Vice President Harris is poised to announce a comprehensive economic strategy focused on alleviating the financial burden of housing and grocery costs for American families. This highly anticipated address will take place on Friday in Raleigh, North Carolina, marking the first significant policy speech of her current campaign.
Harris’s address highlights innovative affordable housing initiatives in North Carolina, a crucial state for Democrats seeking to reclaim the presidency for the first time since 2008. With rising living expenses increasingly at the forefront of voters’ concerns, her plan aims to address these challenges directly.
Recent polls indicate that President Biden has faced difficulties in gaining recognition for his efforts to reduce living costs, with voters expressing greater trust in Republican presidential nominee Donald Trump regarding economic matters. However, surveys reveal that Harris is viewed more favorably on economic issues, signaling a potential strategic advantage for her campaign.
“While our economy is showing signs of strength, the high prices of essentials like groceries remain a concern for many Americans,” Harris remarked during a recent campaign event in Las Vegas.
In her upcoming announcement, Harris will propose tax incentives designed to stimulate the creation of 3 million new housing units within four years, significantly surpassing the Biden administration’s previously proposed 2 million new and renovated homes.
The initiative will involve providing tax incentives for homebuilders to construct affordable homes targeted at first-time buyers and creating a $40 billion fund to support local governments in developing these projects. This represents an increase from an earlier $20 billion proposal by the Biden White House, although the plans are contingent upon Congressional approval.
Additionally, Harris aims to assist first-time homebuyers with up to $25,000 toward their down payments, a proposal expected to benefit over 4 million individuals. This move goes beyond Biden’s previously outlined $10,000 tax credit for first-time buyers, which would have assisted around 400,000 homebuyers.
Targeting Corporate Pricing Practices
As part of her economic agenda, Harris will emphasize the need to tackle corporate price gouging and unfair rent hikes. Drawing from her experience as California’s attorney general, she intends to combat corporations profiting excessively from vulnerable consumers.
In a recent speech, she stated, “On my first day as president, I will prioritize lowering costs for families by confronting corporations engaged in illegal price gouging and those raising rents unjustifiably.” Harris is aligning her campaign with public sentiment for economic reform, specifically targeting high prices and corporate practices that affect everyday Americans.
Harris has expressed support for legislation aimed at limiting tax breaks for corporate investors purchasing homes, alongside measures to restrict rental property owners from utilizing data to inflate rent prices.
On grocery prices, Harris plans to advocate for a federal prohibition against price gouging, particularly in the meat sector, which has seen significant price increases. Her administration would aim to enhance scrutiny of price-fixing practices within the meat supply chain, echoing similar initiatives by the Biden administration to promote competition and regulate the food sector effectively.
In her speech, Harris will assert that her administration would empower the Federal Trade Commission and state authorities to investigate corporations and enforce penalties for those engaged in exploitative pricing practices, ensuring that savings are passed on to consumers. Furthermore, proposed mergers in the food industry would undergo rigorous examination to assess potential impacts on grocery pricing.
