Vice President Kamala Harris struggled to answer questions about how her economic plan would lower consumer prices and increase spending without causing deficits to rise in an interview that aired on Monday.
CBS’ Bill Whitaker interviewed Harris on “60 Minutes” and noted that the economy tops American voters’ concerns and that despite some metrics showing the U.S. doing well economically, the “American people don’t seem to be feeling it.” He asked Harris “groceries are 25% higher and people are blaming you and Joe Biden for that. Are they wrong?”
“We now have historic low unemployment in America among all groups of people. We now have an economy that is thriving by all macroeconomic measures,” Harris said. “And, to your point, prices are still too high. And I know that. And we need to deal with it, which is why part of my plan, you mentioned groceries, part of my plan is what we must do to bring down the price of groceries.”
Harris has said she will call for Congress to enact a ban on what she alleges is “price gouging” in the food and grocery industry that has let companies “run up excessive corporate profits.” Her campaign has not specified how her administration would define price gouging or excessive profits and suggested the federal law would be based on state laws that primarily ban price gouging during declared disasters and emergencies, rather than as a means of reducing inflation in non-emergency situations.
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Whitaker noted that Harris’ economic platform includes an expansion of the child tax credit, tax breaks for first-time homebuyers and people starting small businesses, but that the nonpartisan Committee for a Responsible Federal Budget would add $3 trillion to the budget deficit over a decade and asked her how she would pay for it.
“OK, so the other economists that have reviewed my plan versus my opponent and determined that my economic plan would strengthen America’s economy. His would weaken it,” Harris said.
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“But my plan, Bill, if you don’t mind, my plan is about saying that when you invest in small businesses, you invest in the middle class, and you strengthen America’s economy. Small businesses are part of the backbone of America’s economy.”
Whitaker reiterated his question to Harris and asked how she intends to pay for her economic plan.
“Well, one of the things is I’m going to make sure that the richest among us, who can afford it, pay their fair share in taxes. It is not right that teachers and nurses and firefighters are paying a higher tax rate than billionaires and the biggest corporations,” Harris said. “And I plan on making that fair.”
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Harris was then asked how she would get that plan approved by Congress, and she replied, “You know, when you talk quietly with a lot of folks in Congress, they know exactly what I’m talking about, because their constituents know exactly what I’m talking about. Their constituents are those firefighters and teachers and nurses, their constituents are middle-class, hard-working folk.”
Whitaker noted that “Congress has shown no inclination to move in your direction” regarding Harris’ plan to raise taxes.
“I disagree with you. There are plenty of leaders in Congress who understand and know that the Trump tax cuts blew up our federal deficit. None of us, and certainly, I cannot afford to be myopic in terms of how I think about strengthening America’s economy. Let me tell you something. I am a devout public servant. You know that. I am also a capitalist. And I know the limitations of government,” Harris said.
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