Harris outlines vision for the ‘opportunity economy’ in Pittsburgh

Democratic presidential nominee and Vice President Kamala Harris outlined her vision for the economy during a speech at the Economic Club of Pittsburgh on Wednesday, where she laid out a slate of policy proposals that she said will create a burgeoning “opportunity economy” in the United States. 

Much of her speech focused on strengthening the middle class, which she said could be done through a mix of expanded tax credits and deductions, investments in energy, technology and science, as well as reducing red tape and eliminating regulations that stifle business growth. 

She also looked to draw a contrast between herself and the Republican presidential nominee, former President Donald Trump. 

“I believe we have an extraordinary opportunity to make our middle class the engine of America's prosperity, to build a stronger economy where everyone everywhere has a chance to pursue their dreams and aspirations, and to ensure that the United States of America continues to out-innovate and out-compete the world,” Harris said. 

“Our economy has grown better and better for those at the very top, and increasingly difficult for those trying to attain, build and hold on to a middle-class life. In many ways, this is what this election is all about,” she added. “The American people face a choice between two fundamentally very different paths for our economy. I intend to chart a new way forward and grow America's middle class. Donald Trump intends to take America backward to the failed policies of the past.”

Some of the economic policies highlighted by Harris are ideas she has already backed on the campaign trail. She said she supports expanding the federal Child Tax Credit and providing $25,000 in down payment assistance to first-time homebuyers. She also wants to expand the cap on startup expense tax deductions for new businesses from $5,000 to $50,000.

To combat rising costs, Harris said Wednesday that she would implement a federal ban on price gouging, and cap the cost of prescription drugs for all Americans, not just seniors. Harris said her administration would push back against rent increases made by corporate landlords and work with developers to create 3 million new homes and rentals, something she suggested would lower housing costs. 

Harris said her opportunity economy agenda comprises three main pillars: lowering costs, investing in innovation and entrepreneurship, and leading the globe in “industries of the future” like biomanufacturing, aerospace, artificial intelligence and quantum computing.

She also pledged to eliminate degree requirements for 500,000 federal jobs and said her administration would encourage the private sector to take a similar approach to hiring by prioritizing skills over educational degrees. Harris also said she supports offering low- and no-interest loans to businesses that want to expand, and added that she hopes to see 25 million new small business applications by the end of her first term in office.

On the campaign trail, Trump has offered economic proposals of his own. The former president wants to eliminate taxes on tips, expand the Child Tax Credit, extend changes made under the 2017 Tax Cuts and Jobs Act and impose at least a 10% universal baseline tariff on all imports, according to the Tax Foundation.  

Karoline Leavitt, national press secretary for the Trump campaign, ripped Harris’ speech in a statement released afterward. 

“Kamala Harris is right about one thing – it’s time to turn the page. She’s had three and a half years to prove herself, and she has failed. Personal savings are down, credit card debt is up, small business optimism is at a record low, and people are struggling to afford homes, groceries, and gas,” Leavitt said. “Every time Kamala speaks, it becomes increasingly clear that ONLY President Trump will Make America WEALTHY Again.” 

Harris, meanwhile, said November offers a chance for the country in a new direction. “At this pivotal moment, we have an extraordinary opportunity to chart a new way forward, one that positions the United States of America and all of us who are blessed to call this home for success and prosperity in the 21st century,” she said. 

New polling on the presidential race released Wednesday shows Harris and Trump neck-and-neck in Pennsylvania. 

A Muhlenberg College survey of 450 likely Pennsylvania voters found the two deadlocked at 48%, with Trump holding a lead among male voters, and Harris leading with female voters. Separately, a poll from Susquehanna Polling & Research that surveyed 700 likely voters found Trump and Harris tied at 46% in Pennsylvania.