With the 2024 presidential election just 80 days away, financial security and inflation have become prominent concerns among voters. Vice President Kamala Harris and former President Donald Trump have presented contrasting visions for bolstering the U.S. economy.
Vice President Harris is set to reveal a comprehensive economic plan on August 16th, addressing the issue of affordable prices for consumers and aiming to curb price gouging. Her campaign states that if elected, Harris plans to propose the first-ever federal ban on “corporate price-gouging in the food and grocery industries.” This proposal follows the Biden administration’s announcement on August 15th that it had successfully negotiated with pharmaceutical companies to lower prices for ten of the most expensive prescription drugs covered by Medicare.
Harris’s proposed ban on corporate price-gouging in the food and grocery industries aims to alleviate the burden on consumers who are facing rising prices. By implementing this ban, she seeks to protect ordinary Americans from being taken advantage of by corporations seeking excessive profits.
On the other hand, former President Trump has advocated for a different approach to addressing economic challenges. He has emphasized his belief in free markets and deregulation as key drivers of economic growth. Trump argues that reducing government intervention and removing barriers to market forces will promote competition, leading to lower prices for consumers.
In a recent interview, Trump stated, “I believe in the power of the free market to provide solutions. By reducing regulations and allowing businesses minimal interference, we can create an environment that fosters economic growth and ultimately benefits consumers.”
Trump’s viewpoint reflects his administration’s policies centered around deregulation and tax cuts. He championed a pro-business agenda, asserting that such measures would stimulate investment and job creation while improving average Americans’ financial well-being.
As economists analyze these proposed policies from both candidates during this heated presidential race, opinions vary. Janet Yellen, former Chair of Federal Reserve commented,”The issue of price gouging requires careful consideration. While it is important to protect consumers we must also be mindful of unintended consequences excessive regulation can have on businesses.”
Conversely Robert Reich former Secretary Of Labor opined,”The proposed ban on price-gouging represents a step towards ensuring fairness for consumers showcasing commitment towards reining corporate power protecting ordinary Americans from exploitation.”