Exclusive-Harris will launch new economic proposals this week on wealth creation in the US, sources say By Reuters

By Nandita Bose

WASHINGTON (Reuters) – U.S. Vice President Kamala Harris plans to unveil a new set of economic policies this week aimed at helping Americans build wealth and establishing economic incentives for businesses to support that goal, they said three sources familiar with the matter.

The new policies, which have not been previously reported and could be announced in Pittsburgh on Wednesday, come as undecided voters continue to demand more information about how Harris would help them economically if elected president in November , including those in critical changing states. , the sources said.

The release would follow heated debate in Democratic circles over whether releasing more economic policies so close to Election Day is a smart strategy.

“It’s not just about affordability, it’s about showing (voters) that they have a path to building wealth,” said one of the sources with direct knowledge of Harris’ economic plans, adding that he wants to show Americans how they can “put foot the door.”

Neither source would provide specific details about the expected new policies, and the Harris campaign has not commented on any new proposals. However, Harris’ 2020 presidential run and President Joe Biden’s administration included plans with similar goals.

In her 2020 campaign, Harris has proposed significant pay increases for millions of public school teachers, forcing companies to disclose their pay gap between men and women and penalizing those who don’t reduce it. The Biden and Harris administrations have pushed to eliminate bias in housing assessments and use more than $700 billion in the federal contracting budget to support minority businesses.

Harris launched a basket of economic policies focused on the high cost of housing, taxes, small business spending, childcare and goods. Her plans often draw on Biden’s policies, such as increasing the child tax credit and raising the corporate tax rate to 28 percent.

Campaign spokesman James Singer told Reuters that Harris “will continue to deliver on his economic opportunity agenda to lower costs, make housing more affordable and spur economic growth across America.”

Releasing a new economic policy with less than 50 days left in a close presidential election race could mean the new measures never reach crucial voters, some advisers admit.

“Typically, you’d see a campaign that wraps up the voter turnout by September and moves on to mobilizing the people, but this is not a typical campaign,” said a source familiar with the new plans, referring to Harris’ jump in top of the ticket at the end of July. “We have to keep convincing and mobilizing people at the same time until the end.”

Republican Donald Trump’s economic proposals aimed at working-class Americans include eliminating tip taxes and Social Security benefits, opening up federal land for housing and deporting millions of immigrants to the country that Republicans say drive up costs.

The former president has also proposed blanket new tariffs on non-U.S.-made goods that could increase costs for American consumers and inflation, but are supported by a narrow majority of voters.

Trump tried to focus on the Democratic inflation that has emerged globally as lockdowns on the COVID-19 pandemic eased, and he made the still-high cost of food, especially bacon, a staple of his speech. rally. From 2019 to 2023, the consumer price index for food increased by 25%, the US Department of Agriculture reported.

HARRIS EARNINGS ON THE ECONOMY

Republicans have traditionally polled better on the economy than Democrats, and Trump beat Biden and then Harris on the issue earlier this year.

Some polls, however, are shifting in her direction.

A Financial Times-Michigan Ross poll this month showed 44 percent of registered voters had confidence in Harris’ economic administration, compared with 42 percent who supported Trump, and Reuters/IPSOS polls in August showed that this narrowed the gap between the economy.

The Federal Reserve’s decision to cut interest rates by half a percentage point last week, reflecting its belief that inflation risks have receded, could reduce some costs for consumers.

Some Harris supporters urged the campaign to duplicate the economic message that already exists instead of launching new ideas.

“My recommendation is to do more shows and stories. Instead of tackling this with countless white papers, go to grocery stores and apartment buildings and more,” said Donna Brazile, a longtime Democratic strategist.

“Inflation may have gone down, but the cost of living hasn’t changed. Some of these are post-pandemic and still need to be addressed,” she said.

Others believe that more economic policy is not a priority. Adam Newar, a money manager and Harris donor, said “it’s a character choice” and not a political choice.

“I’m not sure how much more political information she actually brings to the table. She really needs to continue to articulate a vision, communicate that vision to people who really feel like they’ve been left behind,” Newar said.

Many of Harris’ proposals would require congressional approval and would be unlikely to pass unless Democrats win both the House and Senate.