President Joe Biden referenced Vice President Kamala Harris’s tie-breaking vote in passing the Inflation Reduction Act during his farewell speech at the Democratic National Convention. However, since the passage of the bill, the cost of rent has climbed 13%, while new mortgages have increased by 36%. Other items such as baby food and frozen vegetables have also seen price hikes, according to statistics from Americans for Tax Reform. Despite some prices decreasing in certain sectors, overall prices have risen significantly since Biden and Harris took office in January 2021.
The American Rescue Plan, another piece of legislation that Vice President Harris cast a tie-breaking vote on, led to printing more money amid rising inflation. Grover Norquist, president of Americans for Tax Reform, criticized Harris for supporting these bills and for her endorsement of significant tax increases, such as a carbon tax, a 44.6% capital gains tax, and a 28% federal corporate tax rate. The Democratic National Committee defended Harris, pointing to former President Donald Trump’s economic record and arguing that Harris’s proposals would benefit working families.
The rise in prices has had a tangible impact on families, as evidenced by a Connecticut family forced to live in a hotel due to surging housing costs. The economic challenges faced by many Americans are of concern as Harris campaigns for president. The ATR’s numbers indicate significant increases in prices for items such as gas, energy, transportation, eggs, baby food, frozen vegetables, bread, and milk since Biden and Harris took office. The current economic landscape presents complex challenges that will need to be addressed by the incoming administration.
As the campaign for the 2024 presidential election heats up, Harris’s economic proposals and record are under scrutiny. Despite her efforts to address inflation and high prices through legislation like the Inflation Reduction Act, the impact on everyday Americans has been significant. While some prices have decreased in certain sectors, the overall trend has been upward, creating financial strain for many households. Harris’s plans for tax increases have raised concerns about their potential impact on Americans’ take-home pay and overall economic well-being.
The Democratic National Committee has defended Harris’s economic record by contrasting it with Trump’s, arguing that Trump’s proposals would have led to inflation and benefited the ultra-wealthy. The endorsement of Biden’s economic plan by 16 Nobel economists highlights the contrasting views on economic policies and their potential impact on inflation and working families. As the election approaches, the public will have to evaluate the economic proposals put forth by candidates like Harris and consider how they would address the current challenges of rising prices and inflation.
