Vice President Kamala Harris is set to announce a new economic plan on Friday, focusing on the rising costs of housing and groceries—key issues affecting voters nationwide.
In her first major policy speech of the campaign, Harris will address these concerns in Raleigh, North Carolina, a state where Democrats are working to secure a victory in the upcoming presidential race.
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Harris will propose significant tax breaks aimed at creating 3 million new housing units within four years, surpassing the current administration’s goal of 2 million new and renovated homes. Her plan includes tax incentives for homebuilders focused on affordable housing for first-time buyers, alongside a $40 billion fund to support local government housing projects. This initiative would also offer up to $25,000 in down-payment assistance for first-time homeowners, an expansion of previous proposals from President Biden.
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Harris will also spotlight corporate practices that she argues have contributed to soaring prices. She plans to introduce measures to curb illegal price gouging by corporations, particularly in the housing and grocery sectors. Drawing on her experience as California’s attorney general, Harris will advocate for stricter oversight of corporate landlords and the meat processing industry, which she claims have driven up costs for everyday Americans.
In addition to housing, Harris will address the high cost of groceries, focusing on the meat industry. She will call for a federal ban on price gouging in the food sector and pledge to investigate and prosecute instances of price-fixing. Her plan would empower the Federal Trade Commission and state attorneys general to take action against corporations that keep prices artificially high.
While polls show President Biden struggling to gain credit for his economic policies, Harris aims to present herself as a strong advocate for economic reform. Her proposals build on the Biden administration’s efforts but go further in targeting corporate practices and offering substantial support to struggling families. As the 2024 campaign heats up, Harris’ speech in Raleigh is expected to set the tone for her economic vision.