Kamala Harris Ready for Presidential Run: What’s Her Plan?

Kamala Harris may step in as the Democratic nominee for president, potentially succeeding Joe Biden. This shift brings up questions about her economic policies and their impact on the U.S.

Harris’s economic approach diverges from Biden’s in several ways. For instance, she backed “Medicare For All” and had distinct tax ideas, including a more limited student loan forgiveness plan. A significant challenge she’ll face is the expiration of key tax breaks after 2025. If Congress doesn’t act, many provisions of the Tax Cuts and Jobs Act (TCJA) will lapse, potentially increasing taxes for over 60% of Americans.

While Biden has pushed for higher taxes on the wealthy and corporations, it’s unclear if Harris will stick to his pledge of not raising taxes on those earning under $400,000. During her 2020 campaign, she proposed a higher corporate tax rate than Biden.

Harris will have to navigate Biden’s economic record, which voters view with mixed feelings. Despite low unemployment and economic growth, only 37% of Americans approve of Biden’s handling of the economy, with inflation being a major concern. Since Biden took office, federal debt has increased significantly, adding to Harris’s challenges.

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However, there are some positive economic signs. The unemployment rate remains low at 4.1%, and consumer spending has been robust, with retail sales up 2.3% in the past year. Inflation has dropped to 3%, the lowest in three years, but it’s still higher than when Biden took office.

Harris might also differ from Biden on the Federal Reserve. She voted against Jerome Powell’s confirmation as chair in 2018, while Biden reappointed him in 2022. Powell’s term ends in 2026, and it’s unclear if he will seek another term. Former President Trump has stated he would not reappoint Powell, adding to the uncertainty.

Alexander Stefanov