Kamala Harris reveals plan for US economy as she pledges to cut cost of living

16 August 2024, 20:52

Vice President Kamala Harris unveiled her plans for the US economy as she addressed voters in Raleigh, North Carolina on Friday.

Speaking in the key battleground state, Harris pledged to bring down the cost of living for Americans as she announced a series of initiatives.

"When I am elected president, I will make it a top priority to bring down costs and increase economic security for all Americans," Harris told Wake Tech Community College.

"As president, I will take on the high costs that matter most to most Americans, like the cost of food. We all know that prices went up during the pandemic when the supply chains shut down and failed.

“But our supply chains have now improved. And prices are still too high."

Harris promised the construction of 3 million new homes during her first four years in office. The Biden administration has previously called for the construction of 2 million new homes.

The White House hopeful also proposed a $40 billion fund to help state governments address the lack of housing stock.

"There's a serious housing shortage. In many places, it's too difficult to build, and it's driving prices up," she said.

"As president, I will work in partnership with industry to build the housing we need, both to rent and to buy.

“We will take down barriers and cut red tape, including at the state and local levels. And by the end of my first term, we will end America's housing shortage by building 3 million new homes and rentals that are affordable for the middle class."

Harris also announced plans to issue a federal ban on price gouging, which causes the price of certain goods such as bread to rise, in her first 100 days in office.

"Look, the bills add up," she said.

"Food, rent, gas, back to school clothes, prescription medication — after all that, for many families, there's not much left at the end of the month."

The consolidation of the food industry in the US, with just a handful of companies owning many major brands, has led to a rise in grocery prices in recent years.

Haris plans to work with Congress to grant new authorities to the Federal Trade Commission and state attorney generals to rule-breaking companies with penalties.

The Democratic nominee went on to propose a ban on taxes on tips, which play a crucial role in filling out the paycheck of many working Americans.

“When I am president, we will continue our fight for working families including to raise the minimum wage and eliminate taxes on tips for service and hospitality workers," Harris had said at a previous rally.