Women at the Forefront: The Economic Impact of Kamala Harris's Empowerment Initiatives

As a presidential candidate and current Vice President of the United States, Kamala Harris places a special emphasis on women’s empowerment in her agenda. Through national initiatives, like the Women in the Sustainable Economy initiative (WISE), Harris aims to play a pivotal role in shaping the U.S. economy. She seeks to enhance economic productivity by increasing women's participation in critical sectors like technology, clean energy, and entrepreneurship. Her policies focus on addressing gender pay gaps, promoting women in leadership roles, and improving workplace protections, especially for marginalized groups such as women of color and immigrants.

Kamala Harris’ focus on women's empowerment marks a promise of social and economic change in the U.S., as she argues that another Trump term would mean ‘more suffering, less freedom’, especially for women. She particularly highlights how Donald Trump’s administration has failed and even worsened women’s economic empowerment. This setback must be nationally recognized and addressed now.  Her Women in the Sustainable Economy Initiative (WISE), which secured over $900 million in public and private investments, with the U.S. government contributing $163 million shows her devotion to a more socially sustainable economy for women. 

The initiative is founded on three pillars. First, job creation and skills development focus on ensuring women receive the necessary training and access to well-paying jobs, along with labor protections to support safe competition in the workforce. Second, supporting women-owned businesses involves enhancing access to banking, financial services, and markets, as well as providing technical assistance, which is crucial for driving innovation and economic growth. Finally, eliminating barriers to participation is essential, which includes advancing girls' access to STEM education and addressing systemic obstacles that restrict women’s control over resources (The White House, 2024). 

Together,  bolstering energy capacity & advancing women in STEM, and accelerating women’s participation in the energy sector account for more than 430 million dollars, approximately half of the initiative’s budget (U.S. Department of State, 2024). 

According to a McKinsey Global Institute report, achieving gender parity in labor participation could add $2.1 trillion to the U.S. economy by 2025. Harris’s policies aim to fill this gap by empowering women to enter higher-paying sectors that are rapidly expanding (McKinsey Global Institute, 2016). 

Moreover, Harris has long supported raising the minimum wage, which directly affects women, as they make up a large proportion of low-wage workers. Raising the federal minimum wage could boost household incomes, reduce poverty, and, in turn, increase consumer spending—vital drivers of economic growth. The Vice President has long championed raising the federal minimum wage, a policy that is particularly significant for women, who make up approximately 56% of low-wage workers in the U.S. Raising the minimum wage to $15 per hour could lift nearly 3.7 million women out of poverty, according to the Economic Policy Institute. 

Additionally, increased household incomes can lead to higher consumer spending, which is a crucial driver of economic growth. When women have more financial resources, they are likely to reinvest in their families and communities, stimulating local economies. According to a report by the Center for American Progress, women are responsible for approximately 70-80% of household spending, meaning their economic empowerment has a direct impact on consumer markets (McKinsey Global Institute, 2016).

However, executing Kamala Harris's ambitious plan for women won't be a walk in the park—it will demand substantial funding and resources that could prove tough to secure, especially in our current politically divided climate. Her initiatives are not just wishful thinking; they require a serious financial commitment and collaboration between federal, state, and local governments.  Critics have raised valid concerns that without a clear and actionable roadmap, along with a solid commitment to funding, these vital initiatives could struggle to get off the ground. The complexity of navigating various government layers and securing bipartisan support adds another layer of difficulty. If Harris' plans to be more than just a series of promises, it needs to not only inspire but also lay out a realistic strategy for implementation. 

In her current 2024 presidential agenda, the promise made by the current Vice President aligns with her former engagements regarding women. Kamala Harris aims for a radical change and she is determined to put it into place. But, this context of  presidential campaign and political maneuvering from both the Democrats and Republicans raises questions about the practical feasibility and implementation of her plans. We need to take into account the broader political context of the United States at the moment. Indeed, during crucial times of elections, candidates propose agendas that seem ideal. But after the 5th of November, the theoretical approach has to come into practice for it to be credible.  After all, lofty goals without a practical path forward risk being more than empty rhetoric. 

References

White House. “Fact Sheet: Vice President Harris Launches Women in the Sustainable Economy Initiative, Totaling Over $900 Million in Commitments.” The White House, 16 Nov. 2023, www.whitehouse.gov/briefing-room/statements-releases/2023/11/16/fact-sheet-vice-president-harris-launches-women-in-the-sustainable-economy-initiative-totaling-over-900-million-in-commitments.

“At COP28, a WISE Investment: Advancing Women’s Participation in Climate Efforts - United States Department of State.” United States Department of State, 5 Dec. 2023, www.state.gov/at-cop28-a-wise-investment-advancing-womens-participation-in-climate-efforts.

Ellingrud, Kweilin, et al. “The Power of Gender Parity in the United States.” McKinsey & Company, 12 Apr. 2016, www.mckinsey.com/mgi/overview/in-the-news/the-power-of-gender-parity-in-the-united-states.