Kamala Harris Unveils $100 Billion 'Opportunity Economy' Plan to Boost U.S. Manufacturing and Middle-Class

On Wednesday (25th), U.S. Democratic presidential candidate Kamala Harris outlined her vision for an opportunity economy, which includes offering tax credits to domestic manufacturers, investing in industries that will define the next century, and vigorously boosting the American middle class.

She pledged to support investments in manufacturing and small businesses, as well as tax benefits for families and child care subsidies, to build a strong middle class and power economic growth. Today, economic issues are one of the top concerns for voters. Her campaign team stated that Harris's manufacturing plan would cost approximately $100 billion.

Harris said in a speech at the Economic Club of Pittsburgh in Pennsylvania that she would offer tax credits to American manufacturing companies for restructuring or rebuilding existing factories, expanding job opportunities, and doubling the number of registered apprentices during her first term.

Registered apprenticeships refer to employers who can train and prepare the future workforce, where individuals can gain paid work experience under the guidance of a mentor, receive step-by-step raises, classroom instruction, and portable, nationally recognized certificates. Registered apprenticeships are industry-reviewed approved and verified by the U.S. Department of Labor or state apprenticeship agencies.

She also pledged to support industries that will define the next century, including biomanufacturing, aerospace, artificial intelligence, blockchain, and clean energy and vowed to reduce red tape that delays the creation of new projects.

Harris's speech lasted less than 40 minutes and did not detail how these policies would be implemented. She said, I have pledged that building a strong middle class will be the defining goal of my presidency. She also stated that she believes this election is a moment for Americans to choose between her and Trump's two fundamentally different visions for the American economy.

Harris emphasized that Trump was only interested in making life better for himself and people like himself, the wealthiest of Americans. However, she is committed to working with the private sector and entrepreneurs to help the middle class grow. She told the American people that she is a capitalist, believes in free and fair markets, and described her policies as pragmatic rather than ideological.

Policy Details

Harris's campaign team released an 82-page economic policy book at the end of her speech, providing more details.

According to this plan, Harris supports the America Forward tax credit, which will provide tens of billions of dollars to enable the United States to compete with other competitors. It will also include additional benefits for businesses investing in existing manufacturing, agriculture, and energy sectors and collaborating with workers and labor unions to protect job opportunities.

The plan also calls for incentives to reduce emissions in steel production, establish data centers for artificial intelligence (AI), and provide additional support for the domestic semiconductor industry. Harris also vowed to establish a national critical minerals reserve, stating that a reserve is needed for various materials from batteries to defense systems to ensure economic and national security.

This is part of the $100 billion industrial policy vision proposed by Harris's campaign team on Wednesday, which also calls for new incentives and the use of emergency government powers under the Cold War-era Defense Production Act to increase domestic processing capacity for critical minerals.

This document combines Harris's spending proposals with corresponding taxes, promising that her administration will be committed to fiscal responsibility and intends to pay for its plans and work to reduce the deficit.

In addition to the measures Harris has already introduced during the campaign (including raising the corporate tax rate to 28%), the statement confirms her support for a minimum income tax on billionaires, although it does not specify whether it applies to unrealized gains.

On Wednesday, Harris also expanded her lobbying of business leaders, stating that she will work with them to promote economic growth. However, she emphasized that she would hold those accountable who do not play by the rules, respect the rights of workers and unions, and abide by fair competition.