What is an Opportunity Economy and what it might mean for Pa residents
During the presidential debate with former President Donald Trump, Vice President Kamala Harris repeatedly referred to her plan for an Opportunity Economy as a path forward for the economy.
Here are the broad points of Kamala Harris' economic plan and what it could mean for you.
What is Opportunity Economy?
According to the Kamala Harris - Tim Walz campaign website, Harris' Opportunity Economy framework has several key items: affordable childcare and housing; decreasing healthcare costs; lowering energy costs; middle-class tax breaks; and small business investment.
"Under their plan more than 100 million working and middle-class Americans will get a tax cut. They will do this by restoring two tax cuts designed to help middle class and working Americans: the Child Tax Credit and the Earned Income Tax Credit," read a portion of the Harris-Walz campaign website. "Through these two programs, millions of Americans get to keep more of their hard-earned income. They will also expand the Child Tax Credit to provide a $6,000 tax cut to families with newborn children."
Harris' plan includes a $25,000 grant for first-time homeowners to buy or upkeep their residence.
Opportunity Economy caps healthcare, medicine costs
Kamala Harris' Opportunity Economy plan will continue to lower drug costs first implemented by the Biden Administration's Medicare drug price negotiation program.
"She’ll build on the Biden-Harris Administration’s successes in bringing down the cost of lifesaving prescription drugs for Medicare beneficiaries by extending the $35 cap on insulin and $2,000 cap on out-of-pocket spending for seniors to all Americans," read the Harris-Walz campaign website. "Her tie-breaking vote on the Inflation Reduction Act gave Medicare the power to go toe to toe with Big Pharma and negotiate lower drug prices."
What it means for Pennsylvania?
For Pennsylvanians, Kamala Harris' Opportunity Economy could mean reduced living costs and more access to housing, healthcare and everyday things like groceries.
First-time homebuyers in Pennsylvania could benefit from the proposed $25,000 grant, particularly in cities like Philadelphia and Pittsburgh, where rising home prices are keeping many out of the market.
Is Opportunity Economy feasible?
The Kamala Harris campaign hasn't specified exactly how much it will cost to implement any of the Opportunity Economy framework and received initial blowback for the lack of details, but several economists have said Harris' plan could work.
Damon C. Williams is a Philadelphia-based journalist reporting on trending topics across the Mid-Atlantic Region.