Kamalanomics contains too much of some good things
Kamalanomics contains too much of some good things
WASHINGTON, Aug 16 (Reuters Breakingviews) - Kamala Harris is planting seeds for U.S. growth, but she might kill some crops in the process. The presumptive Democratic presidential nominee’s running mate, Minnesota Governor Tim Walz, describes the economy as a garden, rather than a jungle: tend it well and reap the harvest. Her just-emerging agenda includes helping break ground on more U.S. housing and squashing higher food prices. At the same time, spreading price caps and goodies for shoppers risks sowing inflation.
In a speech planned for later on Friday, Harris is set to unveil ways to support the construction of new homes. They include a combination of tax incentives for builders and buyers alongside ways for local governments to streamline cumbersome zoning laws. In many ways, the ideas simply supersize President Joe Biden’s priorities.
He has called for 2 million new homes; Harris is pushing for a million more. Biden proposed a $20 billion fund to cut red tape; his vice president will seek $40 billion. This supply-focused approach, regardless of how big, is sensible:
The real estate industry also has backed the administration’s initiatives to spur the rewriting of municipal rules on how land can be used.
