U.S. Vice President Kamala Harris announced on Wednesday plans to offer tax credits to domestic manufacturers and invest in sectors poised to "define the next century," as part of her economic strategy to strengthen the U.S. middle class.
Speaking at the Economic Club of Pittsburgh in Pennsylvania, Harris, the Democratic candidate for the November 5 presidential election, promised tax credits to U.S. manufacturers for retooling or rebuilding factories and expanding "good union jobs," while also doubling registered apprenticeships in her first term.
Harris emphasized investments in bio-manufacturing, aerospace, artificial intelligence, and clean energy.
During her nearly 40-minute speech, Harris highlighted her upbringing by a single mother, contrasting it with former President Donald Trump’s background.
"Building a strong middle class will be the defining goal of my presidency," Harris stated, framing the election as a choice between two "fundamentally different" economic visions.
As the election nears, both Harris and Trump are focusing on the economy, which remains the top concern for voters, according to Reuters/Ipsos polling.
The income gap has widened over recent decades. Pew Research indicates that the middle class, defined as those earning between two-thirds and double the median household income, has decreased from 62% in 1970 to 51% in 2023. Additionally, middle-class incomes have not grown as quickly as those in the top tier.
Harris expressed her commitment to partnering with the private sector to bolster the middle class. She described herself as "a capitalist" who supports "free and fair markets," and portrayed her policies as pragmatic.
Recent Reuters/Ipsos polling shows Harris has narrowed Trump's lead on economic issues, with Trump holding a slight 2-point advantage, down from an 11-point lead in July.
Trump, speaking in North Carolina on Wednesday, criticized Harris' role as vice president, urging her to act on her economic plans instead of "grandstanding."
While Trump has proposed broad tariffs on foreign-made goods, Harris focuses on incentives for U.S.-based operations. Boosting American manufacturing in sectors like semiconductors and repatriating jobs are also key aims of Biden's administration. Legislation such as the Infrastructure Investment and Jobs Act, the CHIPS and Science Act, and the Inflation Reduction Act provide subsidies and tax incentives to encourage projects in disadvantaged areas.
