Economic Growth and Job Creation - The administration plans to create an Opportunity Economy that enables Americans to compete and succeed, focusing on homeownership, small business support, and workforce programs that do not require a college degree[15][16][17] - Economic analyses suggest that a Harris presidency would lead to higher job growth and lower inflation compared to a Trump presidency, with estimates of 10,000 to 30,000 more new jobs per month under Harris[18] - Moody's Analytics predicts that a Harris presidency would add over a million new jobs and increase household disposable income, while Trump's policies could lead to a recession and job losses[18] - New business applications surged to a record 19 million under the Biden-Harris administration, with an average of 430,000 applications per month in 2024, reflecting a 50% increase compared to 2019[112] - The Harris-Walz plan aims to encourage 25 million new business applications over the next four years, significantly exceeding previous records and reversing pre-pandemic trends of declining business dynamism[119] Housing and Affordability - The proposed housing plan includes building 3 million additional homes and providing $25,000 in down-payment assistance to help Americans buy their first home[16] - The affordable housing crisis in the U.S. has worsened, with a shortfall of nearly 3 million affordable homes, particularly affecting first-time homebuyers[84] - The plan includes unlocking 1.2 million new affordable rental homes through historic incentives for the private sector and creating a new tax credit for rehabilitating affordable housing[87] - A $40 billion Local Innovation Fund for Housing Expansion will be established to help state and local governments and private developers invest in innovative housing strategies[93] - The plan aims to combat abusive practices by corporate landlords, including algorithmic price fixing and bulk buying of homes by Wall Street investors[96] Tax Policy and Economic Equity - Harris's tax plan includes cutting taxes for 100 million Americans, restoring the Expanded Child Tax Credit, and expanding the Earned Income Tax Credit to benefit low-to-moderate income workers[29][33] - The proposed tax reforms include raising the corporate tax rate to 28% and quadrupling the tax rate on corporate stock buybacks to encourage investment in growth[177] - The Harris-Walz administration plans to create a fair tax system that lowers taxes for the middle class while ensuring the wealthy and corporations pay their fair share, including a minimum income tax on billionaires[175] - Trump's tax policies have led to significant tax breaks for the wealthy and large corporations, contributing to increased national debt and potential cuts to Social Security and Medicare[180] - A significant number of corporations reportedly paid no federal taxes on their 2020 profits, raising questions about tax equity and corporate responsibility[172] Healthcare and Cost Reduction - The Biden-Harris Administration has made significant strides in expanding health care coverage, with 90% of Americans insured, but affordability remains a challenge for many[46][47] - The Inflation Reduction Act, supported by Harris, has allowed Medicare to negotiate drug prices for the first time, capping out-of-pocket costs for seniors and significantly reducing prescription drug expenses[56] - The administration's efforts have resulted in substantial savings for American taxpayers and Medicare beneficiaries, with predictions of $6 billion in savings on prescription drug costs in 2026 alone[56] - Harris aims to lower health care costs and improve access to care for veterans, while contrasting her approach with Trump's plan to repeal the Affordable Care Act, which would strip millions of Americans of their health care coverage[54] - The administration is focused on reducing medical debt and improving health insurance coverage for Americans, with recent proposals to prohibit medical bills from affecting credit reports[47] Small Business Support - Small businesses employ half of all private-sector workers in the U.S., creating 70% of net new jobs since 2019 and contributing trillions to the economy[110] - The administration aims to allocate one-third of federal contract dollars to small businesses, expanding opportunities for rural and underserved businesses[125] - Efforts will be made to cut red tape, including simplifying tax filing for small businesses and reducing excessive occupational licensing requirements[126] - A proposed Small Business Expansion Fund would provide low- or zero-interest loans to help small businesses grow and create jobs, addressing concerns about initial revenue generation[124] - The initiative will also focus on modernizing regulations to facilitate access to federal funding and support for small businesses across the country[128] Energy and Environmental Investments - The Biden-Harris Administration has made historic investments in energy production, making the U.S. more energy secure and independent, while also driving down emissions[63] - The administration has facilitated over $265 billion in clean energy investments, creating more than 330,000 new jobs and significantly increasing renewable energy production[65] - The administration aims to lower household energy costs and expand tax credits for clean energy technologies to help families save on energy bills[64] - The Biden-Harris Administration has allocated nearly $3.7 billion to help lower home energy costs, demonstrating a commitment to energy affordability[66] - U.S. energy production has exceeded consumption by a record margin, indicating a shift in energy dynamics[58] Consumer Protection and Market Competition - The administration aims to address the housing supply crisis and increase access to homeownership as a means to promote economic mobility and wealth creation[83] - The proposal includes a call for Congress to pass a federal ban on price gouging, aiming to prevent corporations from exploiting crises to raise prices excessively[38][39] - The administration is actively combating junk fees and fraud, which cost American households an average of $650 annually, by implementing rules to ban such fees and improve consumer protections[77] - The bipartisan approach to tackling price gouging has been embraced by various state governors and attorneys general, with laws in place to protect consumers during emergencies[40] - The administration's efforts to tackle junk fees are aimed at improving consumer protection and competition in the market[68]
An Opportunity Economy - A New Way Forward For The Middle Class
2024-09-25 11:10