Harris-Biden Inner Circle Lacks Business Experience, Contributing to Economic Struggles, Critics Say

Vice President Kamala Harris defended the Biden administration’s economic record, expressing pride in its management of inflation. Speaking to CNN last week, Harris stated, “I’m very proud of the work that we have done that has brought inflation down to less than 3%.”

However, her optimistic assessment has sparked controversy, given the challenges many Americans face with rising costs.

Critics have pointed out that when President Joe Biden and Harris assumed office, the inflation rate stood at 1.4%. However, their policies, notably the $1.9 trillion “American Rescue” plan, have been blamed for exacerbating inflation, which peaked at 9.1% in June 2022—a 40-year high.

Analysts argue that the administration’s spending spree, initiated as the economy was recovering from pandemic lockdowns, contributed significantly to this surge in inflation.

Despite these challenges, Harris resisted labelling the administration’s economic policies as a complete “success,” acknowledging that “there’s more to do.” However, her statements about an “opportunity economy” as a “day one” priority have left many unclear about her specific economic plans.

Vice President Kamala Harris and her running mate Minnesota Gov. Tim Walz sitting for an interview with CNN on Aug. 29, 2024. Will Lanzoni/CNN

Concerns about Harris and her team’s economic competence have been further fuelled by a recent report from the Committee to Unleash Prosperity titled “Amateur Hour.” Authored by economists Stephen Moore and Jon Decker, the report reveals that many of the administration’s top officials lack substantial business experience.

According to the report, 58% of the 66 top officials handling economic policy, regulation, commerce, energy, and finance have little to no business experience, with an average of only 3.1 years in the private sector.

The report highlights that neither Biden, Harris, nor Harris’s running mate, Tim Walz, have significant private-sector experience, which it argues has led to mismanagement in critical areas of the economy. The report contrasts this with the experience level of former President Donald Trump’s cabinet, which had an average of 13 years of business experience in its final year.

Several administration officials have been singled out for their lack of business acumen, including Transportation Secretary Pete Buttigieg, Energy Secretary Jennifer Granholm, and Secretary of Health and Human Services Xavier Becerra.

The report criticises their handling of significant initiatives, such as the $6 billion electric vehicle charging station program, which has reportedly produced minimal results, and Granholm’s energy policy oversight during rising gasoline and home heating costs.

Moreover, the report suggests that many in the Biden-Harris administration are more focused on advancing progressive social policies rather than expanding the economy.

It highlights concerns about critical figures like Lael Brainard, the Vice-Chair of the Federal Reserve Board, who has emphasised climate change and gender equity issues in her role, and Phillip Jefferson, another Federal Reserve Board member with no private-sector experience, who has been part of the team struggling to manage inflation.

Neera Tanden, the head of the Domestic Policy Council, career experience is solely in political campaigns and nonprofits. AP Photo/Susan Walsh, File

While there are some exceptions, such as Biden’s chief of staff Jeff Zients, who has extensive experience in venture capital, tech, and health care, and Commerce Secretary Gina Raimondo, who has a background in venture capitalism, the report suggests that the administration as a whole lacks the necessary business expertise to manage the economy effectively.

Secretary of Commerce Gina Raimondo recently claimed she wasn’t familiar with the Bureau of Labour Statistics’ downward revision of its recent jobs report. Ron Sachs – CNP for NY Post

As the presidential campaign progresses, Harris’s economic record and the experience of her advisers are likely to remain critical points of debate, mainly as polls show that many Americans believe the economy is headed in the wrong direction.