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4 Ways a Kamala Harris Presidency Could Be Big Financial News for the Middle Class
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With the vice president Kamala Harris Apparently on track to secure the Democratic nomination for president, she has campaigned on economic issues that affect low- and middle-income Americans. These include issues such as health care, family care, education and the job market.
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While much depends on how other elections, such as the House and Senate, play out, here are some ways a Harris presidency could affect the middle class if it is able to pass policies that it has shown support for.
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More affordable family care
Harris has been an advocate for more affordable care in its many different forms. This means that in addition to supporting more affordable child care, she has also advocated for more affordable care for seniors and other aspects of family member care.
“The emphasis on the care economy has excited care advocates and parents who hoped that candidates would finally put the issue at the center of their campaigns, rather than on the sidelines,” he noted. The 19th News Network.
For example, as VP, Harris supported expanding the Child Tax Credit. She also supported child care subsidies, along with expanding paid family leave. As a candidate in the 2019–20 Democratic primaries, she proposed a six-month paid family leave plan, as Reuters reported.
While this may be more ambitious than what would actually happen in a potentially divided Congress, a Harris presidency could still involve directing more funding toward affordable health care, much like how the Biden-Harris administration recently supported a Department of Health and Human Services Rule which expanded subsidies for child care.
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Increased support for education and workforce development
Harris also supported education and job training programs that could help more middle-class workers advance in their careers, earn more and adapt to a changing economy.
“Kamala Harris has consistently supported education and workforce development programs. She proposed free community college during her 2020 presidential campaign and advocated for increased funding for public schools,” said Ayeh Bandeh-Ahmadi, an economist who worked for the U.S. Treasury Department and is now the founder and CEO of Volascope Laboratories.
When it comes to workforce development, the Biden-Harris administration has supported initiatives such as earmarking $40 billion from the American Rescue Plan, a pandemic recovery bill, for things like learning programs in areas such as infrastructure, technology and clean energy.
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“We may also see Harris propose increased funding for health workforce development, addressing both rising health care costs and the need to develop in-demand skills to respond to technological advances,” Bandeh-Ahmadi said.
Expanded health coverage
Harris has advocated for protecting the Affordable Care Act, in contrast to former President Trump, who tried to dismantle it during his presidency. And Harris could arguably go further to expand health coverage and try to lower health care costs for low- and middle-income Americans.
“Affordable health care has long been central to Harris’ platform. She co-sponsored the Medicare for All Act with Senator Bernie Sanders,” Bandeh-Ahmadi noted.
As a candidate in 2019, she also presented her own Medicare for All Planwhich still called for private insurers to be allowed to do so, but required them to meet Medicare cost-benefit requirements, which it said would lower costs and expand coverage.
This may also be overly ambitious in a divided Congress, but the Biden-Harris Administration She has managed to enact changes such as capping the cost of insulin for Medicare beneficiaries and allowing Medicare to negotiate drug prices. Similarly, as president, Harris could potentially help middle-class families in areas such as lowering prescription drug prices for those not on Medicare as well.
“Harris has demonstrated support for drug pricing reform and has taken a hard line in several lawsuits against pharmaceutical companies during her tenure as California attorney general,” reported BioPharma Dive.
Support for unions
Finally, a Harris presidency could help support unions, which correlates with many middle-class workers increasing their incomes and benefits. For example, in 2023, full-time union workers had median weekly earnings of $1,263 vs. $1,090 for non-union workers, according to the US Bureau of Labor Statistics.
“One of the best ways to keep our nation moving forward is to give workers a voice: to protect the freedom to organize; to defend the freedom to collectively bargain; to end union busting,” Harris said on July 25, 2024. speech at the 88th National Convention of the American Federation of Teachers.
As Vice President, Harris presided the Task Force on Worker Organizing and Empowerment, which included recommendations that management could adopt, such as raising awareness about workers’ rights to organize.
Overall, Harris has a track record of supporting a wide range of policies that can help the middle class financially. While some measures are more direct, like child tax credits, others can more indirectly support the long-term financial future of the middle class.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reporting on politically focused financial stories. For more coverage on this topic, check out: What a Trump presidency could mean for the middle class.
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This article was originally published in GOBankingRates.com: 4 Ways a Kamala Harris Presidency Could Be Big Financial News for the Middle Class