Today, Kamala Harris unveiled part of her economic plan to combat inflation. The Republican Party of New Mexico (RPNM) has expressed strong opposition to the proposals.
The most contentious aspect of Harris's plan is the proposal to target "price gouging" by implementing price controls. According to RPNM, this policy has been historically implemented in socialist and communist countries with devastating consequences.
Harris also attributed national price increases to corporate greed, a claim that several economists and the Federal Reserve have disputed. The Washington Post criticized her policy as "communist," stating, "It’s hard to exaggerate how bad this policy is" and warned that "supply and demand would no longer determine prices or profit levels. Far-off Washington bureaucrats would."
RPNM highlighted several economic indicators under Harris's tenure:
- The average New Mexican household is paying $1,018 more per month for goods and services than in January 2021.
- Energy costs have increased by $114 per month on average, totaling an additional $4,846 due to inflation since January 2021.
- Food expenses have risen by $131 per month on average, amounting to an extra $3,436 due to inflation since January 2021.
- Overall spending due to inflation has increased by $28,181 for the average New Mexican household since January 2021.
- Nearly half of Americans consider themselves "broke."
- Nearly two-thirds report living paycheck-to-paycheck—up 8 points from last year.
- 61% of Americans believe the economy is on the wrong track; 60% think it is weak.
- Overall prices are up over 20%, food prices over 21%, rent up 22%, and electricity has increased by 31.7%.
- Credit card debt is at an all-time high.
According to RPNM Chairman Steve Pearce: “Kamala Harris has proposed communist-style price controls that have historically led to food shortages, bread lines, and economic devastation. Kamala spent the past three and a half years approving massive spending bills that led to printing trillions of dollars, driving up inflation and making everything more expensive. Kamala attributed inflated prices to price gouging when the real problem is her and the economy-killing policies she supported as vice president. During President Trump’s administration, inflation was low, energy was affordable, real wages were rising, and the American Dream was more attainable than ever. New Mexicans are going to remember this at the polls in November.”