Kamala Harris’s economic proposals seem to mirror Joe Biden’s policies, which haven’t delivered the anticipated results. Inflation has cooled, but its impact remains in the form of “sticker shock” across daily essentials. The average U.S. household now faces an increased cost of $15,000 annually just to maintain the same standard of living they had before the pandemic. Harris, having been in office for four years alongside Biden, hasn’t shown any effective solutions.
The Current Economic Situation
Even though inflation has moderated recently, prices for gas, housing, groceries, and rent remain significantly higher than they were pre-pandemic. For example, average U.S. gas prices have hovered around $3.85 per gallon in 2024, up from an average of $2.60 in 2020. Homeownership is increasingly out of reach as mortgage rates have surged beyond 7%, doubling from pre-pandemic levels. Food staples like bacon and eggs have seen price hikes of 30% and 38% respectively since 2021.
Families are paying more for less, and this is the enduring impact of inflation. The sharp rise in the cost of living means that many Americans now need an additional $10,000 to $15,000 annually to afford their previous lifestyles, according to financial experts. With these metrics in mind, it’s hard to believe that Harris’s economic proposals will reverse the tide.
Kamala Harris’s Copy-Paste Economic Plans
Harris’s policy proposals are largely a continuation of Biden’s, promising similar results that the American people have already seen fail to ease their financial burdens. Over the past four years, instead of addressing inflation and rising costs, policies from the administration have focused more on spending, which critics argue has only made things worse. The $1.9 trillion American Rescue Plan, aimed at stimulating the economy, contributed to inflationary pressures. With Harris being a part of the administration that implemented these policies, her claims of fixing the economy seem questionable.
Harris’s “Economic Opportunity” Plans
At the core of Harris’s economic agenda are policies that seem more focused on equity initiatives than broad-based economic growth. One of her flagship ideas is a $25,000 homebuyer grant, meant to help lower-income Americans become homeowners. However, this policy is primarily focused on racial and ethnic equity, with funds earmarked specifically for groups that have been historically disadvantaged in housing. While well-intentioned, this policy ignores the fact that rising housing costs are affecting all Americans, regardless of race or ethnicity.
The median home price in the U.S. is now over $416,000, a 30% increase from 2020. The homebuyer grant, while a good idea on paper, does little to help the average middle-class family trying to buy a home in a market where prices have outpaced wage growth. Instead, it targets only specific demographics, potentially creating more division in the housing market and not addressing the larger affordability crisis.
Why Equity Handouts Don’t Work
Policies like the $25,000 homebuyer grant are what critics call “equity handouts.” While they aim to address historical inequalities, they miss the broader economic picture. The average American, regardless of background, is facing financial hardship due to rising costs. When policies prioritize one group over another, they risk creating new inequalities. Harris’s agenda, with its focus on equity rather than economic growth for all, risks deepening the economic divide and alienating working-class Americans who feel left behind.
For instance, the average rent in the U.S. has increased by more than 16% over the past two years, with cities like New York seeing even higher surges. Instead of addressing these issues holistically, Harris’s policies seem to pick winners and losers, ignoring the fact that rising costs are hurting all renters, not just specific groups.
The Biden-Harris Economic Record
The Biden-Harris administration entered office with promises of economic recovery and progress, but four years later, the American people are facing higher costs across the board. Despite job growth and a low unemployment rate, wages have not kept up with inflation. In fact, real wages have stagnated or even declined for many workers. A recent report shows that real wages have dropped by 2.5% since 2020, meaning that Americans have less purchasing power today than they did before the Biden-Harris administration took office.
The administration’s American Rescue Plan and Inflation Reduction Act were meant to address these issues, but they have largely failed. The result has been record-high government spending and little relief for struggling families. Harris’s support for these initiatives further weakens her claim that she can fix what is broken in the economy. She has been part of the problem, and her proposed solutions are a continuation of the same policies that led to today’s struggles.
Time to Vote with Our Wallets
As Americans head to the polls, it’s crucial to consider the economic impact of the policies implemented over the past four years. Harris’s track record on the economy is tied to Biden’s, and the results have been clear: higher costs, stagnant wages, and an unsustainable cost of living. The idea of continuing down this path for another four years is concerning to many voters.
In 2024, voters must ask themselves whether they can afford more of the same. The average household is spending thousands more each year on essentials like gas, groceries, and housing. Harris’s economic proposals offer no clear path to relief, focusing instead on equity handouts that fail to address the root causes of economic hardship.
Conclusion
Kamala Harris’s economic plans are simply a copy-paste of the policies that have already failed to deliver results. Her focus on equity over economic growth will only exacerbate the current challenges faced by all Americans, regardless of background. The Biden-Harris administration has had four years to fix the economy, and the results are clear: higher prices, fewer opportunities, and a shrinking middle class.
Voters need to start thinking about the impact on their wallets. Can they afford another four years of rising costs and failing policies? The answer seems clear.
