Vice President Kamala gave a major speech at the Economic Club of Pittsburgh Wednesday afternoon, laying out the approach to the American economy she intends to take if elected president this November.
Harris repeatedly emphasized her own origin, stating, “I grew up in a middle-class family,” and argued that her plan for what she called an “opportunity economy” would be best for middle-class Americans. Harris’s “opportunity economy” plan consists of three primary pillars: lowering costs, investing in American innovation and entrepreneurship, and leading the world in industries of the future.
As part of the first pillar, lowering costs, Harris announced her support for an immediate tax cut for middle class families, an expanded Child Tax Credit of $6,000, and the introduction of federally mandated paid leave policies. In addition, she also proposed a plan to reduce housing costs by reducing federal regulations on housing construction, providing $25,000 of down-payment assistance for first-time homebuyers, and working “with builders and developers to construct 3 million new homes and rentals for the middle class.” Finally, she reiterated her support for a federal ban on corporate price-gouging, a controversial policy which drew wide-spread condemnation even from friendly quarters when she first announced it in August.
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Harris discussed two policies as part of the second pillar of her economic plan, investing in American innovation and entrepreneurship: first, a massive increase in the available tax deduction for business start-up costs, from $5,000 to $50,000, and second, providing low- and no-interest loans to small businesses that want to expand.
The third pillar of Harris’s “opportunity economy” plan, leading the world in industries of the future, included a pledge to invest heavily in leading-edge technological industries, including biomanufacturing, AI, quantum computing, aerospace, and blockchain. Additionally, she pledged to introduce tax credits for expanding union workforces and steel and iron manufacturing. She also included a promise to increase apprenticeships and remove degree requirements for half a million federal jobs, streamline permitting, and stand up to China against unfair trade practices.
Throughout the speech, Harris made frequent references to former president Donald Trump, arguing that his priority is ensuring that the economy works for the rich, rather than the middle class. She also made a number of criticisms of his record as president, arguing that his presidency resulted in 200,000 outsourced manufacturing jobs, reduced competitiveness with China, and raised taxes on middle-class Americans while cutting them for the wealthy.
