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Kamala Harris has served as the Vice President of the United States of America in the Biden Administration. With Biden having recently withdrawn from the race to be president, Harris is now the presumptive Democratic nominee in the 2024 US presidential election, and thus is likely compete with Trump for the US presidency. Kamalanomics is the informal name given to Kamala Harris' economic vision.
Harris’ platform for the 2020 Democratic primaries suggested she may stand to Biden’s left on economic policies. “She campaigned for a single health-insurance plan for all Americans that would involve much more government centralisation than the current private and public options.” “She proposed a full repeal of Trump’s 2017 tax cuts whereas Biden called for maintaining lower tax rates for people earning less than $400,000 per year.” However, over the past few years she seems to have drifted to Biden’s more moderate positions on health care and taxes [The Economist, 2024].
The Biden administration officials say she has mainstream centre-left economic views which are likely to show continuity with Biden’s approach. Harris is expected to continue investing in the country’s manufacturing sector and infrastructure, and incentivising green energy. Harris supports green technologies (believing these can create jobs and drive economic growth) and sustainable business practices. Harris will also prioritise the care economy, by “increasing access to childcare, paid family leave and funding for education”, plans that Biden was unable to pass through Congress.
For more on the key issues that Harris and the Democrats have to respond to in regards to the economy check out the video below
It is believed that Biden implemented half his program (large investments in American infrastructure, manufacturing and green energy) and Harris would continue its implementation. However, she would focus on the other half of his programme, a largely unfinished social agenda, which includes more kindergarten funding, higher homecare workers’ wages and paid family leave for all. Additionally, the policies that Harris is supporting to improve the US social safety net policies were initially part of Biden’s Build Back Better plan. Kamala previously advocated for reduced rental costs whilst serving as the senator for California and thus may implement more progressive housing policies, this would extend work housing-related issues that the Biden administration has recently introduced policies on through a nationwide plan to limit rental increases and expanding the supply of affordable housing by allocating more funds.
Harris is expected to not raise taxes for anyone making less than $400,000 a year, continuing in Biden’s steps. Biden’s policies would be expected to continue, an example being the Inflation Reduction Act, which has funds for anti-fossil fuel projects, higher IRS funding and a 15% corporate minimum tax for large corporations.
Policies Harris has supported in previously are likely to give an indication of what policies she would pursue as President. Harris has had a crucial role in reducing the medical debt burden for Americans (through removing medical debt from personal credit scores). She also has supported small businesses, shown in her launching initiatives to support minority-owned businesses when she was California’s Attorney General, believing and advocating for the importance of providing resources and capital for small businesses. After the devastating impact of the pandemic on small businesses, Harris believes that access to capital must be broadened and other barriers to success for entrepreneurs across the country to be removed. Community lenders were founded to see the vision of female entrepreneurs and those of colour, which traditional banks have not always seen , broadening access to capital. A barrier to success is lack of availability of affordable childcare. Thus, alongside improving roads to transport goods and transit for consumers, and ensuring affordable and accessible high-speed Internet she will also ensure affordable and accessible child and family care.
Other priorities of Harris are supporting the middle class. US Treasury secretary Yellen stated “She’s been focused on creating good jobs, lowering costs for Americans in crucial areas like child care and healthcare, training workers in industries of the future”. Harris also supports the unions, shown in Harris having stated “One of the best ways to keep our nation moving forward is to give workers a voice: to protect the freedom to organise, to defend the freedom to collectively bargain, to end union busting”. She also champions workforce development, supporting policies which provide job training and education programs. Harris also believes in corporate responsibility and has pushed for stronger regulations to ensure ethical actions by corporations. Harris supports innovation, this is shown in her supporting the developing of the technology sector and has championed policies which allow for technological advancements. But she understands the need for regulation for consumer protection. However, her work in this field has not been impressive.
Overall, Harris’ approach appears to be finding a balance between growth and ethical practices. Harris’ actions and supported causes during her tenure as Vice President suggest her economic priorities. However, a significant part of Harris’ policies is overlap with that of President Biden’s, and thus Kamalanomics is likely to be a continuation of Bidenomics.
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