Harris Economic Plan Focuses on Prices, a Key Vulnerability

Published On Sep 10, 2024, 9:54 AM

Vice President Kamala Harris is outlining her economic proposals, indicating a clear departure from former President Donald Trump’s policies, while attempting to defend the current administration’s economic measures often labeled as 'Bidenomics'. She faces criticism over inflation rates that have arisen since the pandemic, which are linked to several global factors. As she gears up for a debate against Trump, she is also showcasing aspects of her plan that could appeal to businesses, such as ending taxation on tips, while maintaining a focus on taxing companies more heavily to combat price gouging. The effectiveness of her policies will largely depend on the composition of Congress if she wins the presidency.

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Stock Forecasts

SPYView SPY chart on TradingView

Negative

Harris's approach to raising taxes on corporations coupled with her proposals to address affordability issues may lead to increased volatility in the stock market, particularly in sectors sensitive to tax changes.

XLPView XLP chart on TradingView

Positive

Despite potential negative impacts on stocks, her plans could bolster sectors focused on consumer rights and price control, potentially benefiting companies in essential goods as they might adapt to new regulations favoring consumers.

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