As the November 2024 presidential election approaches, Vice President Kamala Harris is preparing to introduce a new set of economic policies. These proposals, expected to be unveiled in Pittsburgh on September 25, 2024, aim to assist Americans in building wealth and provide incentives for businesses to support this goal.
The timing of this announcement, less than 50 days before the election, has sparked discussions among Democratic strategists. Some question the wisdom of releasing new policies so close to Election Day, while others see it as a necessary step to address voters' concerns about economic issues.
Harris's campaign has been focusing on what they call an "opportunity economy agenda." This approach seeks to reduce costs, improve housing affordability, and stimulate economic growth across the United States. The new policies are expected to build upon existing initiatives from the Biden-Harris administration, such as expanding the child tax credit and increasing the corporate tax rate to 28%.
Recent polls indicate that Harris is gaining ground on economic issues. A Financial Times-Michigan Ross poll conducted in September 2024 showed 44% of registered voters trusting Harris's economic stewardship, compared to 42% for her opponent, Donald Trump. This shift is significant, as Republicans have traditionally polled better on economic matters.
The Federal Reserve's recent decision to reduce interest rates by half a percentage point may provide additional support for Harris's economic message. This move reflects the central bank's belief that inflation risks have decreased, potentially leading to lower costs for consumers.
"Harris will continue to present her opportunity economy agenda to lower costs, make housing more affordable, and spur economic growth across America."
It's worth noting that many of Harris's proposals would require congressional approval to be implemented. This underscores the importance of the upcoming elections for both the House of Representatives and the Senate, as Democratic control of both chambers would be necessary for these policies to have a realistic chance of passing.
The economic landscape has been significantly impacted by global events in recent years. From 2019 to 2023, the food Consumer Price Index rose by 25%, according to the U.S. Department of Agriculture. This increase in food prices has been a focal point in political discussions, with both candidates addressing the issue of affordability in their campaigns.
As the election draws near, both Harris and Trump are intensifying their efforts to convince voters of their ability to improve the economic situation for Americans. The outcome of this economic debate could play a crucial role in determining the next president of the United States.