Kamala Harris has been ramping up her economic messaging as the 2024 presidential campaign heats up, positioning herself against former President Donald Trump for the upcoming election. While Harris battles Trump over key issues, multiple surveys suggest she may have the upper hand, leading to growing interest among voters and executives alike.
Recent polling indicates Harris is currently 7 points ahead nationally compared to Trump, bolstered by her strong economic proposals. A CNBC survey revealed 55% of chief financial officers (CFOs) foresee Harris winning the election, though they believe Trump would be more effective on economic issues like inflation and tax policy.
Harris’s economic platform, which she unveiled through an extensive 82-page document, emphasizes support for the middle class, particularly focusing on housing affordability, tax breaks for small businesses, and domestic manufacturing. Her stated goal is to create what she terms as "an opportunity economy," which she describes as ensuring all Americans have not just enough to survive, but the ability to thrive, build wealth, and secure their family's future.
During her recent speech at The Economic Club of Pittsburgh, Harris stated, "The cost of living in America is still just too high. You know it, and I know it," shining light on the struggles everyday families face. She highlighted her experience growing up as motivation to address these economic pressures, reminding the audience of her mother’s financial struggles.
Harris proposes to continue or expand on the Biden administration's policies, such as restoring tax cuts for low-income individuals through credits like the earned income tax credit. She also aims to spur domestic industries by introducing tax incentives for sectors poised to define the future economy, such as bio-manufacturing, artificial intelligence, and blockchain technology.
Despite her ambitious proposals, the survey from CNBC indicates substantial skepticism about her economic prowess among business elites. While 55% believe Harris is likely to win, just 17% think her economic plan is strong enough compared to Trump’s approach. Many CFOs have expressed preferences for Trump's policies on inflation and economic growth, indicating Harris has some work to do to convince key players of her expertise.
Obama-era economist Jason Furman, writing for the Wall Street Journal, suggested Harris’s economic proposals could be less risky than Trump’s, acknowledging both candidates' backgrounds in economics. Amid the intense competition, Harris's strategy focuses on distancing herself from any image of being overly progressive by labeling her approach as "pragmatic capitalism" wherein she'll borrow effective ideas regardless of their origin.
The stark differences between the two candidates' economic narratives are becoming increasingly apparent. Trump, who frequently attacks the current administration for rising inflation rates—peaking at 9.1% last summer—frames Harris as unable to provide effective solutions for American families. He recently stated, “Kamala goes to work every day in the White House. Families are suffering now. So if she has a plan, she should stop grandstanding and do it.”
Harris’s plan outlines key pillars aimed at middle-class families, including the introduction of new tax breaks to address financial burdens related to healthcare and housing. Her speech emphasized reforms needed to bring down costs of living, expand Medicaid, and address prescription drug pricing—issues directly affecting families across the nation.
Another important part of her economic strategy involves continuing the Biden administration’s stringent approach to monopolies and encouraging fair practices among major corporations. She previously highlighted her intent to carefully review significant mergers, like the Kroger-Albertsons deal, to prevent corporate monopolies from infringing on consumers’ rights.
There’s optimism within certain business sectors about her vision; notable figures, such as entrepreneur Mark Cuban, have praised her strategies, commending her clarity. Cuban noted the importance of time and communication, stating, "It just takes time to communicate what it's about." Harris is hoping her proactive messaging will resonate more with voters as election day approaches.
With the economy being the central issue for many voters, both candidates are gearing up their outreach efforts. Harris's appearance at local events and interviews with media outlets like MSNBC showcase her commitment to sharing her economic vision and connecting with the electorate.
Her campaign is particularly focused on highlighting the need for government investment to stimulate middle-class growth, indicating her belief this could lead to broader economic stability. Harris aims to achieve balance through shared contributions from both businesses and individuals, indicating she would implement tax increases only for those earning over $400,000 annually.
Polling data indicates signs of transition, with Harris cutting through Trump’s previous leads among voters who prioritize economic issues. A recent Reuters/Ipsos poll from late September showed her support among registered voters at 46.6%, up from earlier figures. Harris is focusing on improving how voters perceive her responses to the pressing economic challenges Americans face today.
Despite hurdles, the campaign for both candidates is gaining momentum. Polls suggest unwavering confidence among voters and corporate finance executives about the culmination of these 2024 presidential elections, often seen as foundational for future economic policies and national discourse. Harris intends to consolidate her messaging around being pro-business, practical, and effective as she pushes forward her vision for the economy.
Harris’s determination to highlight her distinctions from Trump is buoyed by the backing from multiple influential and corporate voices—encouraging her focus on collaborative efforts to improve the economy, which she views as interlinked with middle-class empowerment. Her appeal might just resonate more widely as they navigate the campaign trail through November.
While multiple strategic elements await development, the upcoming election between Kamala Harris and Donald Trump is set to revolve around defining economic health and stability for everyday Americans.
