As the 2024 presidential race ramps up, Vice President Kamala Harris has unveiled an economic agenda that she claims will lower costs for American families and boost economic growth. However, her proposals reveal a reliance on heavy-handed government intervention that will harm the very people she aims to help. At the core of Harris’ approach is a fundamental distrust of free markets and a belief that the government can effectively micromanage the country’s economic systems.
One of Harris’ most concerning proposals is her plan to impose federal limits on price increases for food producers and grocers. While rising food prices are undoubtedly a burden for many families, attempting to control prices through government intervention is a recipe for disaster. Price controls invariably lead to shortages and black markets. Looking at the failures of price controls in countries like Venezuela is enough to see the devastating consequences of such policies. Instead of allowing market forces to efficiently allocate resources and incentivize increased production, Harris’ approach will result in reduced investment in the food industry and potential shortages of staple goods.
Harris’ housing proposals similarly rely on heavy-handed government intervention. Her plan calls for the construction of 3 million new housing units to ease supply shortages, along with providing $25,000 in down payment support for first-time homebuyers. Having the federal government directly subsidize construction on this scale risks crowding out private investment, leading to crippling public sector inefficiencies.
Instead, housing reform should focus on removing regulatory barriers to new construction at the local level. Restrictive zoning laws and mandates are the primary culprits behind America’s housing shortage. By incentivizing states to improve these processes, we would promote private sector housing development without incurring massive federal spending. The solution is less government intervention, not more.
Harris’ tax proposals also reflect a misguided...(READ THIS FULL ARTICLE, FREE, HERE).
