Yahoo Finance 4 Ways a Kamala Harris Presidency Could Be Big Financial News for the Middle Class
With Vice President Kamala Harris seemingly on track to secure the Democratic nomination for president, she has been hitting the campaign trail talking about economic issues that affect low- and middle-income Americans. These include issues like healthcare, caring for family members, education and the job market.
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While much depends on how other elections such as House and Senate races play out, here are some ways that a Harris presidency could affect the middle class if she’s able to pass policies that she’s 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. That means that in addition to supporting more affordable child care, she has also advocated for more affordable elder care and other aspects of caring for family members.
“The emphasis on the care economy has excited caregiving advocates and parents who have been hoping for candidates to finally put the issue at the center of their campaigns, not on the fringes,” noted The 19th News Network.
For example, as VP, Harris has supported expanding the Child Tax Credit. She has also supported subsidies for child care, along with expanding paid family leave. As a candidate in the 2019-2020 Democratic primary, she proposed a six-month paid family leave plan, as Reuters reported.
While that may be more ambitious than what would actually come to pass in a potentially divided Congress, a Harris presidency could still involve directing more funding to affordable care, such as how the Biden-Harris administration recently supported a Department of Health and Human Services rule that expanded subsidies for child care.
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Increased Education and Workforce Development Support
Harris has also supported education and job training programs that could help more middle-class workers advance in their careers to earn more and adapt to a changing economy.
“Kamala Harris has consistently supported education and workforce development programs. She proposed tuition-free community college during her 2020 presidential campaign and advocated for increased funding for public schools,” said Ayeh Bandeh-Ahmadi, an economist who’s worked for the U.S. Treasury Department and is now the founder and CEO at Volascope Labs.
On the workforce development side, the Biden-Harris administration has supported initiatives like directing $40 billion from the American Rescue Plan, a pandemic-recovery bill, toward things like apprenticeship programs in areas such as infrastructure, technology and clean energy.
“We might also see Harris propose increased funding for healthcare workforce development, addressing both the rising costs of healthcare and the need to build skills in demand to respond to technological advancements,” said Bandeh-Ahmadi.
Expanded Healthcare Coverage
Harris has advocated for protecting the Affordable Care Act, in contrast to former President Trump who sought to dismantle it during his presidency. And Harris arguably could go further to expand healthcare coverage and try to lower healthcare costs for lower and middle-income Americans.
“Affordable healthcare has long been central to Harris’ platform. She co-sponsored the Medicare for All Act with Senator Bernie Sanders,” noted Bandeh-Ahmadi.
As a candidate in 2019, she also put out her own Medicare for All plan, which still called for allowing private insurers but required them to stick to Medicare’s cost and benefits requirements, which she said would lower costs and expand coverage.
This too might be overly ambitious in a divided Congress, but the Biden-Harris administration has been able to enact changes like capping the cost of insulin for Medicare recipients and enabling Medicare to negotiate drug prices. Similarly, as president, Harris could potentially help middle-class families in areas like lowering prescription drug prices for those who aren’t on Medicare too.
“Harris has shown support for drug pricing reform and took a hard line in several suits against pharma companies during her tenure as attorney general in California,” reported BioPharma Dive.
Support for Unions
Lastly, 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 U.S. 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,” said Harris in a July 25th, 2024, speech at the American Federation of Teachers’ 88th National Convention.
As vice president, Harris chaired the Task Force on Worker Organizing and Empowerment, which included recommendations that the administration could take, like increasing awareness of workers’ rights to organize.
Overall, Harris has a track record of supporting a wide range of policies that could help the middle class financially. While certain measures are more direct, like child tax credits, others could 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 reports on politically focused finance stories. For more coverage on this topic, please check out: What a Trump Presidency Could Mean for the Middle Class.
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This article originally appeared on GOBankingRates.com: 4 Ways a Kamala Harris Presidency Could Be Big Financial News for the Middle Class
