Exclusive: Harris to Release New Economic Proposals This Week on US Wealth Creation, Sources Say

By Nandita Bose

WASHINGTON – U.S. Vice President Kamala Harris is set to unveil a new series of economic policies this week aimed at helping Americans build wealth and creating economic incentives for businesses to support that objective, according to three sources familiar with the situation.

These new policies, which have not been previously disclosed, may be announced in Pittsburgh on Wednesday. This initiative comes as undecided voters are seeking clarity on how Harris would assist them economically if she were to win the presidency in November, particularly in key swing states, the sources reported.

The announcement follows intense discussions within the Democratic Party regarding the timing of new economic proposals so close to the election. One source noted, “It’s not just about affordability; it’s also about demonstrating to voters that there is a path to wealth-building,” emphasizing Harris’s desire to show Americans ways to “get a foot in the door.”

While the sources refrained from providing specifics on the forthcoming policies, and Harris’s campaign has not commented on new proposals, her 2020 presidential campaign and the current administration’s efforts included initiatives with similar aims. In her prior campaign, Harris advocated for significant salary increases for public school teachers, mandated companies to disclose gender pay gaps, and penalized those that failed to address the disparities. The Biden-Harris administration has also worked to tackle bias in home appraisals and leverage the federal contracting budget to support minority-owned businesses.

Harris has previously launched economic initiatives targeting issues such as housing costs, taxation, small business expenses, childcare, and consumer goods. Her proposals often align with Biden’s policies, such as enhancing the child tax credit and raising the corporate tax rate to 28%.

A campaign spokesperson did not provide any comments on the new policies but stated that Harris would continue to promote her agenda aimed at reducing costs, improving housing affordability, and encouraging economic growth nationwide.

However, some advisors express concerns that introducing new economic policies with just under 50 days remaining in a closely contested presidential election may limit their impact on crucial voters. One source remarked that typical campaign strategies would have voters persuaded by September, but this situation is different due to Harris’s ascent to the top of the ticket in late July. “We have to continue persuading and mobilizing folks at the same time until the very end,” the source added.

In contrast, Republican Donald Trump’s economic proposals for working-class Americans include eliminating taxes on tips and Social Security benefits, expanding federal lands for housing development, and deporting millions of immigrants, which some Republicans argue contribute to rising costs. Trump has also suggested implementing broad tariffs on non-U.S. goods, which could increase prices for consumers and contribute to inflation, a move that is supported by a narrow majority of voters.

Trump has sought to blame Democrats for inflation, which surged as COVID-19 pandemic restrictions eased, using the high costs of groceries, especially bacon, as a recurring theme in his speeches. The U.S. Department of Agriculture highlighted a 25% rise in the Food Consumer Price Index from 2019 to 2023.

HARRIS MAKES STRIDES ON ECONOMY

Historically, Republicans have performed better than Democrats in economic polling, and Trump has outperformed Biden and Harris in surveys conducted earlier this year. However, some recent polls show a shift in Harris’s favor. A recent survey indicated that 44% of registered voters trusted her economic leadership compared to 42% for Trump. Additionally, polling from August revealed that Harris has been closing the gap on economic issues.

The Federal Reserve’s recent decision to reduce interest rates by half a percentage point may contribute to lower consumer costs, reflecting a diminished concern about inflation risks.

Some supporters of Harris have advocated for amplifying existing economic messages rather than introducing new policies. Donna Brazile, a veteran Democratic strategist, suggested more direct engagement with voters, stating, “Rather than address this with endless white papers, go to grocery stores and apartment buildings and more,” highlighting the need to address ongoing cost-of-living issues post-pandemic.

Conversely, others, like Adam Newar, a financial manager and Harris supporter, argue that the election is more about character than specific policy proposals. “I’m not sure what more policy information actually brings to the table,” he noted, emphasizing the importance of articulating a vision that resonates with voters who feel overlooked.

Many of Harris’s proposed initiatives would require approval from Congress and are unlikely to pass unless Democrats regain control of both chambers.