Vice President Kamala Harris’s latest economic agenda, part of her 2024 presidential campaign, is nothing short of a disaster in the making. Dubbed an “Agenda to Lower Costs for American Families,” this plan is a collection of misguided policies that threaten to stifle investment, cripple our economy, and ultimately weaken America’s standing on the global stage.
A National Debt Nightmare
Harris’s plan would add a staggering $1.7 trillion to the national debt over the next decade, according to the Committee for a Responsible Federal Budget (CRFB). This isn’t just an abstract figure—it represents a massive burden on future generations and a direct threat to the economic stability of the United States. If certain temporary policies, like housing initiatives, become permanent, that figure could skyrocket to $2.25 trillion. This kind of unchecked spending is not just reckless; it’s dangerous.
Stifling Investment and Economic Growth
One of the most troubling aspects of Harris’s plan is its potential to stifle investment. By expanding the Child Tax Credit (CTC) and the Earned Income Tax Credit (EITC), and extending subsidies for health insurance premiums, the plan may sound generous, but the economic impact is disastrous. These policies will remove incentives for workers and investors alike, dragging down long-term economic output. In particular, Harris’s housing proposals will increase demand without addressing supply issues, leading to higher housing prices and further economic imbalance.
The $25K First-Time Homebuyer Incentive: A Vote-Buying Scheme
Harris’s proposal to offer a $25,000 tax credit to first-time homebuyers is another clear example of vote-buying. While it might appeal to those looking to enter the housing market, this policy does little to address the real issues driving housing affordability. Instead of tackling the supply constraints that are pushing prices up, Harris’s plan throws more money at the problem, further inflating the housing bubble. This is not a sustainable solution—it’s a short-term gimmick designed to win votes, not fix the housing crisis.
The Absurdity of Taxing Unrealized Gains
Perhaps the most ludicrous proposal in Harris’s economic plan is her idea to tax unrealized gains. Yes, you read that correctly—Harris wants to tax income that hasn’t even been realized yet. This is so outrageous that it’s hard to believe anyone could take her seriously. Taxing unrealized gains would mean that Americans could be forced to pay taxes on the mere increase in the value of their assets, even if they haven’t sold them and thus haven’t actually profited. This proposal would crush investment incentives and create an administrative nightmare, all while being fundamentally unfair. How can anyone in their right mind think this is a viable policy? It’s so detached from economic reality that it’s impossible to take Harris’s economic agenda seriously.
Raising the Corporate Tax Rate: A Self-Inflicted Wound
As if the tax on unrealized gains wasn’t bad enough, Harris also proposes raising the corporate tax rate from 21% to 28%. This move would partially reverse the tax cuts implemented under the Tax Cuts and Jobs Act (TCJA) of 2017, which helped spur economic growth and job creation. Raising the corporate tax rate would discourage business investment and expansion, particularly at a time when global competition for corporate headquarters and investments is fierce. Companies could respond by cutting back on capital expenditures, reducing hiring, or even relocating operations to countries with more favorable tax regimes.
This increase in corporate taxes would not only hurt businesses but would also make the U.S. less competitive on the global stage. With other nations offering lower tax rates to attract businesses, Harris’s plan could drive corporations away from the U.S., reducing the tax base and hurting the overall economy.
Stealing Trump’s Proposal: Eliminating Taxes on Tips
One of the few great ideas in recent years to truly benefit hardworking Americans came from former President Donald Trump: eliminating taxes on tips. This proposal was a game-changer for service industry workers, allowing them to keep more of their hard-earned money without the heavy hand of the IRS reaching into their pockets. It was a smart, targeted move that resonated with everyday Americans who rely on tips to make a living.
But now, Kamala Harris is trying to steal Trump’s idea, pretending it’s her own. This is yet another example of her lack of originality—she has no new ideas and is simply recycling the successful policies of others in a desperate attempt to win votes. While the concept of eliminating taxes on tips is a solid one, it’s clear that Harris is merely co-opting it for political gain, without any genuine understanding or commitment to the service industry workers it’s meant to help.
Harris’s version of this proposal lacks the nuance and careful consideration that Trump brought to the table. She’s not offering anything new—just a repackaged version of a Trump policy that she hopes will win her favor with voters. It’s more evidence that Harris’s economic agenda is built on borrowed ideas and empty promises, rather than any original, innovative thinking.
Price Controls on Food: A Communistic Approach
One of the most ridiculous and dangerous aspects of Harris’s economic plan is her proposal to impose price controls on food, which she claims will combat “price gouging”—or as she ignorantly mispronounced it, “price gaging.” This embarrassing slip only highlights her lack of understanding the basics of her proposals. Her communistic approach is not only idiotic, but it’s also a surefire way to destroy the market mechanisms that keep our economy functioning. Price controls reduce the incentives for producers to supply goods, leading to shortages and even higher prices in the long run. This is basic economics, yet Harris seems completely oblivious to the consequences of such a policy. Every aspect of this plan is stupid, but price controls on food are perhaps the most blatant example of the sheer incompetence at play.
A Global Security Threat
The implications of this economic sabotage aren’t confined to our borders. A weakened American economy translates to a weakened America on the global stage. As the national debt balloons, and our economy falters under the weight of these irresponsible policies, our ability to maintain global security diminishes. Harris’s plan isn’t just bad for America—it’s bad for the world. It threatens to destabilize the international order by undermining the economic foundation that supports our military and diplomatic efforts.
Final Thoughts
Kamala Harris’s economic plan is not just ludicrous; it’s dangerous. It threatens to destroy the very foundation of our economy, stifling investment, and putting America—and by extension, the world—at risk. The proposals to tax unrealized gains, raise corporate taxes, impose price controls on food, and offer a $25,000 first-time homebuyer credit are particularly alarming, as they could have devastating effects on investment, economic growth, and market stability. How can anyone take Harris seriously when she is pushing policies that could cripple our economy and undermine our global standing?
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