Where Does Kamala Harris Stand on Economic Issues?

Vice President Kamala Harris is now the leading contender for the Democratic Party’s presidential nomination to face off against former President Donald Trump, the Republican nominee.

On July 21, President Joe Biden succumbed to Democratic Party pressure and bowed out of his reelection bid. He then swiftly endorsed Harris for the top of the ticket. However, the Democratic National Committee must formally nominate Harris — or another candidate. That could be done via virtual vote or in-person — open convention style — at the DNC’s gathering in Chicago from Aug. 19-22.

While technically it’s not guaranteed that Harris will be the nominee, the vice president has already received backing from many Democrats in Congress, Democratic Party chairs, state delegations and several Democratic governors. At this time, the more uncertain question is who Harris may choose for her running mate.

With the convention mere weeks away, the Harris campaign must scramble to organize and communicate her policy vision. From the debate last month between Biden and Trump, it was clear that a major focus of the election will be on the economy and how the candidates’ proposals could impact Americans’ personal finances.

Biden has a clear track record with his economic policies — the shorthand of which is “Bidenomics” — that Harris has supported over the past four years. That record is what Biden had been campaigning on before dropping out, and it’s likely that Harris will follow suit.

• “Making smart public investments in America” that attract more private sector investment, including the Inflation Reduction Act (IRA); the CHIPS and Science Act; as well as the Infrastructure Investment and Jobs Act.  

• “Empowering and educating workers to grow the middle class” through moves like forgiving student debt for qualifying borrowers; supporting unionization and collective bargaining and investing in registered apprenticeships. Under the Biden-Harris administration, the U.S. has seen some of the lowest unemployment in decades and strong wage gains that have outpaced inflation growth. 

• “Promoting competition to lower costs and help entrepreneurs and small businesses to thrive.” This includes actions to lower costs by combatting junk fees, lowering prescription drug costs for seniors and enforcing antitrust law. 

However, Harris, like Biden will still have to contend with inflation as a messaging obstacle. Persistent elevated prices are still dragging down public perception of the administration’s handling of the economy.

In the spring, Harris launched a nationwide Economic Opportunity Tour that may serve as a blueprint for the vice president’s talking points in the campaign including:

• Investing in infrastructure.

• Investing in small businesses.

• Increasing access to capital for underserved communities. 

• Cutting costs for insulin and other prescription drugs. 

• Expanding access to health care. 

• Making housing and home buying more affordable. 

• Lowering child care costs. 

• Expanding access to government contracts for minority-owned small businesses.

During a tour stop on May 6 in Detroit, Harris said, “I believe every person in our country must have access to the opportunity to compete, to succeed, and to thrive; the ability to achieve what I call financial freedom, which means having enough not just to get by but to get ahead, to be able to build a business, to own a home, to start a family, and to create intergenerational wealth.”

As the first female vice president of the U.S., Harris has also been the administration’s face on issues that most impact women: abortion access and child care. Harris is a staunch supporter of reproductive rights and, in December, launched a nationwide “reproductive freedoms” tour. And in February, Harris announced rule changes designed to lower copayments for more than 100,000 families who receive federal child care assistance.

In Harris’ earlier roles as California attorney general and later as a U.S. senator, she proposed:

• Refundable tax credits for renters with qualified earnings.

• A $3,000 per person refundable tax credit for middle- and working-class people through the LIFT (Livable Incomes for Families Today) the Middle Class Act.

• A “Medicare for All” health care plan that retains private insurance. 

• A $20,000 student debt forgiveness plan for Pell Grant recipients who create and run small businesses in disadvantaged areas.

• Increasing public school teacher pay, funded by estate taxes on the wealthy.

Before becoming vice president, Harris served as a U.S. senator from California, attorney general of California and as the district attorney for the city of San Francisco. In early campaign appearances, she has drawn a sharp distinction between her work as a prosecutor and Trump’s ongoing legal issues, including his recent conviction on 34 felony counts.