By CHRISTOPHER RUGABER and MELISSA GOLDIN
Vice President Kamala Harris unveiled her economic agenda in a speech Friday in Raleigh, North Carolina.
The Democratic presidential nominee laid out plans including a proposal for a federal ban on what she called price gouging on groceries, as well as $25,000 in down payment help for certain first-time homebuyers and tax incentives for builders of starter homes. She also spoke at length about lowering drug costs and criticized the platform of her Republican opponent, former President Donald Trump.
Here’s a closer look at some of her promises and claims.
The impact of Trump’s proposed tariffs
HARRIS: Trump “wants to impose what is in effect, a national sales tax on everyday products and basic necessities that we import from other countries. … And you know, economists have done the math. Donald Trump’s plan would cost a typical family $3,900 a year.”
THE FACTS: Harris was referring to Trump’s proposal to impose a tariff of 10% to 20% on all imports — he has mentioned both figures — and up to 60% on imports from China.
Most economists do expect it would raise prices on many goods. The Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution, estimates it would reduce average incomes in the top 60% of earners by 1.8%. And the Center for American Progress Action Fund, a progressive advocacy group, has calculated that the higher tariffs would cost households an extra $3,900 a year. However, Trump has said the tariff revenue could be used to cut other taxes, which would reduce the overall cost of the policy.
Lowering the cost of insulin and prescription drugs
HARRIS: “I’ll lower the cost of insulin and prescription drugs for everyone.”
THE FACTS: Harris made this promise while referencing the Inflation Reduction Act of 2022, which allows Medicare to negotiate medication costs directly with drug companies. While it is difficult to predict whether she will be able to keep it,…
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