WaPo Slams Harris' Economic "Gimmicks" While NYT Says "A Coup Is Still A Coup"
On Friday, Vice President Kamala Harris squandered what could have been a golden opportunity to outline a clear economic vision - and instead left many wondering what exactly her plan entails, according to the Washington Post Editorial Board.
With Americans still grappling with high costs for groceries, housing, and even a simple Big Mac, Harris's response - which WaPo characterized as "populist gimmicks" - was to blame corporate "price gouging" rather than addressing the underlying economic challenges.
According to the Post, Harris' pledge to crack down on businesses making "excessive" profits felt more like a recycled talking point than a real strategy, drawing comparisons to the failed price controls of the Nixon era.
One way to handle it might be to level with voters, telling them that inflation spiked in 2021 mainly because the pandemic snarled supply chains, and that the Federal Reserve’s policies, which the Biden-Harris administration supported, are working to slow it. The vice president instead opted for a less forthright route: Blaming big business. She vowed to go after “price gouging” by grocery stores, landlords, pharmaceutical companies and other supposed corporate perpetrators by having the Federal Trade Commission enforce a vaguely defined “federal ban on price gouging.”
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Harris says she’ll target companies that make “excessive” profits, whatever that means. (It’s hard to see how groceries, a notoriously low-margin business, would qualify.)
Her housing plan was also ham-fisted. While Harris correctly identified the lack of housing supply as a key issue she proposed a $25,000 down payment assistance program without addressing how it might drive prices higher—a concern the Post didn’t overlook. And while her ideas around expanding the child tax credit and earned income tax credit had more merit, the speech ultimately fell short of providing the detailed, practical solutions voters are looking for.
As Rabobank notes, Much of this is controversial. First home buyer grants have been tried the world over and many economists will tell you that they are effectively a subsidy for home-sellers as they pump up demand in supply-constrained markets. Just ask an Australian millennial or Gen Z’er where those sorts of populist demand-side policies ultimately lead a housing market.
The loudest criticism of the Harris platform (including from traditionally Democrat-friendly outlets like CNN and the Washington Post) has been reserved for the ban on price gouging. Republicans and some media outlets have likened the ban to federally imposed price controls (a-la Richard Nixon) that can ultimately lead to shortages and further inflation when the controls are eventually removed. Curiously, gold hit new all-time highs of more than $2,500/oz ahead of Harris’ speech and following news that the ban on price gouging would be announced.
Meanwhile, the Post also notes that Harris' plan would cost money - yet she insists that she'll hold to President Joe Biden's pledge not to raise taxes on households earning less than $400,000 per year - which excludes 80% of taxable income.
The Harris campaign says it will raise revenue to cover these costs, but didn't say how. And without an answer, Harris' full plan would add $1.7 trillion to federal deficits over a decade, according to the Committee for a Responsible Federal Budget, a nonpartisan budget watchdog.
NY Times: "A Coup Is Still a Coup"
While WaPo is calling out Harris over 'populist gimmicks,' the NY Times' Maureen Dowd slammed Democrats for executing a 'coup' to remove Biden from the 2024 ticket.
In short, what was supposed to be a triumphant gathering in Chicago has turned into a hotbed of tension and betrayal within the Democratic Party. As top Democrats prepare for their convention this week, there’s no hiding the fact that the party's power players have orchestrated a behind-the-scenes coup to push President Joe Biden out of the 2024 race, handing the reins to Vice President Kamala Harris.
The political backstabbing was reportedly orchestrated by Barack Obama, Nancy Pelosi, Chuck Schumer, and Hakeem Jeffries all reportedly nudging Biden out the door - leaving the president feeling betrayed by his allies.
So, the media finally admitted it was a coup.
— Sadie (@Sadie_NC) August 18, 2024
It is so funny watching the Democrats do to their voters what they claim Trump has done to his. They have brainwashed you and given you a cult leader in Harris and forced it all down with some Walz Kool-aid. Dang, that has to suck. pic.twitter.com/kIRxorqsan
Biden, who was eager to hit the campaign trail again, was unceremoniously pushed aside in what amounts to a political putsch. Now, as Democrats rally around Harris, Biden - who went from "forward to getting back on the campaign trail" - now sulks in the shadows.
It wasn’t exactly “Julius Caesar” in Rehoboth Beach. But it was a tectonic shift and, of course, there were going to be serious reverberations. Even though it was the right thing to do, because Joe Biden was not going to be able to campaign, much less serve as president for another four years, in a fully vital way, it was a jaw-dropping putsch.
Donald Trump, never one to miss an opportunity to exploit Democratic discord, has jumped into the fray.
"Kamala wants NOTHING TO DO WITH CROOKED JOE BIDEN," Trump posted on Truth Social Thursday. "They are throwing him out on the Monday Night Stage, known as Death Valley. He now HATES Obama and Crazy Nancy more than he hates me! He is an angry man, as he should be. They stole the Presidency from him — ‘It was a Coup!’"
Democrat leaders have also made fools of themselves covering up their betrayal - suggesting everything from adding Biden’s face to Mount Rushmore to praising his 'unmatched record.' As Dowd notes, Biden isn’t fooled, nor are his family members, who are reportedly just as bitter about how things have unfolded.