Economist Warns Harris' Economic Plan Could Harm US Economy

The Washington Post's editorial board has sharply criticized Vice President Kamala Harris for her recent economic proposals, claiming she missed a crucial opportunity to present a substantial plan to address ongoing inflation concerns. The editorial highlighted that while inflation has decreased since its peak in 2022, many Americans continue to struggle with high prices for essentials like groceries and housing. The board suggested that Harris could have better informed voters about the causes of inflation, particularly the pandemic's impact on supply chains. Harris's plan includes ambitious goals such as constructing three million new homes over four years and targeting corporate price gouging. However, the editorial board expressed skepticism about her proposed $25,000 down payment assistance for first-time homebuyers, arguing it could inadvertently drive up housing prices. They acknowledged that her housing strategy is based on a solid foundation but warned that her overall economic proposals lack clarity on funding and could exacerbate the federal deficit by an estimated $1.7 trillion over the next decade. The editorial also pointed out inconsistencies in Harris's commitment to not raise taxes on households earning under $400,000, noting that this excludes a significant portion of taxable income. Furthermore, the board criticized her campaign's vague promises to raise revenue without providing specific details on how to achieve this. In her first major policy speech as a 2024 candidate, Harris touted the strength of the U.S. economy while emphasizing the need to lower food and housing costs. However, critics, including former economic advisor Kevin Hassett, have raised concerns about her past support for policies like the Green New Deal, suggesting they could lead to economic downturns.