Democratic Emissaries Tout Kamala Harris as Pro-Business Candidate Despite Controversial Economic Proposals
ICARO Media Group
A series of Democratic emissaries have been making a case this week that a potential presidency under Kamala Harris would be beneficial for businesses. Despite lingering questions about her economic agenda and the unpopularity of some of her ideas in corporate boardrooms, these emissaries argue that Harris will fight for businesses and the overall stability of the economy.
One notable endorsement came from Tony West, senior vice president and chief legal officer at Uber, who referred to Harris as someone who will fight for all of us during his speech at the Democratic National Convention in Chicago. Similarly, former American Express CEO Kenneth Chenault emphasized Harris's understanding of the importance of democracy in fostering a strong business climate.
However, Harris's economic proposals have raised concerns within the business community. Her plan to ban food price gouging has drawn criticism for its resemblance to price controls, while her support for raising the corporate income tax rate to 28% has been met with resistance from big businesses currently paying a federal rate of 21%.
Economists, such as Joe Brusuelas, the chief economist at RSM, acknowledge that Harris's proposals represent the left's version of economic populism, but also note that some ideas may find favor among businesses. One such idea is her commitment to using tax incentives to stimulate the construction of 3 million new homes, which has been welcomed by the business community.
Throughout the Democratic National Convention, speakers including Commerce Secretary Gina Raimondo and former investment banker Wes Moore elaborated on Harris's potential to improve the US business climate while simultaneously criticizing the economic policies of President Donald Trump, particularly his penchant for imposing high tariffs. The Trump campaign, in turn, has labeled Harris as "anti-business," with Trump himself referring to her as "comrade Kamala."
Commerce Secretary Raimondo, who has direct contact with many CEOs, highlighted Harris's pro-business and pro-worker agenda, drawing on her own experience in transforming the business climate in Rhode Island. Raimondo stressed that Harris would prioritize fair competition, dismantling monopolies that hinder workers, small businesses, and startups.
Harris's aides also emphasized her support for measures to expand the crypto industry and highlighted positive reactions to her cost-of-living plan, particularly in relation to housing reforms. Economists, Jim Parrott of the Urban Institute and Mark Zandi of Moody's Analytics, praised Harris's housing plan as a potentially transformative force in the sector.
While the Democratic message aimed to present Harris as a candidate who would prioritize the needs of both businesses and employees, criticisms of business leaders were not absent from the convention. The stark contrast between Senator Bernie Sanders's attack on the billionaire class and the subsequent speech by wealthy businessman and Illinois Governor J.B. Pritzker showcased this tension.
The message from these Democratic speakers consistently revolved around Trump's tariff plans, predicting inflated costs and likening them to a sales tax. Estimates from Brendan Duke of the Center for American Progress suggest that the maximum version of Trump's plan could burden a typical middle-class family with an additional annual cost of $3,900.
As the campaign season unfolds, it remains to be seen how this somewhat business-friendly message will resonate with voters. The Democratic party aims to underline Harris's ability to be both pro-business and pro-worker, with the understanding that tax cuts for the wealthy are not the solution. The upcoming months will reveal whether Harris can strike a balance that appeals to both sides of the economic spectrum.