2024 presidential election: Kamala Harris' first purchasing power measures

On Friday, the vice president revealed the program’s initial measures. The Democratic contender seeks to lower expenses for American households in the areas of housing, healthcare, food pricing, and targeted tax credits.

Two days prior to the Democratic convention’s commencement, Kamala Harris unveils her political endeavor. She starts by discussing purchasing power, which is the top issue on American voters’ minds. On Friday in Raleigh, North Carolina, the Democratic nominee for president in November unveiled her initial policies. If she moves into the White House, she will have a hundred days to put them into action.

Prices are still high despite a slowdown in inflation in the US, which is hurting Joe Biden’s presidential record. Kamala Harris’s task is to break her relationship with him, and the first step in doing so is admitting rather than minimizing the issue.

She declared, “It is time to forge a new course where everyone’s efforts are recognized and where they have the chance to not only survive but thrive.” She attacked Donald Trump, who took office before her in North Carolina, saying he arrived “without a serious plan to cut costs,” highlighting the difference between his own dedication to “working people and the middle class” and that of a past president who favored “billionaires and big business.”

The majority of Kamala Harris’s proposals will need the support of Congress, which could be difficult to achieve in the event the Republicans win the Senate or the House of Representatives. Details regarding their funding are still unknown. Economists are concerned about the US budget deficit widening, but the campaign only says it will “ask the wealthiest Americans and large companies to pay their fair share.”

· Tackling the housing deficit

The “American dream” of homeownership, which is currently “out of reach for too many working families,” is something Kamala Harris hopes to bring back. With record prices and high borrowing rates, the housing crisis is severely affecting a large number of Americans. The vice president is proposing to build 3 million new homes during her term in order to address the issue.

Its goals are to streamline administrative procedures and bolster tax breaks for real estate developers—especially for those who make a commitment to selling to first-time buyers or renting at a fair price. The latter may be eligible for a $25,000 grant for the first time they buy a primary house.

Wall Street, which is becoming more interested in the residential real estate sector, is another target market for Kamala Harris. She is accused of contributing to the increase in costs and wants to close some tax breaks that financial investors can take advantage of as well as restrict their use of software to help fix rent.

· Tax breaks for middle-class individuals

Harris is trying to set herself apart from the Republican contender on taxes after endorsing Donald Trump’s June proposal to exempt gratuities from income tax. She advocates for prolonging and increasing tax subsidies for families and the lowest-paid workers and restates her vow to not raise taxes on households earning less than $400,000.

In particular, Kamala Harris is advocating for the permanent restoration of the $3,600 annual tax credit for families, which was a cornerstone of the Biden administration’s post-Covid recovery strategy. She even wants to raise it to $6,000 for the first year following a child’s birth.

· Dispose of profit-driven supermarkets.

Joe Biden has taken the lead in the fight against “bogus commissions” in banks, hotels, and airlines in recent months. Supermarket businesses that have raised their prices unnecessarily by taking advantage of inflation are the targets of Kamala Harris’s attacks.

She pledges to collaborate with Congress to enact “the first federal ban on price gouging in food and groceries,” establish business conduct guidelines, and give state prosecutors and the industry regulator more enforcement and investigative authority.

Walmart should be concerned, even though it recently released impressive quarterly numbers. Kroger also does this. Following the administration’s February veto of its proposed merger with Albertsons, Kamala Harris has taken to condemning the “extreme concentration” in the business and pledging to rectify it. Under pressure, Kroger has increased its commitment and stated that it will invest $1 billion to bring down prices for customers.

Pay off medical debt

While Joe Biden has partially forgiven student loan debt, Kamala Harris wants to provide “millions of Americans” the same relief from medical debt. “No one should go bankrupt just because they were unlucky enough to get sick or injured,” the team explains. The reform seeks to prevent future debt accumulation and needs to be agreed with the states.

The contender also wishes to broaden the significant health reform that will be decided upon in 2022. If everyone’s insulin costs were capped at $35, as opposed to just seniors now, this would affect everyone. The Medicare schedule for cutting the cost of high-priced medications would be expedited. The vice president in November will not profit from the pricing that the Biden administration revealed this week because they won’t take effect until 2026.

In addition, Kamala Harris pledges to address the unfair practices of pharmaceutical middlemen “which stifle small pharmacies,” as well as the lack of competition and openness among pharmaceutical laboratories.

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