Both candidates embrace expansions of government power to steer economic outcomes — but in vastly different areas.The New York Times reports that both Vice President Kamala Harris and former President Donald J. Trump delivered speeches this week in North Carolina, focusing on the economy. While neither candidate presented a comprehensive policy plan, they both made it clear that they support a strong federal government that intervenes in markets to promote economic growth.

However, their visions for how and when the government should use its power differ greatly. Harris, in her speech, embraced the progressive economic thinking that has become popular among Democrats in recent years. This approach calls for increased taxes on corporations and high earners to fund assistance for low-income and middle-class workers. It also provides tax breaks for companies that are seen as contributing to the economy, such as those involved in fighting climate change or building affordable housing.

Harris outlined her own policy agenda, which includes providing up to $25,000 in down-payment assistance to first-time home buyers over four years and directing $40 billion to construction companies that build starter homes. She also pledged to permanently reinstate the expanded child tax credit and offer additional assistance to parents of newborns. In addition, she called for a federal ban on corporate price gouging on groceries and proposed new enforcement tools to punish companies that unfairly raise food prices.

Harris emphasized the importance of competition in the economy and promised to help the food industry become more competitive. She stated, “Competition is the lifeblood of our economy,” and added that her plan would include penalties for companies that exploit crises and break the rules.

While Trump also supports a powerful federal government, his approach differs significantly from Harris’. In his speech, he focused on immigration and border security, and made only passing mentions of economic policies. He did, however, mention his administration’s tax cuts and deregulation efforts as contributing to a strong economy.

In conclusion, both candidates embrace the idea of a strong federal government that intervenes in markets to promote economic growth, but they have vastly different ideas about how and when that power should be used. Harris supports a progressive approach that focuses on addressing income inequality and promoting competition, while Trump’s approach is more focused on immigration and deregulation. 

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