The News Not Noise Letter: What Is Kamalanomics?
The News Not Noise Letter: What Is Kamalanomics?
Harris and Trump present competing economic visions. Plus: is a Gaza deal close? And follow our coverage from the Democratic convention.
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Hi. We’ll be covering the Democratic National Convention from Chicago next week. Be on the lookout for extra content here and on Instagram, including interviews, lives from the convention floor, updates on breaking news and possibly an extra newsletter. Send us your questions and we’ll do our best to answer them.
Also, we’re holding another Zoom for our paid subscribers on Thursday, August 29 at 5:30pm Pacific / 8:30pm Eastern. Registration info is at the bottom of this newsletter.
Here are your headlines:
BREAKING: Title IX Limits: The Supreme Court tonight declined the Biden administration’s request to enforce Title IX protections for LGBTQ+ students in schools. Title IX protects students from discrimination based on sex. Lower courts put the administration’s enforcement on hold while 10 red states challenge the inclusion of LGBTQ+ identities under Title IX. Read more here.
BREAKING: Gaza Negotiations: President Biden said today that “we are closer than we’ve ever been” to a ceasefire/hostage deal after two days of intense negotiations in Doha. Egyptian and Israeli officials also expressed optimism. The initial framework had included a six-week ceasefire, release of living hostages, and withdrawal of Israeli troops from much of Gaza. All sides hope to finalize a deal when they “reconvene in Cairo before the end of next week.” A note of caution: Hamas said the current deal looks very different from a proposal they’d endorsed; this does not bode well, as Hamas had pushed negotiators to work off that previous deal. Qatar’s Prime Minister reportedly spoke with Iranian officials and urged them to refrain from striking Israel while the deal is coming together. Biden told reporters to “keep your fingers crossed.”
Harris’s Economy: In a much-anticipated economic speech in the now-battleground state of North Carolina, VP Kamala Harris gave her first policy address as the nominee. Arguing that Trump “fights for billionaires and large corporations,” she vowed to build an “opportunity economy” that would lower costs for middle-class families, small business owners and working Americans. Here are the basics:
For Moms and Families: If you’ve got kids, especially young ones, Harris wants to give you a tax credit. She’s backing a $3600 credit for middle class families with kids up from $2000, and a new $6000 credit for parents of newborns (under age 1).
For Workers: $1500 in tax credits to frontline workers plus an extra $700 in health insurance premium reductions.
For Homebuyers: Harris talked about her own experiences – working at a McDonald’s during college and watching her mom buy her first home. Calling homeownership “a symbol of the pride that comes with hard work,” she pledged to back a new $25,000 down-payment subsidy for first-time homebuyers. And to “end America’s housing shortage” by directing $40 billion to building more than 3 million new affordable homes by the end of her first term.
For Tip Earners: Like Trump, she proposed limiting federal taxes on tip income.
For Everyone: She vowed to implement the “first-ever” ban on price-gouging for food and groceries. She also promised to “cancel medical debt for millions of Americans,” cap annual out-of-pocket prescription payments at $2000, and cap the cost of insulin at $35 for all consumers.
Analysis: Harris did not explain how she’d pay for these policies or offset their costs. These policies target voters’ #1 economic complaint – high prices – and go further than Biden’s to put more money in the pockets of working Americans, families, and young people who feel locked out of homeownership. These plans face criticism from economists who argue they’d reduce competition and mess with “supply and demand,” which could lead to shortages or even price increases.
Trump’s Pushback: The Trump campaign immediately attacked Harris’s plans as “communist,” “SOVIET Style Price Control,” and branded Harris “Comrade Kamala.” Their campaign is circulating a Washington Post piece headlined: “When your opponent calls you ‘communist,’ maybe don’t propose price controls?” And they argue that Harris, as sitting VP, lacks credibility because she owns today’s high prices and hasn’t brought them down.
Versus Trump’s Economic Plans: Trump’s economic policies are also short on detail. He’s promising to “end inflation and make America affordable again,” by expanding fossil fuel drilling (“drill, baby, drill!”), cutting federal regulations and bringing housing prices down by deporting millions of immigrants and allowing federal land to be used for new construction. He’s vowed to “stop outsourcing” and raise taxes on imported goods (which could drive up prices) and to extend his 2017 tax cuts and halt federal taxes on social security and tips. Economists say many of these policies would increase inflation.
Economy Now: This all comes after a week of positive economic news: inflation falling, retail sales surging, and Medicare negotiating down the cost of popular prescription drugs. Expect Dems to campaign on these wins.
The NNN Reality Check: For either candidate to pass their agenda, their party would have to win both the House and Senate. That’s rare. The candidates’ platforms aren’t guarantees of what they’ll accomplish, but they give a sense of their values and priorities.
TimTok: Gov. Tim Walz’s “cool dad” vibes have made him hip with the kids. Now he’s reaching young people directly on his new TikTok, or as he calls it, TimTok. He shared a video of himself with his dog, Scout.
Social Security Hack: Hackers seem to have stolen every American’s Social Security Number this April – and we only found out about it this week thanks to a federal class-action lawsuit. They hacked the records of up to 3 billion people (including dead people!), and experts say it’s likely “everyone with a Social Security number was impacted.” For now it’s a good idea to set fraud alerts and take cybersecurity hygiene measures, but we have to wonder, why does the responsibility fall on consumers to watch out for federal government data breaches?
Mpox Updates: We don’t enjoy covering outbreaks any more than you enjoy reading about them, but there’s important news to share. A new, more dangerous strain of Mpox is spreading in Central and East Africa. Now for the first time, a case of this strain has been reported outside of Africa. A patient in Sweden who recently visited an affected region in Africa has contracted the virus and is receiving treatment. Europe’s health agency is now advising anyone traveling to Central or East Africa to consider getting the Mpox vaccine.
Ukraine Updates: Less than two weeks ago, Ukraine launched a surprise incursion into Russian territory. In that time, Ukraine says it has taken control of more than 400 square miles of Russian territory. An aide to Ukrainian President Zelenskyy said the incursion puts pressure on Russian President Putin to engage in ceasefire negotiations. The more Russian land Ukraine seizes, the more negotiating power they have.
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Understanding the Democratic National Convention
The DNC is a huge gathering for the Democrats to convene, celebrate, and rally behind VP Kamala Harris and Gov. Tim Walz. It starts on Monday.
It’s now a largely ceremonial event. It’s like a big well produced party to introduce the candidates and their message — and speak to voters without the filter of the media.
On TV you’ll see a primetime show that runs from 6:30-11pm Monday through Thursday. You can watch some of it live on mainstream news channels or see it all on YouTube, Instagram, X, TikTok, Facebook, Twitch and through most streaming services. You can find the schedule here. That schedule will fill in with details as Monday approaches.
The convention will feature:
The biggest stars in the Democratic party.
Stories of Americans whose lives and experiences reflect key campaign issues.
Performances (including by big stars) to draw eyeballs and energy.
Speeches by younger voices to spotlight rising stars (e.g., then-State Senator Barack Obama became a national star with an electrifying speech at the 2004 DNC).
Thursday is the biggest night, when VP Harris speaks.
During the week there are also gatherings, panel discussions, parties throughout Chicago where activists, donors, media and elected officials mingle and connect.
Will Harris see a post-convention bounce? What makes this convention different? What surprises might shake up the DNC? Find out more in our explainer here. And follow us on Instagram @jessicayellin to see our DNC coverage from Chicago.
Paid Subscriber Zoom
Paid subscribers can join a Zoom with Jessica Thursday, August 29 at 5:30pm Pacific/8:30pm Eastern. We’ll share news updates and answer your questions. Registration information is below the paywall.