After the first night of the Democratic National Convention, many on Wall Street and beyond are digesting the potential impact of Harris’s economic policies and dissecting what could truly get accomplished.
RSM chief economist Joe Brusuelas joins Wealth! to give insight into the reality behind some of the VP’s economic policies, should she take office.
Brusuelas describes the policies as “the left’s version of economic populism,” saying that a lot of the ideas are messaging and “ought to be taken with a big grain of salt.”
Brusuelas mentions rent control as populist stance, but not as one that would be great in practice: “Rent control is a bad idea. It’s always and everywhere a bad idea. And what rent control does is it creates a perverse series of incentives. You end up with less supply and you get distortions that go on for a very long time. Now, what I do like that they propose was building 3 million more homes, using series of tax incentives to get builders to build more starter homes. I think that’s a really very strong idea. And then on the back of that, you could put forward incentives for first-time home buyers.”
When it comes to paying for these plans, Brusuelas directly states: “Let me let you in on a little secret. Anybody goes to Washington, talks to policymakers, takes what we do in the economy and finance seriously. You know what the really big Super Bowl that’s setting up next year? It’s the tax cliff. It’s the end of the year expiration of the 2017 Tax Cuts and Jobs Act. That’s literally the single biggest thing that’s being talked about in Washington.”
#DNC #election #news
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