Kamala Harris’ Economic Strategy: Unpacking ‘Opportunity Economics’ And What It Means For Black Americans – Essence

There is nothing conventional about Kamala Harris or her presidential bid. From her Black and South Asian heritage to her immigrant roots to the societal context from which she came, her very presence is a political statement. Her groundbreaking role as the first woman Vice President of the United States and recent candidacy for the commander-in-chief seat has injected new vitality into the 2024 presidential campaign. 

However, while a candidate’s background and life experiences are relevant to discussions, and identity does factor into why many of us are—and deserve to be—energized by Harris’ presidential bid, elections are not won based on identity alone.

Contrary to some pundits’ thinking, Black people can assess candidates beyond identity. Proposed policies and past track records are tangible indicators by which we determine value alignment. Black women, who represent a crucial voting bloc in political elections, are particularly adept at considering nuance, holding multiple truths, and making the best, most practical decision based on the choices presented, both in life and in the voting booth.

As the 2024 presidential campaign moves onward and the excitement from the unprecedentedly lit Democratic National Convention wanes, the focus shifts to the substance of Harris’ policies, specifically her recently released economic strategy for America.

Kamala Harris’ Proposed Economic Strategy: An Overview

Kamala Harris’ economic proposal focuses on two key areas: easing financial pressures on households and expanding economic pathways to the middle class. It aims to reduce the financial burdens Americans face by implementing measures like a federal ban on corporate price-gouging for food, expanding insulin price caps to include all Americans, and setting a $2,000 annual limit on out-of-pocket prescription drug costs through negotiated pricing.

To foster greater economic opportunities for lower- and middle-class Americans, the strategy proposes constructing 3 million new housing units within four years and providing $25,000 in down-payment assistance for first-time homebuyers. In the interest of economic growth, the framework emphasizes job creation and workforce development, restoring enhanced child tax credits and eliminating taxes on tips for service workers.

To be clear, the proposal would come with a hefty price tag. Analysts project it would increase the federal deficit by $1.7 trillion over a decade. However, the campaign suggests that higher taxes on wealthy individuals and corporations would help offset costs, specifically through raising the corporate tax rate from 21% to 28% and enforcing stricter regulations on corporate practices.

Overall, Harris’ economic strategy presents a bold approach to addressing financial inequality and fostering economic growth, albeit with significant fiscal challenges.

Opportunity Economics: A Framework for Middle-Class Growth

Kamala Harris’ economic vision for America is, in many ways, an extension of Biden’s middle-out economic strategy. It’s grounded in a concept she terms “Opportunity Economics.” While not a formal academic theory, it embodies a broader principle prioritizing the middle class.

Simply put, Opportunity Economics centers on the belief that a strong economy begins with ensuring that everyday people have the resources they need to thrive. Unlike the trickle-down economics that dominates U.S. policy—where benefits given to corporations and tax breaks for the wealthy are expected to, eventually, trickle down to the rest of us—Harris’ plan emphasizes direct injections into the middle class and working families.

The framework advocates for raising the minimum wage, supporting unionization, and investing in education and vocational training, all aimed at empowering workers and ensuring that economic growth is widely shared.

For Black Americans, who, due largely to systemic barriers, often find themselves on the lower rungs of the economic ladder, the promise of Opportunity Economics offers a means to ascend higher.

Opportunity Economics: What It Means for Black Americans

Black Americans are overrepresented in low-and mid-wage jobs. Consequently, policies that benefit the working class also have a positive impact on the Black community.

At the heart of Harris’ proposal is a focus on the working class. This includes raising wages, particularly through increasing the federal minimum wage and robust support for unionization, which offers stronger protections for workers’ rights to organize. Historically, unions have played a crucial role in improving working conditions, equity, and wages—benefits that are particularly significant for Black workers, who are more likely to hold unionized positions.

Another critical aspect of the proposal is its expansion of access to affordable healthcare. Harris’ economic vision supports policies to broaden coverage and reduce healthcare costs. For Black Americans, who are more likely to be uninsured and face higher rates of chronic health issues, the approach addresses healthcare-related financial strain. The proposal also includes increased investment in education and job training, focusing on vocational programs creating pathways to better-paying jobs and long-term economic stability for working-class Americans.

Additionally, initiatives such as down payment assistance have the potential to revitalize ‘The American Dream’ for many. As a result, Opportunity Economics might help address wealth disparities exacerbated by historical barriers to homeownership, such as redlining and housing discrimination. The plan’s potential to help Black Americans accumulate generational wealth could be significant.

By concentrating on expanding middle-class prosperity and addressing historical disparities, Kamala Harris’ economic approach presents potential pathways for meaningful change. The coming months will reveal how effectively her vision for Opportunity Economics resonates with voters.