I’m an Economist: 3 Harris Economic Policies That I Believe Will Hurt the Economy
Written by
Laura Beck
Edited by
Zuri Anderson
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As voters weigh their options for the 2024 presidential election, economists are analyzing Vice President Kamala Harris’ proposed economic policies with a critical eye.
While many experts believe her overall economic approach could benefit the U.S. economy, some specific policies raise concerns.
Here’s what leading economists identify as potentially problematic aspects of Harris’ economic agenda.
Price Control Problems
Jonathan Ernest, PhD, Assistant Professor of Economics at Case Western Reserve University, sees potential issues with Harris’ approach to price controls.
“The focus on implementing policies to prevent ‘price gouging’ appear to be waged more on political grounds than economic grounds,” he said.
While acknowledging the policy’s good intentions to help Americans struggling with inflation, Ernest warned that “blanket policies to implement price controls in otherwise competitive markets are likely to cause shortages and decreased supply, hindering the economy overall.”
Trade Policy Concerns
Kislaya Prasad, research professor at the University of Maryland’s Robert H. Smith School of Business, believes Harris’ history with trade agreements is an area to watch.
“Ms. Harris is not a free trader by any means and has a history of opposing trade agreements. As senator she opposed the US-Mexico-Canada agreement,” he shared.
Prasad pointed out that Harris’ objections to that trade agreement “seems to have been that it did not sufficiently address environmental impacts.”
Targeted Tariff Strategy
While Harris opposes broad tariff increases, her targeted approach to trade barriers raises some concerns.
According to Prasad, “Some people associated with the campaign have suggested that she also supports tariffs but would use them in a more targeted way.”
This continuation of the Biden administration’s selective tariff policy, particularly regarding China, could potentially impact certain industries and supply chains.
The Economic Context
It’s worth noting that both experts emphasize these criticisms come with important context. Ernest pointed out that “on the whole, many economists have argued that Harris’ policies will be far less detrimental to the U.S. economy” compared to alternatives.
Prasad noted that Harris “frequently criticizes the tariff proposals of Mr. Trump,” and her approach would likely be more moderate, saying her proposed policies would avoid the “draconian” measures suggested by her opponent.
The China Factor
Both economists suggested Americans should think of the bigger picture when it comes to the economy.
“Both candidates see competition with China — especially as it pertains to technology — as the defining global issue of our times,” said Prasad.
However, he notes that “Harris’ tone on China has been less confrontational [than Trump’s],” suggesting a more measured approach to economic policy.
The Final Word
At the end of the day, experts expressed the importance of being of the potential downsides of Harris’ economic policies, while also acknowledging that many of her other proposals rest on “good economic footing,” as Ernest said.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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