Kamala's irresponsible spending policies
Vice President Kamala Harris is trying to convince voters her economic platform will be cutting costs for Americans, but a study released Friday revealed the Democrat presidential candidate's plan will increase the nation's deficit by $1.7 trillion over a decade.
The study by the nonpartisan nonprofit Committee for a Responsible Federal Budget also said the figure would grow to $2 trillion if temporary housing policies were made permanent.
Earlier Friday, Harris revealed the first policy statement of her campaign, now almost a month old. Her "Agenda to Lower Costs for American Families" would, in her first 100 days in office, "cut taxes for the middle class, reduce grocery costs, take on price gouging, lower the costs of owning and renting a home, continue to bring down the costs of prescription drugs, and relieve medical debt for millions of Americans," according to a fact sheet released by her campaign.
Much of this agenda is regulatory, including the ban on "price gouging" of food and groceries.
The tax-and-spending elements of the agenda include expanding the child tax credit by as much as $6,000 for newborns; extending the enhanced Affordable Care Act subsidies; expanding the earned income tax credit; establishing a first-time homebuyer tax credit of up to $25,000; further supporting affordable housing with tax incentives for building starter homes; an expansion of existing tax credits to support the development of affordable housing, including a $40 billion housing innovation fund; and lowering prescription drug costs.
"Based on our understanding of these policies, we estimate the new tax credits and spending would cost about $1.95 trillion over 10 years from FY [fiscal year] 2026 through 2035, or $2.25 trillion if the housing policies were made permanent," the study said. "This is partially offset by roughly $250 billion of savings from lower prescription drugs costs — assuming the Harris plan closely matches the Biden-Harris administration's recent proposals.
"On net, this means the agenda would add $1.7 trillion to deficits as written [before interest]. The Harris campaign has emphasized that the major housing policies would only be in effect for four years. However, if they were extended permanently, the fiscal impact would grow to $2 trillion."
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See also:
Kamala Harris’s economic policy is completely idiotic
She does not have a clue how to fix the economy — and that will soon be painfully clear
I get the impression she does not have any competent economists on her staff. The "price gouging" policies are total nonsense. Prices are high because of the reckless spending in the first year of the Biden administration that resulted in galloping inflation. Blaming producers for high prices demonstrates how ignorant she is.
And:
And:
Inflation is starting to slow but remains high under the Biden-Harris administration
And:
American Workers Saw 3.9 Percent Pay Cut Under Biden-Harris’s Inflation
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