Kamala Harris' much-vaunted economic plan turned out to be a major campaign flop. She now faces the unenviable task of distancing herself from Joe Biden's hugely unpopular presidency and its disastrous economic legacy without acknowledging that the administration in which she played a key role mismanaged the economy — a nearly impossible task, and one she has clearly failed.
In a speech in North Carolina shortly after the Democratic National Convention, Harris sought to express sympathy for the economic struggles American families face every day, acknowledging that prices are “too high” and that basic expenses like food, rent, gas, school supplies and medicine leave many people “with very little money at the end of the month.”
Harris not only supports Biden's economic framework, she is accelerating it.
Given the implications, it may seem a surprising statement from a sitting vice president, but she pointed out that “the price of a loaf of bread is 50 percent higher than it was before the pandemic. Ground beef is up almost 50 percent.”
What she fails to acknowledge is the role that the policies of the Biden-Harris Administration have played in getting us here. Far from it, her call to “chart a new path forward” represents a full-throated embrace of “Bidennomics” — the very policies that have led to rising consumer costs and hardship for middle-class families.
The essence of Bidenomics is to shift the blame for the economic crisis onto others, while willfully ignoring the role that huge government spending and burdensome regulation have played in causing economic stagnation, inflation, and high interest rates.
Harris has escalated this scapegoating tactic in her recent comments, making it clear that she not only supports Biden's economic framework but is accelerating it.
She began by attacking food companies for “price gouging,” promising “the first federal ban on price gouging of food and grocery products.” This policy would allow bureaucrats to decide if the price of a hamburger or a loaf of bread is too high, and impose a politically motivated price, rather than one based on actual market conditions such as supply and demand. She made no mention of the various socialist regimes that have tried similar pricing and failed, all of which led to bread rationing. Look no further than Venezuela to see the effects in real time.
Second, Harris has attacked property owners, blaming them for the rise in rents since she took office. Her prescription: government mandates. Rent Control Despite 50 years of failed policies, this trend continues across the country.
She also vowed to target software companies that use algorithms to calculate prices and to push for legislation to “crack down” on the use of software that informs property owners of current market conditions. Proponents of policies based on the assumption that market participants have too much information about relevant economic conditions are either grossly mistaken, trying to hide unpleasant economic realities for which they may be responsible, or both. There is no serious reason to blame software for rising rents.
Thankfully, Harris' speech was not well received, with even the usually supportive media expressing skepticism.
CNN She warned that her plan “could create more problems than it solves.” The Washington Post “The times call for serious economic policy, and Harris has provided a playbook,” the editorial board said. They added, “'Price gouging' doesn't cause inflation, so why is the vice president promising to eradicate it?”
Harris may claim she wants to lead the country in a new direction, but she is proposing the same command-and-control approach, with updated talking points and a fresher marketing package. She doesn't want to change Biden's policies, she wants to expand them, adding more government burdens, debt and red tape to the American people. More of the same policies will only bring the same suffering to the American people.
