As the United States Presidential election approaches, the possibility of Kamala Harris winning has sparked discussions about her economic policies. The outcome of down-ballot races will also play a crucial role in shaping her agenda.
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Transition from Left to Center
In 2019, Harris ran for president with economic proposals leaning left of the Democratic Party. These included universal state-funded healthcare, decriminalization of illegal border crossings, a massive Green New Deal, and a ban on fracking. However, her current platform is more centrist, endorsing the Affordable Care Act with modifications like capping insulin prices and expanding government authority in drug price negotiations. -
Continuation of Biden’s Policies
Harris is likely to continue President Biden’s economic strategies, focusing on reshoring manufacturing, fostering inclusive growth, and implementing state interventions to support future economic sectors and technologies. Her approach includes regulations to curb the influence of large oligopolistic firms. -
Fiscal Policy Proposals
To ease the burden on households, Harris proposes capping childcare costs, reviving the child tax credit, and offering tax credits for first-time homebuyers. These measures aim to boost demand and affordability. Funding for these proposals would come from corporate tax rate hikes, increased taxes on the wealthy, and exploring tax options on unrealized capital gains. - Trade Policies
Aligned with Biden, Harris’ trade strategy would follow a "de-risking" approach rather than decoupling from strategic sectors like critical metals and tech. Maintaining tariffs on Chinese goods, tightening foreign investment restrictions, and pursuing strategic competition without full containment would be part of her agenda.
In conclusion, Harris’ economic agenda differs significantly from Trump’s, prioritizing growth, sustainability, and strategic alliances. The choice in the upcoming election is clear, with implications for the economy and global relations.
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