Kamala Harris in The Economist

On Budget & Economy: Lower cost plan: housing; groceries; medical; and taxes

But just because her strategy is understandable does not make it sensible. Her prescriptions risk taking America further down the road of self-defeating economic policies. Ms Harris's cost-of-living plan may open a new phase in the worrying odyssey. She takes aim at four categories of costs: housing; groceries; medical; and taxes. Although some of her ideas are good and helpful, many more would end up weighing on growth and driving up prices--the exact opposite of their intended effect.

On Budget & Economy: FactCheck: no evidence for pandemic price-gouging

Although Ms Harris's promise to crack down on unfair mergers and acquisitions in the food industry that lead to less competition and higher prices is unobjectionable, in reality it is little more than a restatement of America's existing anti-monopoly policy. The Federal Trade Commission is, for instance, currently embroiled in a legal battle to block the biggest supermarket merger in American history.

On Corporations: Raise corporate tax rates to 28%, from 21%

Ms Harris has said that she will follow President Joe Biden's previously outlined plans to raise corporate tax rates to 28%, from 21%, but to only increase income taxes on individuals earning more than $400,000 annually. Together, these changes would not generate enough revenue to cover the full cost of her agenda. The shortfall would add about $1.4trn to America's deficit over the next decade, according to Piper Sandler, an investment bank. That is a lot, even if less than the cost of Mr Trump's tax-cutting plan, which is estimated to be about $4.5trn over the next decade.

On Families & Children: $6,000 child tax credit, expanded from $2,000 per child

These tax cuts would not come in isolation, however. America's budget deficit is running at about 7% of GDP, a level previously associated with wars or recessions, while the national debt is continuing to climb higher. Neither of the candidates has offered any serious proposals about how to clean up the country's fiscal picture, and would in all likelihood make it worse.

On Health Care: Cancel medical debt and cap drug costs

Ms Harris has also said that she would work with states to cancel medical debts. Again, her aim is laudable: it is scandalous that so many Americans are saddled with medical debt. Yet just cancelling debt would only reset the clock for them, with debts once again piling up whenever they need medical attention. "Why are health care costs so high in the first place? That's a legitimate question but it does not lend itself to quick fixes," says [a Columbia University analyst].

On Welfare & Poverty: Build 3m new homes; $25,000 downpayment credits

Her plan is light on details: the construction funding (she targets $40bn) would go to local governments, who would need to find their own solutions. Meanwhile, other elements would cut against her ambitious supply targets. She vows to go after Wall Street investors, whom she decries as "buying up and marking up homes in bulk". They actually own less than 1% of America's single-family homes, and have been building, rather than just buying, homes. Another pledge--one that received loud applause when she unveiled it in a speech in North Carolina on August 16th--is to give first-time homebuyers $25,000 towards downpayments on mortgages. With demand for homes still outstripping supply, extra cash of this kind may just translate into higher prices.