President Joe Biden referenced Vice President Kamala Harris’s role in passing the Inflation Reduction Act in his farewell speech at the Democratic National Convention. The $739 billion spending bill passed the Senate by a 51-50 vote thanks to Harris’s tie-breaking vote. However, since the passage of the bill, the cost of rent has increased by 13%, with new mortgages climbing 36% and other essential items such as baby food and frozen vegetables also seeing price hikes.
The Americans for Tax Reform, a conservative-leaning group, crunched numbers from various sources to highlight the impact of rising inflation since President Biden and Vice President Harris took office. Prices for every sector measured have increased by double digits since January 2021, with sectors like new mortgages, rent, gas, energy, and transportation seeing significant spikes. The cost of essentials such as eggs, baby food, frozen vegetables, bread, and milk has also risen considerably in the same period.
Vice President Harris’s economic plan aims to address issues such as price gouging and excessive profits. However, critics point out that she cast the tie-breaking vote on two major pieces of legislation, the American Rescue Plan and the Inflation Reduction Act, which have contributed to rising inflation rates. The plan has also led to the printing of more money, further fueling inflation. Harris’s endorsement of tax increases, such as a carbon tax, a high capital gains tax, and an increased federal corporate tax rate, has raised concerns about diminishing take-home pay for Americans.
A Connecticut family’s struggle to afford housing due to surging costs is cited as an example of the impact of the inflation crisis on everyday Americans. Americans for Tax Reform President Grover Norquist criticized Harris for her role in driving inflation and warned that her proposed tax increases would worsen the situation. The Democratic National Committee pointed to former President Donald Trump’s economic record during the COVID-19 pandemic to deflect criticism, insisting that Trump’s policies would benefit billionaires at the expense of working families.
The DNC highlighted endorsements from 16 Nobel economists of then-candidate Biden’s economic plan, suggesting that Trump’s proposals would lead to even greater inflation. The ongoing debate over the causes and solutions to rising inflation underscores the economic challenges facing the country as the 2024 campaign approaches. Harris’s ties to legislation that has contributed to inflation and her proposed tax increases have become focal points of criticism, while the DNC seeks to shift attention to the economic record of the previous administration and the endorsements of Biden’s economic plan by leading economists.
