Kamala Harris’ Economic Plan SLAMMED By Republicans, Kevin O’Leary: ‘POPULIST GIMICS’?!

[Music] [Applause] good morning and welcome to Rising thank you for tuning in how was your weekend Jessica it was good it was restful I have a dog that I'm responsible for and we went for a nice walk through Rock Creek Park it was lovely how was your weekend that is lovely H I built some new furniture doing some redecorating in the apartment so I got a new couch new armchair really EXC stuff that is we're moving up in the world we're moving up and I like that we're doing a kind of red and blue America to get into this very political week with the Democratic National Convention about to unfold we have some on the ground reporting from what's Happening there but first let's talk about vice president kamla Harris it turns out there is a plan vice president kamla Harris unveiled her sweeping economic plan on Friday she vowed to ease inflation fix the housing market and slash taxes for Middle income families if elected the vep's proposal would include a $225,000 subsidy for firsttime home buyers $6,000 tax credit and a ban on price gouging here she is in Rally North Carolina where she's announced her proposal let's watch our country has come a long way since President Biden and I took office at that time we sadly remember the millions of Americans that were out of work we were are facing one of the worst economic crises in modern history and today by virtually every measure our economy is the strongest in the world as president I will be laser focused on creating opportunities for the middle class that Advance their Economic Security stability and dignity together we will build what I call an opportunity economy opportunity economy H well Harris is getting dragged over this new economic plan with critics citing the plan to expand the CTC and boost subsidies they say it will have an adverse effect here's shark take Judge Kevin o and chairman of O Ventures blasting her economic proposals let's take her price gouging idea first uh they tried that in Venezuela Cuba North Korea the US SSR no that's not going to work it's impossible to understand how a corporation would set pricing based on gouging what does that even mean that's why it's being ridiculed but I I cut her a wide birth she's not answering reporters questions and she's got great momentum so throw anything at the wall you want free money for everybody that's what every politician does but it has no merit in reality New Hampshire Governor Chris anunu was less than impressed as well let's watch this whole idea that you know inflation was driven by price gouging that's a bunch of nonsense that the government's going to control prices to solve it you know I just heard aakeem Jeffrey say that that's her plan is the American way it's one of the most unamerican plans that's ever been proposed free markets entrepreneurship competitiveness her plan would crush all of that right so let's do those things that got us the Washington Post editorial board also called the plan a gimmick writing quote vice president kamla Harris's speech Friday was an opportunity to get specific with voters about how a Harris presidency would manage an economy that many feel is not working well for them unfortunately instead of delivering a substantial plan she squandered the moment on populist gimmicks H now Harris's plan comes as more polls appear to be in her favor latest new reporting from new polling from NBC News Washington Post ipsos poll found that Harris has 49% of support among registered voters compared to Trump's 45% 5% said they would back someone else but when it comes to handling the economy Trump tops Harris the same poll found he's leading on the economy many voters who are already having a negative view of it 61 to 33% among those who rate the economy positively Harris is with 89% to 8% there so that's the fundamental contradiction we're dealing with uh the election is very close KLA Harris up a little bit in the key swing States um so you know winning in some some way but on this most important issue the economy voters do TR trust Trump more do you think these plans that she's proposed that you know conservatives are attacking but are they going to win bring in undecided independent people I think they could I mean J Vance talking about making it easier economically to start a family him talking about child tax credits her proposal the $6,000 child tax credit specifically I think is one that it's shocking they're responding like oh this is crazy populism but when JD Vance talked about it it wasn't news this idea that her proposal is somehow economically irresponsible what is the government supposed to do in a free market Society there would be no Market if there were not a government enforcing the existence of a market and the economy it's their responsibility to make rules and regulations to establish a market in the first place and so I think you know hearing oi talk about it as if this is some kind of you know economic collapse that's eminent what are we doing now when we have corporations charging prices that are so high everyday working people can't afford them that's why people are afraid of Venezuela because every day people can't afford necessary Goods that's the situation we're in today in the United States of America well let's talk about a couple of these proposals because I think they vary excuse me in U how strong and weak they are so the child tax credit you're right is something that many Republicans have supported as well um I the case for it is that while many things in our society have actually become more affordable over time electronic Goods in particular uh labor intensive services that families have to disproportionately rely on like getting Child Care paying for education those sorts of things have gotten re a lot more expensive so you need to to give families a break they need some kind of tax credit I would rather lower everyone's tax burden rather than specifically families so I don't love the proposal but I think it makes more sense than some of the others the price gouging thing I know we disagree on I think you know Banning PR price gouging has not worked in the past and also the profits um you know there's well there's astronomical Prof uh profits in sectors like uh like the pharmaceutical industry for instance in the in the grocery industry the profits aren't the profit margins are like 2% um so I don't you know inflation has driven up the price of everything but I don't know how much price gouging is going on then the craziest policy to my view was the housing policy $25,000 for firsttime home buyers to so that's in that's going to subsidize demand for housing we don't have a demand problem we have a supply problem we have a a shortage of housing not everywhere in the country but in a lot of places people want to live like for instance California so just encouraging more people to buy houses is going to make the problem worse because we have a supply problem not a not a problem with not enough people want to try to buy houses that would drive up the price of houses even more if you incentivize more people to try to buy so I don't understand that plan at all and that one got a lot of negative attention so I mean that plan's pretty obvious to me as parent with parents who have bought a home in the past 3 years so in North Carolina specifically uh I believe it was the year 2022 but in recent years we're seeing investors purchasing homes as much as 30% of all home sales are investors who are paying full cash UPF front and that's increasing the prices of homes and inflating the price of homes because if you're a company like Zillow what they've done is they've seen this Market where investors are willing to put up the capital and pay for a home in full cash they will purchase let's say four homes and then maybe for $200,000 sell the first two for $400,000 uh or rather the first one for2 200 the second one for 300 now they've inflated the price of a home in the neighborhood and now they're going to profit on the next two homes that they sell because they've artificially increased the prices that's what we're seeing in the investing Home Market that's why we're seeing incredible uh housing inflation so we've got to do something about the financialization and commodification of the housing market people just want somewhere to live and so when you've got investors willing to put up that Capital there's got to be another way to equalize this without entirely pushing investors out which is an option she indicated that there would be some controls on whether or not investors would be allowed to purchase single family homes corporations aren't living in those homes they're using them to rent them out which is then increasing rents in the area as well so it's been kind of a mess in the housing market an an absolute free-for-all and raining that in is necessary if we're going to keep home prices down all right we'll have more analysis of the comml Harris economic plan coming up and we're going to check in with the DNC more Rising right after this [Music]