- Vice President Kamala Harris has unveiled an economic plan to bolster the American middle class, focusing on domestic manufacturing and future industries.
- The plan contrasts with Trump's policies, with Harris emphasizing cooperation with the private sector and a pro-free market approach.
- The economic divide in America has grown, with the middle class shrinking from 62% in 1970 to 51% in 2023.
- Harris' plan aligns with recent legislative actions aimed at boosting American manufacturing and jobs, reminiscent of Roosevelt's New Deal.
In a recent address at the Economic Club of Pittsburgh, U.S. Vice President Kamala Harris unveiled her economic plan aimed at bolstering the American middle class. The plan, which she described as the defining goal of her presidency, includes offering tax credits to domestic manufacturers and investing in sectors that are poised to shape the future.
Harris' economic strategy is centered on the belief that the middle class is the backbone of the American economy. She pledged to provide tax credits to U.S. manufacturers that retool or rebuild existing factories and expand good union jobs.
Harris' Economic Plan: A Focus on Future Industries
This initiative is expected to double the number of registered apprenticeships during her first term, thereby creating more opportunities for American workers. The Vice President also outlined her commitment to invest in industries that are likely to define the next century.
These include bio-manufacturing, aerospace, artificial intelligence, and clean energy. By channeling resources into these sectors, Harris aims to position the U.S. as a global leader in these industries, thereby creating more jobs and opportunities for the middle class.
Contrasting Economic Policies: Harris vs. Trump
Harris' economic plan is a stark contrast to the economic policies of her Republican opponent, Donald Trump. While Trump has proposed across-the-board tariffs on foreign-made goods, Harris is focusing on providing incentives for businesses to keep their operations in the U.S. She criticized Trump for being only interested in making life better for himself and people like himself, the wealthiest of Americans.
Harris' approach to the economy is pragmatic and pro-free market. She expressed her commitment to working with the private sector and entrepreneurs to help grow the middle class. She described herself as a capitalist who believes in free and fair markets.
The Vice President's economic plan comes at a time when the divide between the rich and the poor in America has grown significantly. According to Pew Research, the share of American households in the middle class has dropped from around 62% in 1970 to 51% in 2023. These households' income has also not grown as fast as those in the top tier. Harris' economic plan has been well-received by the public.
A Reuters/Ipsos poll published on Tuesday showed that the Republican candidate's advantage on the economy, unemployment and jobs has decreased from an 11-point lead in late July to a marginal advantage of 2 percentage points.
In response to Harris' economic plan, Trump said that her role as vice president gave her the chance now to improve the economic record of the Biden administration. He urged her to stop grandstanding and implement her plan, as families are suffering now.
Legislative Actions Supporting Harris' Economic Plan
Harris' economic plan aligns with recent legislative actions aimed at boosting American manufacturing and jobs. The Infrastructure Investment and Jobs Act, the CHIPS and Science Act, and the Inflation Reduction Act, all passed in 2021 and 2022, provide subsidies and tax incentives to encourage companies to invest in the U.S., particularly in disadvantaged regions.
Historically, the focus on domestic manufacturing and job creation is not new. During the Great Depression, President Franklin D. Roosevelt implemented the New Deal, a series of programs, public work projects, financial reforms, and regulations to restore prosperity to Americans. Similarly, Harris' plan aims to revitalize the American economy by focusing on domestic manufacturing and job creation.
By offering tax credits to domestic manufacturers, investing in key industries, and working with the private sector, Harris aims to create more opportunities for American workers and reduce the wealth gap in the country. As the election approaches, the economy remains a top concern for voters, making Harris' economic plan a crucial aspect of her campaign.
