(DCNF)—Vice President Kamala Harris released an 82-page document explaining her vision for the economy on Wednesday, but the plan shares much in common with President Joe Biden’s economic agenda.
The plan, titled “A New Way Forward For The Middle Class,” proposes to build upon Biden initiatives like student loan debt cancellation, industrial policy, huge subsidies for green energy and going after corporations for alleged price gouging. Prior to quitting the presidential race under immense political pressure, voters were largely dissatisfied with Biden’s economy, which had come to be defined by 40-year high inflation.
“Harris isn’t going to stray very far from current Biden policies,” Ryan Young, a senior economist for the Competitive Enterprise Institute, told the Daily Caller News Foundation. “She is trying to steer a middle course between carving out her own identity, but without implying that Biden has pushed bad policies, which she has been promoting for the last four years.”
Kamala Harris Economic Plan by Nick Pope on Scribd
Harris aims to “[make] corporations and the wealthiest Americans pay their fair share in taxes,” something she plans to do by essentially replicating the $5 trillion tax hike that Biden’s fiscal year 2024 budget request called for. Some of Harris’ “common sense” reforms that would fuel this tax hike include a 25% unrealized capital gains tax for high-earning Americans and a top capital gains tax rate of 33%, an aggressive-but-less-ambitious alternative to the 44.6% rate that Biden has proposed.
“Americans should be deeply concerned about any political program attempting to brand a massive increase in taxes – in this case, including a tax on unrealized capital gains – as ‘new,’” Peter Earle, a senior economist at the American Institute for Economic Research, told the DCNF. “Increasing the reach of the confiscatory claws of the government while simultaneously amping up spending is how the US has accumulated $35 trillion in debt, over $100 trillion in unfunded liabilities, and debased the dollar by 90 or more percent in fifty years … And to the extent that few specifics are given, there’s no reason not to assume that Harris’ policy goals are not simply a continuation of Bidenomics.”
Those tax increases may be necessary to pay for the litany of entitlements Harris is proposing.
“Vice President Harris and Governor Walz are fighting for a future with affordable, high-quality child care and pre-K, long-term care, and paid leave, while supporting care workers and family caregivers,” the economic plan reads, without attaching any price tag to the proposals. Biden either endorsed or pursued each of these policies during his term as president.
Harris’ plan also calls for a $25,000 subsidy for qualifying first-time homebuyers. This would actually end up raising home prices, in large part because “the best way to reduce housing prices is to build more housing, not to subsidize existing housing,” according to Young.
Biden has previously proposed a similar $10,000 tax credit for first-time homebuyers and those selling their first homes.
A Harris-Walz administration “will invest in building the energy industries of the future here in the United States, keeping the well-paid union jobs of the future here at home” while building on the Inflation Reduction Act (IRA), Biden’s massive climate law. Beyond hundreds of billions of dollars to subsidize the green energy industry, the IRA also features tax credits that Americans can claim to install things like heat pumps and rooftop solar in their homes.
Undecided voter in Georgia: “If you look at the statistics now, we’re far worse now than we were before. Everything is worse now with Biden and Harris.”pic.twitter.com/poBh0V6lN0
— Daily Caller (@DailyCaller) September 20, 2024
Harris touts these credits in her new plan, stating that they allowed “more than 3.4 million American families [to save] $8.4 billion in 2023.” Missing from the economic plan is the fact that more than half of those savings were claimed by people making more than $100,000, and that six-figure-plus earners were over three times more likely to claim the credits, according to Internal Revenue Service data.
Like Biden, Harris is also promising to be a strong ally of organized labor if elected.
“She will also prevent misclassification of employees, and override so-called ‘right-to-work’ laws that prevent workers from freely organizing,” Harris’ economic plan states. “She will also continue to fight for manufacturing and infrastructure projects that benefit from significant public support to be subject to strong prevailing wage requirements, as well as Project Labor Agreements for construction projects above appropriate minimal thresholds.”
Notably, “right-to-work” laws do not prevent workers from organizing; such laws simply give workers the choice as to whether or not they would like to join a union or pay union dues, according to the National Conference of State Legislatures. Many of the subsidies Biden unleashed on the American economy include labor requirements that advantage labor unions.
Throughout his first term, Biden repeatedly alleged that corporate greed and price gouging has led to price spikes for goods like gasoline and groceries, for example, while many economists and observers have actually blamed his tax-and-spend agenda for driving inflation. Nevertheless, Harris seems keen to continue blaming companies for higher prices, at least rhetorically.
A prospective Harris-Walz administration “will go after nefarious price gouging on essential goods during emergencies or times of crisis,” the plan states. Harris had previously trotted out a broader version of this policy in August, but she and her team subsequently specified that de facto price controls would only take effect in the wake of emergencies, like natural disasters or a pandemic.
“If one were to undertake an exhaustive research program to determine an economic policy which, throughout history, has not only failed repeatedly but caused tremendous damage on the way to inevitable failure, it would be price controls,” Earle told the DCNF. “For 4,000 years political authorities have been trying to freeze prices without causing shortages and extensive economic ruination and [have] been unsuccessful.”
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The Harris campaign did not respond to a request for comment.
Owen Klinsky contributed to this report.
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Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.
