Harris Reveals 'a New Way Forward' for the Middle Class and Small Business, as Review of Trump's Economic Record Shows It Was the Worst Since Herbert Hoover

Kamala Harris addresses the Economic Club of Pittsburgh (NY Times)

Kamala Harris, in a much-anticipated speech on the economy yesterday, said she is focusing on "a new way forward" for the middle class and small businesses, saying the country needs "pragmatic economic leadership." Matthew Cullen, at The New York Times Evening newsletter, provides details under the headline "Harris casts herself as a pro-business pragmatist." Cullen writes:

In a closely watched speech on economic policy this afternoon in Pittsburgh, Kamala Harris promised “a new way forward” for the middle class, and portrayed Donald Trump as on the side of billionaires.

During the address, Harris wove together her vows to lower costs for the middle class and help small businesses into a broader pitch for pragmatic economic leadership. “We shouldn’t be constrained by ideology, and instead should seek practical solutions to problems,” Harris told the Economic Club of Pittsburgh, as her aides handed out a roughly 80-page policy paper on her economic plans.

Her speech, in which she said “I am a capitalist,” appeared designed to push back against Trump’s efforts to label her as a radical “communist.” It was also an attempt to appeal to the moderate swing voter s who have told pollsters that they trust Trump more on the economy. 

Harris also attacked Trump's economic plans,  which he outlined in a speech Thursday. Trump’s pitch is to cut taxes on American businesses, while imposing high tariffs on foreign competitors.

Why would anyone trust Trump on the economy? We have mountains of evidence that his economic stewardship during term No. 1 was terrible, perhaps the worst in U.S. history. Here are some assessments:

1. ABC News -- "Yet as he leaves after his one-term tenure, Trump has become the first president since Herbert Hoover during the Great Depression to depart office with fewer jobs in the country than when he entered."

2. Associated Press -- "The economic numbers expose a complicated reality during Trump’s time in the White House. His tax cuts never delivered the promised growth. His budget deficits surged and then stayed relatively high under Biden. His tariffs and trade deals never brought back all of the lost factory jobs.

And there was the pandemic, an event that caused historic job losses for which Trump accepts no responsibility as well as low inflation — for which Trump takes full credit."

3. Investopedia -- "Trump's trade policies included implementing tariffs on trading partners like Canada, China, Mexico, and the European Union. The administration said tariffs would benefit American workers, give the U.S. leverage for future trade agreements, and protect national security. However, research from the Brookings Institution shows this did not end up being the case. In fact, research published in early 2024 shows that tariffs the former president put on various goods from China did not increase or decrease the number of jobs in industries they aimed to, but also led to tariffs from other countries as retaliation that negatively impacted American workers.