Article Summary –
Vice President Kamala Harris, during her visit to Raleigh, North Carolina, introduced a comprehensive economic plan aimed at addressing high living costs, focusing on building three million new homes to reduce the housing shortage, providing first-time homebuyers with financial assistance, and combating price gouging in the food industry by empowering the FTC and state attorneys general to investigate and penalize unfair practices. Harris also outlined measures to support families through expanded economic relief, including an enhanced Child Tax Credit and capping prescription drug costs, along with a commitment to lower rent prices by tackling predatory corporate landlords and supporting legislative efforts to prevent the use of algorithms for setting high rental prices. Additionally, she emphasized the importance of competition in the economy and proposed to work on accelerating Medicare negotiations to reduce prescription drug costs while aiming to cancel medical debt for millions of Americans.
During her eighth visit to North Carolina, VP Kamala Harris unveiled plans to build three million new homes, support first-time homebuyers and renters, combat price gouging, and provide economic support for families.
On Friday, Vice President Kamala Harris presented economic plans in Raleigh aimed at lowering the cost of living by addressing rising prices of housing, food, and childcare.
Speaking at Wake Tech’s North Raleigh campus, Harris addressed public concerns about high costs.
“Costs are still too high, and for many, it feels hard to get ahead despite working hard,” Harris stated.
Harris discussed issues like grocery prices, healthcare costs, and the unattainability of homeownership.
Tackling high grocery prices
Grocery prices have surged. A $100 grocery list in November 2020 cost $125.80 in May 2023.
Despite improved supply chains, prices remain high, with companies like Kraft-Heinz raising prices by 21% while achieving a 34% profit margin. Read more.
Harris vowed to prioritize reducing grocery and food prices by cracking down on companies unfairly passing costs to consumers.
Under Harris’ plan, the FTC and state attorneys general will investigate and penalize unfair price gouging. The plan also targets unfair mergers that enable price hikes. Details here.
Increasing access to housing and building more homes
Harris’ agenda includes boosting homeownership and increasing the housing supply.
Homeownership hit a 50-year low in 2020. Harris plans to build 3 million homes in four years to tackle the 4.8 million housing deficit estimated by Zillow. Learn more.
Harris’ plan includes tax incentives for businesses building affordable housing and new tax credits for contractors building starter homes. She also calls for $40 billion in funding for local housing solutions, such as Wake County’s affordable housing projects.
Additionally, Harris proposes $25,000 grants for first-time homebuyers, benefiting over 1 million families.
Lowering the cost of rent
Harris aims to provide renter relief and address high rental costs.
Between 2019 and 2024, North Carolina rent prices increased by 69%. Corporate landlords now own 25% of rental properties in Charlotte. Find out more.
Harris supports the Stop Predatory Investing Act and the Preventing the Algorithmic Facilitation of Rental Housing Cartels Act to combat corporate landlords and predatory practices. Currently, 30-60% of rental apartments use AI software like RealPage to set rents.
Economic relief for families
Harris proposes expanding economic relief through an enhanced Child Tax Credit.
Under her plan, over 100 million Americans would receive tax cuts, with $6,000 in relief for families during a child’s first year. This credit would provide $3,600 annually until age 6 and $3,000 per year until age 18. See the impact.
Lowering prescription drug costs
Under the Biden-Harris administration, insulin costs were capped at $35/month for Medicare seniors. Harris plans to extend this cap to all Americans and limit annual out-of-pocket drug costs to $2,000. More information.
Harris proposes accelerating Medicare negotiations with pharmaceutical companies to cut drug costs by up to 80% by 2026, and working with states to cancel medical debt for millions of Americans. Details here.
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