Publisher's Note: This post appears here courtesy of the Carolina Journal. The author of this post is Katherine Zehnder.
Vice President Kamala Harris spoke at Wake Tech Community College North Campus Friday on her plans to combat inflation and rising costs if elected in November. Her appearance in North Carolina follows former President Trump's speech in Asheville earlier this week. Trump too spoke about how his plans to tackle inflation if elected in the fall, but the policy points demonstrated the candidates' very different approaches to economics.
VP Harris blamed grocery stores and price gouging for the rising costs of food, while Trump focused on controlling federal spending and extending tax cuts.
"We all know that prices went up during the pandemic when the supply chains shut down and failed, but our supply chains have now improved, and prices are still too high," said Harris.
"A loaf of bread costs 50% more today than before the pandemic. Ground beef is up almost 50%. Many of the big food companies are seeing their highest profits in two decades, and while many grocery chains pass along these savings, others still aren't. Look, I know most businesses are creating jobs, contributing to our economy, and playing by the rules, but some are not, and that's just not right, and we need to take action when that is the case."
Harris promised to pass a federal ban on price-gouging food if elected.
"I will work to pass the first-ever federal ban on price gouging on food," continued Harris.
"My plan will include new penalties for opportunistic companies that exploit crises and break the rules, and we will support smaller food businesses that are trying to play by the rules and get ahead. We will help the food industry become more competitive because I believe competition is the life blood of our economy. More competition means lower prices for you and your families."
Ahead of Harris' speech, RNC Chairman Michael Whatley spoke in Knightdale, NC about Trump's plan to combat inflation.
Chairman Whatley noted that the number one issue on the minds of North Carolinians today is the economy. Grocery, gas, and rent prices are all up by 20%, 50%, and 20%, respectively. Wages are not up but, in fact, down.
"This inflationary cycle that we are in right now is hurting every North Carolina family because they're not making 50% more, they're not making 20% more," said Whatley.
"In fact, in terms of real wages, they are down. They're down between three and 4% for every family."
Whatley stated that former President Trump had a plan to reduce inflation, which started with extending the
"Trump tax cuts."
"Kamala Harris has said that she is going to let them expire, which would be the largest tax increase in the history of this country," continued Whatley.
"He (Trump) also has said that he is going to put in a no tax on tips pledge, which is going to be very helpful for people who work in a restaurant just like this. And he also is going to have no tax on senior citizens and social security, which is very, very important for folks who are on a fixed income. Secondly, the steps that he's going to take to unleash American energy, break down gasoline prices, and end inflationary spending are absolutely critical."
In her comments in Raleigh Friday, Harris repeated the Biden Administration's characterization of Trump's proposed universal 10% tariffs on imported goods as a
"national sales tax." She said would increase the prices of daily needs and necessities.
"It will mean higher prices on just about every one of your daily needs, a Trump tax on gas, a Trump tax on food, a Trump tax on clothing, a Trump tax on over-the-counter medication," said Harris.
Whatley points to increased federal spending as the true reason today's inflation.
"Every single major economist has said, if you add this level of federal spending into the economy, you're going to send inflation through the roof. It already went up to 9%," Whatley told the Carolina Journal.
"It was less than 2% every single year under President Biden's watch or President Trump's watch, right? And now that they're bringing it back down to 3%, they're saying inflation is down. It's not down; it's still up versus where it was under President Trump's watch, and the aggregate over the course of these four years has been 20%. We need to end that inflationary spending. We need to keep more money in every American family's pocket, which is why he is going to fight very hard to extend his tax cuts. And Kamala Harris wants right now to increase taxes more than any other president in history. If she wins, she's going to do it."
Harris closed her speech by stating that Donald Trump had
"no serious plan to reduce costs for middle-class families" and
"no plan to expand access to housing or healthcare."
The John Locke Foundation's Sowing Resilience project, released earlier this week, found that rising energy, housing, and transportation costs are squeezing American families' budgets, making it more difficult for them to afford food or, in many cases, having to choose between buying food for their families or paying another major bill such as utilities or rent, as we found in a John Locke poll from May. In the past year, 22.9% of North Carolinians had to choose between buying food or paying another major bill.
"The reality is that costs have risen at every point in the supply chain starting with the farmer, who, by the way, are already having a hard enough time turning a profit in this current economy," Kelly Lester, Policy Analyst for the Center for Food Power and Life at the John Locke Foundation told the Carolina Journal.
"To blame grocery stores, which already run on extremely slim 1-3% profits, for price gouging is dangerous and inaccurate, and it completely ignores the serious issues currently faced in the food supply chain."
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