Presumptive Democratic Presidential nominee Joe Biden announced his choice for Vice President Tuesday afternoon, by text message to supporters as promised:
“Joe Biden here. Big news: I’ve chosen Kamala Harris as my running mate. Together, with you, we’re going to beat Trump.’’
Biden and Harris are expected to appear together in Wilmington, Del., on Wednesday.
With Biden’s selection, the 55-year-old Senator from California becomes the first Black woman to be nominated for national office by a major political party.
Harris was, of course, a former Democratic candidate for president who sharply criticized Biden but became a vocal supporter after dropping out of the race last December.
Shortly after his news-breaking text message, Biden tweeted the following:
I have the great honor to announce that I’ve picked @KamalaHarris — a fearless fighter for the little guy, and one of the country’s finest public servants — as my running mate.
— Joe Biden (@JoeBiden) August 11, 2020
He followed that up immediately with another tweet:
Back when Kamala was Attorney General, she worked closely with [Joe Biden’s deceased son] Beau. I watched as they took on the big banks, lifted up working people, and protected women and kids from abuse. I was proud then, and I’m proud now to have her as my partner in this campaign.
Biden had originally said he would announce his running mate by Aug. 1, but ultimately decided to wait until closer to the Democratic convention, which begins Aug. 17 in Milwaukee (sort of). Harris is now expected to speak on Wednesday, Aug. 19 during the largely virtual convention, while Biden will deliver his speech from Delaware on Thursday.
As Biden’s running mate, Harris is scheduled to debate Vice President Mike Pence on Oct. 7 in Utah.
Harris on retirement
While we’ll leave it to other outlets/forums to dissect the choice of Harris from every angle, we have done some homework on her known views on retirement policy.
As she would be the rhetorical “heartbeat from the Presidency” should the now 77-year-old Biden defeat Donald Trump in the November Presidential election (nine vice presidents in history have ascended to the presidency following a president’s death or resignation), we find her record to be of interest.
Most recently, Harris was among a roster of high-profile Democrats, including fellow former presidential hopefuls senators Elizabeth Warren and Bernie Sanders, who sent the Trump Administration a sternly worded letter Aug. 6 opposing the Department of Labor’s stance on fiduciary-related issues.
Claiming the DOL’s proposed rules “help financial advisors evade their responsibility to clients,” the letter said it will leave hardworking retirement savers at risk and without any meaningful remedies when they have been harmed.
Back in July 2019, when then-candidate Harris released her own version of a “Medicare for All” plan, the proposal intended to pay for the program largely by imposing a financial transactions tax that would impact retirement savers—even though she said at the time her plan would not raise taxes on the middle class.
According to the American Retirement Association (ARA), the proposal claimed it would raise “well over $2 trillion” over a 10-year period through a few measures, including a tax on stock and bond trading with no apparent exception for retirement accounts.
Biden publicly favors expanding the Affordable Care Act without thoroughly revamping the healthcare delivery system, and has characterized “Medicare for All” as too expensive and radical.
In Feb. 2019, Harris joined Senate colleagues Bernie Sanders (I-VT), Cory Booker (D-NJ), Kirsten Gillibrand (D-NY) and Jeff Merkley (D-OR) to introduce legislation to expand Social Security benefits and “strengthen the retirement program for generations to come,” according to a statement from her Senate website.
The legislation, the Social Security Expansion Act, sought to increase benefits by about $1,342 a year for seniors now making less than $16,000 annually and increase cost-of-living adjustments by more accurately measuring the spending patterns of seniors.
“In the richest nation in the world, it is a travesty that so many Americans are struggling to keep up with the rising cost of living,” Harris said at the time. “Over the past two years, this administration has been more focused on cutting taxes for the top 1% than making sure families can make ends meet. We need to expand Social Security and provide our seniors and other beneficiaries of this vital program with greater dignity and peace of mind.”
The bill would ensure that Social Security could pay every benefit owed to every eligible American for the next 52 years, according to the retirement system’s chief actuary. It would extend the program’s solvency by making the wealthiest 1.8% of Americans—those with incomes of more than $250,000 a year—pay the same rate into the retirement system as everyone else already pays. Current law caps the amount of income subject to payroll taxes at $132,900.
Other stances
What else we know about Kamala Harris’ record regarding saving for retirement:
- Back in 2017, Harris blasted a vote by Senate to roll back an Obama-era rule that made it easier legally for states like California to set up 401k-type plans for private-sector companies who don’t otherwise have access to a retirement plan.
- Harris’ campaign website said that as President, she would repeal the Trump tax cuts and “use the money saved to help make sure the LIFT Act can give working people a little extra support.” As explained in The Atlantic, Harris’ LIFT the Middle Class Act, a kind of universal basic income program, would offer a cash payment to most middle-class households. It would cost about $200 billion in the first year or $2 trillion over 10, which is roughly in the range of the price tag for the 2017 Trump tax cuts.
- Harris has long been pro-organized labor, and as Attorney General in California, she was accused of killing state pension reform efforts in 2013 by wording a summary with language favored by labor groups designed to ensure a ballot measure making modest pension cuts would not pass.
SEE ALSO:
2 Ways a Harris Presidency Could Impact Social Security
Vetting VP Contender Kamala Harris’ Views on Retirement
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
