Kamala Harris’s 2024 presidential campaign is under increasing scrutiny for being light on policy substance. Many of her general proposals are coming under attack. As the election season heats up, Harris and Donald Trump are vying to prove they have credible solutions to address inflation, a top concern for voters. 

However, their approaches reveal different views on the role of government in the economy.

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Voters are feeling bad economic vibes. Will Harris or Trump win them over? (msn.com)

Competing Visions for Taming Inflation

This week, Harris and Trump unveiled their respective plans to tackle inflation, showcasing their distinct economic philosophies. And the 2024 Presidential Campaign is taking off.

Harris, the sitting vice president, has embraced an active government role in regulating markets and implementing tax policies aimed at achieving social goals. In contrast, Trump, the former president, advocates for reducing government intervention in the economy, proposing to roll back regulations and cut taxes.

Harris, who is expected to formally accept her party’s nomination at the upcoming Democratic National Convention in Chicago, has laid out several proposals that extend beyond those of President Biden. 

Among her key ideas are the establishment of federal authority to ban price gouging in food and groceries, and the introduction of new laws to curb corporations from buying single-family homes and raising rents.

 She also plans to address the housing shortage through tax breaks for building homes for first-time buyers and to ease child-rearing costs with subsidies for newborn children.

On the other hand, Trump’s plan focuses on minimizing the government's role in the economy. He is recommending policies that spur economic growth and curb inflation.

Trump promises to reduce prices by rolling back regulations on energy and other unspecified industries and cutting taxes, including those on Social Security benefits. 

This approach was very successful in Trump’s first term until the pandemic hit.

Venezuelan-Style Price Control Plans

Harris’s proposals resonate with many ordinary Americans and some left-leaning researchers who believe that corporate greed has amplified price increases in recent years, especially where firms wield significant market power. 

However, most economists attribute inflation to the global economic response to the COVID-19 pandemic, which saw governments flood their economies with stimulus while global supply chains struggled to meet surging demand.

Critics argue that Harris’s economic policies, which they claim have already led to inflation and declining real incomes, will only exacerbate the problem.

 A former economic advisor from the Trump administration warned that Harris’s plan to impose national price controls on food and groceries is "terrifying" and reminiscent of "Venezuelan-style left-wing populism."

Harris’s proposal for a federal ban on price gouging in food and groceries, which would empower the Federal Trade Commission (FTC) and state attorneys general to punish companies for excessive pricing, is seen by some as a heavy-handed approach that could backfire. 

Critics point out that defining what constitutes "price gouging" is inherently challenging, with enforcement likely to be difficult. 

Michael Sinkinson, an economist at Northwestern University and former Biden White House advisor, suggests that promoting healthy competition and price transparency would be more effective in controlling grocery prices.

2024 Presidential Campaign

Neither candidate has provided detailed explanations of how they would finance their ambitious plans.

The Committee for a Responsible Federal Budget estimates that Trump’s proposal to eliminate taxes on Social Security benefits would accelerate the depletion of the program’s trust fund and increase the federal deficit by $1.6 trillion over a decade. 

Similarly, Harris’s proposals to expand the child tax credit, earned-income tax credit, and health-insurance subsidies, along with her support for housing initiatives, could result in a $1.7 trillion hit to the deficit.

These proposals come at a time when the political and economic landscape is shifting.

 While Trump has long capitalized on voter frustration with high inflation, recent data indicates that prices are rising at their lowest rate since 2021. Some polls show that while inflation remains a top concern for voters, they do not blame Harris for it as much as they do Biden.

Harris Reaches out to Voters

For Harris, the primary objective of her proposals is to demonstrate to voters that she understands their concerns and has the experience to address them. Her supporters point to her record as California’s attorney general, where she prosecuted banks and corporations, as evidence that she is committed to fighting companies that exploit their market power to raise prices.

Evan Roth Smith, lead pollster at Blueprint, a Democratic-aligned polling and strategy firm, notes that voters believe companies are abusing their power to raise prices, and that Harris can credibly argue, “I know who the culprits are—it’s corporate fat cats who are gouging people on your grocery bills and at the gas pump.” Harris’s plan to tackle price gouging and inflation, according to Smith, signals to voters that she “gets it.”

Trump Says Harris is too Far Left

Trump has a compelling argument when he asks voters if they were better off when he was President or if they are happier with Biden and Harris running things.

Trump’s strategy involves portraying Harris as a far-left candidate who is out of touch with mainstream America. He also points out that Harris is copying some of the policies he has suggested like “not tax on tips.”

At a recent press conference, Trump described Harris’s price-gouging plan as “Communist price control” that would lead to food shortages, rationing, and increased inflation.

Micah Roberts, a Republican pollster, suggests that while Harris is attempting to distance herself from the Biden administration’s poor economic record, she has had to admit that the economy has been hit hard. And although she is trying to blame Trump, that doesn’t work well.