• THE FLAG
  • Posts
  • Harris’s Economic Roadmap

Harris’s Economic Roadmap

Plus, reading for the future.

August 20, 2024

The Flag

Good morning and Happy Tuesday! Here are the Flag’s Top Five stories that should be on your radar to start the day:

  • US: Harris gives the crowd a pep talk: It's going to be a 'great week' (Politico)

  • World: After three-hour Blinken meeting, Netanyahu says Israel backs new US hostage proposal (Times of Israel)

  • Business: 10 more states just joined the DOJ's push to break up Live Nation-Ticketmaster (Quartz)

  • Technology: The AI photo editing era is here, and it’s every person for themselves (The Verge)

  • Sports: Dricus du Plessis retains UFC middleweight belt against Israel Adesanya, who touted Africa as the winner (CNN)

And of course, some good news: Woman with ALS comes up with heartwarming way to read to future grandchildren.

POWERED BY MONEY

Inflation has led to increased home maintenance costs, with some repairs exceeding $5,000 and certain states experiencing up to a 39% rise in average expenses. A home warranty can help you budget and provide coverage for eligible appliances and systems against unexpected events like earthquakes, floods, and fires.

Right: Is This Why Harris Is So Keen on the ABC Debate? Elizabeth Stauffer, Washington Examiner

Left: Dems Look Toward 2024 Convention With Renewed Hope, Lauren Gambino, The Guardian

Left: In Defense of Bidenomics, Ryan Cooper, The American Prospect

ECONOMY

Harris’s Economic Roadmap

Today’s Top Story: On Friday, in a speech to supporters in Raleigh, N.C., Vice President Kamala Harris outlined key economic policies she would prioritize if elected president.

Reporting from the Left: Harris unveils economic plans on inflation, housing. Here's what economists think (ABC News)

Reporting from the Right: Kamala Harris unveils economic plan — including a whopping $1.7T in handouts, fed ban on grocery store ‘price gouging’ (New York Post)

RIGHT-LEANING SENTIMENT

Populist Plan

The Top Argument From The Right: Harris goes populist on economy in bid for votes, Haisten Willis, Washington Examiner: “The mystery of Vice President Kamala Harris‘s plans for office is slowly receding, replaced in turn by fierce debate over what those plans will mean for the average voter. Harris began lifting the veil of secrecy from her campaign, especially when it comes to the economy, with a series of proposals laid out at the end of last week. What emerged was a decidedly populist economic plan. Her first big rollout was for a federal ‘price-gouging’ ban designed to combat lingering high prices. Details haven’t been released, but the plan would empower the Federal Trade Commission and state attorneys general to impose ‘harsh penalties’ on companies who break the rules. … While Harris backers say the plan would rein in corporate greed, critics likened the proposal to failed price control schemes that have been tried by presidents such as Richard Nixon. Former President Donald Trump’s campaign called it a deflection from Harris’s own role in fueling inflation. … The Harris campaign debuted several more ideas… Harris wants to create a $25,000 down payment support for first-time homeowners. She also proposed a $6,000 child tax credit for the parents of newborns and reviving the pandemic-era $3,600 tax credit for older children, echoing a similar plan from Vance.”

Honorable Mention #2: Kamala Harris’s Statist Economic Plan, Jim Geraghty, National Review.

LEFT-LEANING SENTIMENT

Gimmicks

The Top Argument From The Left: The times demand serious economic ideas. Harris supplies gimmicks. Editorial Board, Washington Post: “While the inflation rate has cooled substantially since the 2022 peak, an ostensible Biden-Harris administration accomplishment, prices remain elevated relative to the Trump years. … One way to handle it might be to level with voters, telling them that inflation spiked in 2021 mainly because the pandemic snarled supply chains, and that the Federal Reserve’s policies, which the Biden-Harris administration supported, are working to slow it. The vice president instead opted for a less forthright route: Blaming big business. She vowed to go after ‘price gouging’ by grocery stores, landlords, pharmaceutical companies and other supposed corporate perpetrators by having the Federal Trade Commission enforce a vaguely defined ‘federal ban on price gouging.’ … Whether the Harris proposal wins over voters remains to be seen, but if sound economic analysis still matters, it won’t. … Her ideas would cost money, yet she insisted in her speech that she would hold to President Joe Biden’s pledge not to raise taxes on any household earning $400,000 or less annually. … To be sure, every campaign makes expensive promises that will never come to pass, especially with a divided Congress. … Even adjusted for the pandering standards of campaign economics, however, Ms. Harris’s speech Friday ranks as a disappointment.

Honorable Mention #1: Harris’s Plan Is Economically Dumb but Politically Smart, Josh Barro, The Atlantic.

FLAG THIS

Trump Gets the Edge on the Economy

According to polling for ABC News/The Washington Post/IPSOS, Harris leads former President Donald Trump overall in a head-to-head matchup, showing improvements in enthusiasm, readiness, and support among key groups like swing-voting independents.

However, Trump holds an advantage on the economy and inflation, the top-cited election issues. He leads Harris by 9 points in trust to handle these matters. Despite Harris’s overall lead, Trump's strength on these critical issues keeps the race competitive. More than 85% of adults consider the economy and inflation highly important in their voting decisions (ABC News).

Do you support Vice President Harris' proposal to ban corporate price gouging?

Login or Subscribe to participate in polls.

WATERCOOLER

A Grim Chapter Begins, Stove Snaps, Imperial Aqueducts

On This Day in 1619, “20 and odd” Angolans, kidnapped by the Portuguese, arrive in the British colony of Virginia and are then bought by English colonists. The exact date is not definitively known (a letter from the time identified the ship's arrival coming in "the latter part of August"), but this date has been chosen by many to mark the arrival of the enslaved Africans in the New World—beginning two and a half centuries of enslavement in North America.

POWERED BY MONEY

Inflation has led to increased home maintenance costs, with some repairs exceeding $5,000 and certain states experiencing up to a 39% rise in average expenses. A home warranty can help you budget and provide coverage for eligible appliances and systems against unexpected events like earthquakes, floods, and fires.

Reply

or to participate.