Vice President Kamala Harris outlined her economic strategy for the United States, focusing on issues like housing costs and grocery prices. This marked her first significant engagement with economic policy since announcing her candidacy for the presidency. Harris emphasized her aspiration to “establish a reliable business climate with consistent regulations” and highlighted new initiatives aimed at reducing healthcare expenses and expanding child tax credits. She proposed a $6,000 credit for families with newborns for the first year, followed by $3,600 per year in subsequent years. Harris also criticized Donald Trump’s tariff strategy, labeling it a “national sales tax.”

The speech aimed to sustain the campaign’s political momentum by concentrating on everyday economic concerns, particularly as Harris appears in a close contest with Trump ahead of the Democratic National Convention. However, the Harris plan lacks clarity on several important aspects, including significant tax issues, manufacturing policies, and the growing national debt. Harris assured that more details regarding her vision for an “opportunity economy” would be forthcoming in the following weeks, but underscored that this week’s focus was on addressing the cost of living.

Harris’s plan includes a $25,000 credit for first-time homebuyers and a series of tax incentives aimed at facilitating the construction of 3 million housing units over the next four years. She also proposed a federal prohibition on food “price gouging,” which would be enacted through new regulatory powers at agencies such as the Federal Trade Commission (FTC). Additionally, Harris plans to expand upon a Biden administration achievement by capping insulin prices at $35 and limiting out-of-pocket prescription drug costs to $2,000 for all individuals. The plan also aims to alleviate medical debt by removing such debts from credit reports and continuing efforts to cancel $7 billion in existing debt initiated by the Biden administration.