesn't make much difference from President Joe Biden: "They are a team." That's how he portrayed Biden's vice president at a campaign event in North Carolina on Wednesday, a state that suddenly seems within reach of the Democrats due to Harris' strong poll numbers. "She must really explain the current suffering she has caused at Joe Biden's side," the Republican attacked his competitor for the White House. It's about inflation and living costs, which the Republicans call an "affordability crisis."
So far, Harris is riding a wave of enthusiasm sparked by Biden's withdrawal and her quick takeover of the candidacy. However, this enthusiasm is likely to wane in the coming weeks. Harris has so far only spoken very generally about such topics during her well-received appearances, mostly sticking to feel-good phrases and promising to codify abortion rights. She has not given a single interview where she could have elaborated more. Perhaps very soon, this first phase of the campaign will be over, and it will be more about substance.
On Friday, also in North Carolina, Harris is set to present her economic policy for the first time. This is, as usual, one of the most important topics in the campaign: A quarter of US voters recently told a YouGov poll that inflation and consumer prices are their most important voting issue, 13 percent named jobs and the economy; 12 percent named immigration, 10 percent health care, and 7 percent abortion. Harris cannot run away from this, she must eventually explain what she plans to do.
Plan for the first 100 days?
The candidate will now publicly call on Congress to pass a law against price gouging, US media report. This is reportedly part of a plan for the first 100 days of a possible presidency to lower food costs and other prices. Besides a law, Harris could also act with decrees and, for example, task the Federal Trade Commission with fighting price gouging if she wins the election in November; something that members of the progressive wing of the Democrats have demanded in recent months. In her speech, she could also criticize the giants of the meat industry, who collude to keep prices high, like Biden did.
Since the beginning of 2021, food costs in the US have risen by about 20 percent. Even though income increases are now slightly above inflation on average, the effects of earlier price hikes have not disappeared. Especially people from lower-income households are currently at risk of not being able to pay their loans again; the risk is as high as it was in April 2020, during the first lockdown of the corona pandemic. And that's what the Republicans and Trump are targeting: life is more expensive than before. An disproportionately large number of black voters belong to lower-income households. Harris is more dependent on this voter group than Trump.
Signals are mixed: New jobs have been decreasing recently, unemployment has slightly increased, but inflation has fallen below 3 percent. The Federal Reserve Bank could respond with an interest rate cut, making investments easier and making real estate more affordable. Biden and Harris argue that Trump's plan for new import tariffs will drive up food prices much more than the Democrats' proposals. They cite a letter signed by dozens of Nobel laureates in economics warning about the consequences of protectionist economic policies that Trump has announced.
Trump Promises Big
Trump has long promised broad-based tax cuts. On Wednesday, he announced that he wants to cut energy and electricity prices by at least half within 12 to 18 months, and reduce taxes on Social Security benefits for seniors. He even promised to keep the previously hated Obamacare health insurance system, "unless we can do something better." He said he would instruct his ministers to "lower prices." Trump's campaign spokesman said Harris cannot hide from her "disastrous record" and is trying to "gaslight" Americans, making them unable to distinguish between truth and lies.
Trump often provokes Harris by saying she is worse than Biden and lacks her own plans. For example, the former president had announced that if he won the election, he would eliminate the tip tax, which was seen as a signal to the state of Nevada and the city of Las Vegas. Harris followed suit with the same proposal, which Trump now uses to taunt her. "Her plan may just be a copy of my plan," he mocked. Meanwhile, he warned in his own unique logic that if Harris wins, it will lead to an "economic collapse, a 1929-style depression." But if he wins, "it will be a boom."
Before his withdrawal from the race, Biden had been trailing his opponent in polls partly because voters considered Trump more competent in economic matters. Trump's advantage has now disappeared, and Harris is practically tied with him. However, 15 percent of respondents were unsure or did not trust either candidate. These are the voters that Harris and Trump may still try to convince with promises and plans before they cast their ballots in November.
Given that the focus of the conversation revolves around the US presidential election of 2024 and the economic policies of the candidates, here are two sentences that fit the context:
- As the US presidential election of 2024 approaches, economic policies become a crucial aspect of Harris and Trump's campaigns, with inflation, consumer prices, and jobs being the main concerns.
- In her bid to win the US presidential election of 2024, Harris announces a 100-day plan that includes measures to combat price gouging and lower food costs, aiming to address the affordability crisis mentioned by her opponent.
