Vice President Kamala Harris has officially released her proposed economic agenda for the presidency, focusing on issues like price gouging and lowering housing costs for Americans. University of Michigan Professor of Public Policy and Economics Betsey Stevenson joins Market Domination to analyze Harris’s economic plan sketched out in a speech in Raleigh, North Carolina, earlier today.
Stevenson explains that price gouging is illegal, citing examples like stores tripling shovel prices before a snowstorm. However, she notes, "It’s not a big part of our inflation problem." She adds that price flexibility is typically based on "how flexible supply is."
"I think what Vice President Harris is trying to tap into is a frustration with an economic system in which corporate America seems to be continuing to hassle us to try to take our money," Stevenson tells Yahoo Finance. The former US Department of Labor chief economist emphasizes Harris’s aim to prevent corporations from taking "advantage" of consumers.
Stevenson highlights that Harris’s agenda will "make our economic lives work more smoothly" and will complement the Biden administration’s new legislation to protect consumers by eliminating hidden junk fees, simplifying subscription cancellations, and more.
Harris also proposed a $25,000 credit for first-time homebuyers to assist with down payments. Stevenson comments, "We can hand out $25,000 for new homebuyers as long as what we do is try to find some other way to take some money out of the [housing] market."
"What she needs to be doing in this speech, and I think she did it, was outline the ways in which she’s going to take concrete actions to make people’s lives easier and make the economy fairer," Stevenson states.
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