Democratic National Convention begins Monday in Chicago. The cost of Vice President Harris’ new proposals is uncertain, but the Committee for a Responsible Federal Budget (CRFB) estimates the plan would increase deficits by $1.7 trillion over the next decade.
The 2024 Democratic National Convention (DNC) in Chicago begins Monday and will be a significant event, with key activities and speakers planned.
An estimated 50,000 people are expected to visit the convention, according to the DNC, and the theme that will guide programming through the four nights of the convention is “For the People, For Our Future.”
Nomination and key speeches:
Vice President Kamala Harris, who has been nominated as the Democratic presidential candidate, will deliver the final speech on Thursday. Her running mate, Minnesota Governor Tim Walz, will speak on Wednesday. The convention will feature a ceremonial roll call since Harris and Walz have already been confirmed as nominees through a virtual vote.
Harris Unveiled Economic Agenda Ahead of DNC
Friday in Raleigh, North Carolina, Vice President Kamala Harris announced a comprehensive economic agenda she said is aimed at reducing everyday costs for Americans in what she calls an “opportunity economy.” She also hit back at Donald Trump’s plans to impose large tariffs on all imported goods, dubbing it a “Trump tax.”
Trump responded to Harris’ tax attack: “A tariff is a tax on a foreign country, that’s the way it is, whether you like it or not. … It’s a tax on a country that’s ripping us off and stealing our jobs. And it’s a tax that doesn’t affect our country.”
Harris’ controversial and populist proposals include a federal ban on price gouging for groceries, $25,000 in down payment assistance for first-time homebuyers, and tax incentives for builders of starter homes.
Harris also plans to expand the child tax credit to up to $6,000 for children in their first year and broaden the earned income tax credit for lower-income workers without children. (This followed a suggestion earlier this month from Sen. JD Vance (Ohio), the GOP vice-presidential nominee, that the credit be raised from $2,000 per child to $5,000.)
Additionally, she aims to lower health insurance premiums through the Affordable Care Act and build 3 million new housing units.
Harris emphasized her commitment to fighting high costs in food, housing, and healthcare, and outlined her plans for the first 100 days in office if elected president.
She also addressed the need for a stable business environment with clear regulations and criticized former President Donald Trump’s economic policies.
The cost of Vice President Harris’ new proposals is uncertain, but the Committee for a Responsible Federal Budget (CRFB) estimates (link) that the plan would increase deficits by $1.7 trillion over the next decade. This figure could rise to $2 trillion if Harris’s housing policies, initially intended to last four years, were made permanent.
Harris’ price-gouging plan would include authorizing the Federal Trade Commission (FTC) to impose large fines on grocery stores that impose “excessive” price hikes on customers, her campaign said. This approach is intended to deter companies from engaging in excessive price hikes that are not justified by increases in production costs. The FTC’s role will include investigating corporate practices and imposing financial penalties on violators, similar to how state attorneys general enforce state-level bans.
Details to come, but… While the specifics of how price gouging is defined and regulated are not fully detailed, the proposal draws inspiration from existing state-level bans, which typically involve prohibiting significant price increases during emergencies or sudden supply-demand imbalances. However, Harris’ proposal may not require an emergency condition to trigger enforcement, reflecting a broader application to address ongoing price increases in the grocery sector.
Determining whether a price increase is excessive, particularly in the context of grocery price gouging, is a complex task for the Federal Trade Commission (FTC). The process involves several steps and considerations:
• Data collection and monitoring: The FTC collects and reviews data on prices to identify unusual changes. This involves comparing current prices to historical data to spot anomalies that might indicate excessive increases not justified by market conditions.
• Econometric models: The FTC uses econometric models to analyze pricing data. These models help determine whether price changes are anomalous compared to historical trends and whether they result from market-driven causes or other factors.
• Market analysis and investigations: When price increases do not appear to be market-driven, the FTC may consult with other agencies, such as the Energy Information Administration, and state Attorneys General to discuss potential actions. This could include opening investigations to determine if anticompetitive practices are involved.
• Defining excessive pricing: Defining what constitutes an “excessive” price increase is challenging. The FTC must balance consumer protection with the need to allow firms to cover costs and invest in the market. The agency may look for evidence of manipulation or practices that lessen competition to justify enforcement actions.
• Economic and social policies: Harris is expected to provide more details of her economic policy plan which she unveiled Friday in North Carolina. It includes expanding child tax credits, banning price gouging, and lowering prescription drug costs. These themes will be central to her campaign message and the party’s platform. Harris is expected to offer more policy details than her Republican counterparts, who largely avoided specifics in their platform. By doing so, she aims to showcase the Democrats’ commitment to substantive governance and provide voters with a clearer sense of their plans. However, Harris is likely to carefully navigate the level of detail she provides, ensuring she avoids being locked into positions that could become controversial or politically damaging later. This approach allows her to address key issues and differentiate the Democratic platform from the Republicans’ while maintaining the flexibility to adjust or refine policies as needed. Harris wants to strike a balance between offering enough detail to appear substantive and informed, while remaining vague enough to avoid potential pitfalls that could arise from more rigid commitments.
On other issues:
• Inflation: Kamala Harris is taking steps to distance herself from the economic challenges faced under President Biden’s administration, starting with a frank admission that inflation has significantly impacted the cost of living for American families, particularly in areas like food, gas, and housing. Her acknowledgment resonates with concerns across the political spectrum, even drawing an approving response from the Trump campaign, which used her remarks to underscore the difficulties Americans are facing.
• Border security: Recognizing Donald Trump’s advantage in polling on immigration issues, Harris has begun to emphasize a tougher stance on border security. Her recent ad campaign focuses on plans to hire more border agents and crack down on issues like fentanyl trafficking and human trafficking. While this approach is more assertive than previous Democratic positions, it stops short of Trump’s more extreme measures, such as mass deportations. Nonetheless, this marks a significant shift in the Democratic Party’s stance on immigration over the past four years.
• No tax on tips: On the same day she secured the endorsement of Nevada’s influential Culinary Union, Harris committed to eliminating taxes on tips, a move designed to appeal to working-class voters. This promise has sparked anger from Trump, who had made a similar pledge two months earlier, highlighting the competitive nature of the race to appeal to labor groups and service industry workers.
• No fracking ban: Harris continues to maintain a position of “strategic ambiguity” on energy issues, particularly regarding fracking. While she previously supported a ban on fracking on federal lands, she has since softened her stance, likely to avoid alienating voters in key swing states like Pennsylvania. This shift reflects the importance of energy policy in the upcoming election and the need for Harris to balance environmental concerns with economic and electoral realities.
• Protests and security: Protests are expected, particularly concerning the Democratic Party’s stance on the Israel-Gaza conflict. Designated protest areas have been established near the United Center, with Union Park being a primary location for demonstrations. In response to the expected protests over U.S. policy toward the war in Gaza, Harris will likely navigate a delicate balance. While she has attempted to show greater empathy toward the suffering of Palestinian civilians compared to President Biden, this has not been sufficient to satisfy protest groups that are demanding a complete reversal of U.S. support for Israel. Harris could emphasize the importance of a diplomatic solution to the conflict and the U.S. role in facilitating peace talks, hoping to address the concerns of protesters while maintaining the administration’s broader policy objectives. However, given the intensity of the opposition from some protest groups, which seek a more drastic change in U.S. policy, her efforts may only partially quell the discontent. The protests are likely to continue, with demonstrators pushing for more substantial shifts in U.S. foreign policy.
Prominent Speakers During DNC:
Monday, Aug. 19:
• President Joe Biden will speak on the opening night. Biden is expected to make defense of democracy and his partnership with Vice President Harris the central themes of his prime-time address. (Reuters reported Saturday First Lady Jill Biden is likely to join her husband on stage.)
• Former Secretary of State Hillary Clinton will address the convention.
Tuesday, Aug. 20:
• Former First Lady Michelle Obama
• Former President Barack Obama will deliver remarks
• Illinois Governor J.B. Pritzker
Wednesday, Aug. 21:
• Former President Bill Clinton will speak before Minnesota Governor Tim Walz, who will deliver his vice-presidential acceptance speech.
Thursday, Aug. 22:
• Vice President Kamala Harris will close out the convention with her presidential acceptance speech.
