Economists say Biden-Harris’ excessive government spending drove up prices for Americans. Harris’ proposed plan is to spend even more.
Vice President Kamala Harris’ plans to reduce the cost of living for Americans and reduce prices across a variety of industries will ultimately have the opposite effect, according to The Economist.
Among the pledges, which The Economist described as “light on details”, Harris plans to address housing prices by: (1) “go after Wall Street investors” which The Economist notes only one less than 1% of single-family homes, (2) provide construction funding to local governments, likely with a variety of strings attached, and (3) provide those purchasing their first home $25,000 to assist with a down payment. According the The Economist, the latter is likely to just drive up prices further.
In an effort Harris claims will cut grocery prices, last month she pledged to end “corporate price gouging”, a move that critics called “soviet-style price controls.” Yet earlier this week, Harris stepped on her own argument by telling the Congressional Hispanic Caucus that “very few” companies engage in price gouging.
Polling conducted last month show that inflation and the cost of goods were the most important issues to voters surveyed. Under the Biden-Harris administration, food prices are up 21% from before Harris took office.
The increased cost of living is hitting voters in swing states like Nevada, where the Mountain region’s inflation is higher than the rest of the country. It’s causing service workers in the Las Vegas area to be more open to supporting Trump, who many feel under his watch had a better economy. Losing Nevada would be a major blow to Democrats, who have won the state every presidential election since 2008.
Critics of Harris’ plan believe voters will side with their anxiety regarding economic stagnation and the higher prices they’re paying and “tie the incumbent vice president to those failures.” Others have called Harris’ economic agenda “deflection and projection” when the Biden-Harris administration’s “excessive government spending” was a major driver in higher cost of living.
Harris recently spent two hours on a livestream event from battleground Michigan with media mogul Oprah Winfrey. Notably, “the Democratic presidential nominee didn’t offer any new policy proposals” and was teased online for her “non-sequiturs” and “word salad” answers.