Kamala Harris Is Promising Price Controls. Didn’t We Learn Our Lesson 50 Years Ago?

Vice president and Democratic presidential nominee Kamala Harris recently announced her plan to bring down grocery costs using price controls. As with many historic moments in recent years, this move is another strange echo of the late ‘60s and early ‘70s. Richard Nixon infamously implemented blanket price controls to address inflation, and when supplies faltered, long lines and shortages ensued. The resurrection of this economic zombie is a concerning move, especially to an economics nerd like me. I also happened to learn a thing or two about the American food system while producing “At the Fork,” a documentary on animal farming. The concept of “price gouging” is itself an incoherent rejection of the entire theory of supply and demand, and that’s especially true in the food market. Unfortunately, our policymakers have long treated America’s wealth of talent, productivity, and natural resources like trust fund kids. The money hasn’t run out, and it won’t for a long time, but eventually, we’ll have to wake up and bring back economic sanity.

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#inflation #kamalaharris #economics

[DadSavesAmerica]

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[mickeyd]

I'm a retired accountant (so kinda economist-adjacent). I recently had a recent COLLEGE GRADUATE tell me that we now "have the technology to print enough money that everyone could live comfortably without working, and so, making everybody work for a living is just corporate greed." That kinda stupidity is not born, it's taught.

[williambarry]

What she says isn't scary. Its the fact that people buy it thats scary.

[pdexBigTeacher]

As a teacher, here's the conspiracy that leads to this stupidity:
You spend 30+ years either not teaching basic economics, or your have secondary teachers who loathe 'profiteers', so now you have an electorate gullible enough to fall for this.
Out here in CA, the moment you passed laws saying pork must be 'humanely raised, ' 1 lb of bacon now costs $5-8.
My electric bill is 3X what it was prior the pandemic and CA trying to run this state on renewable energy (ain't enough of it).
How the hell Harris gonna go after the 'price gougers' when it was your party's laws that drive the damn prices up?

[jamesbell]

"... UNBURDENED ... BY WHAT HAS BEEN ... " never sounded so ominous.

Isn't 'history' the key to avoiding insanity ???

[Samuel_E]

Im 23, im deeply upset by how many people buy into all this garbage. Thank you for talking about this.

I’m a 28 year old woman. I can not understand why people don’t think the laws of economics do not apply to us at this time.

[curtbalch]

"We" may have learned something, unfortunately "they" obviously did not...

[attiladekany]

It's amazing that interventionists always ruin everything they touch, complain that it's someone else's fault and the only way to fix it is even more intervention and giving them more power.

[JohnHankins-np]

To graduate from high school everyone should have to take and pass a course on both civics and economics.

[spsomers]

“If socialists knew anything about economics, they wouldn’t be socialists.”

[markymark]

Price control greatly favors huge corporations and not small business owners..it crushes them and any who wanna start a small business as well..

[hightierplayers]

“Those who cannot remember the past are condemned to repeat it.”

Since increasingly, nobody knows history anymore, I'm not surprised old bad ideas are re-surfacing.

[Ron_EZ]

Shocker: "You can't SPEND your way into prosperity!"

[camgere]

Brilliant! Instead of paying a high price for spaghetti there won't be any spaghetti for sale.

[cindirose]

Price Control plus Digital Control of $ plus Tax Control plus Digital Surveillance and Speech Control plus Travel Control plus Medical Control ....that is Government Control, not the individual or We The People control. What Country is this?

[andrew]

This is a 1700 year old economic lesson. Diocletian tried price controls and the Roman state never properly recovered in the west, and the east only kept going because it reformed out of them.

[azmike]

When Nixon tried it, there was a political cartoon with him standing with arms up, facing the dawn sun (labeled "prices") rising, saying "I command you not to rise."

[my_pronoun_is_your_excellency]

I own rental properties in a blue state, the biggest increase in the cost in the last few years is the property tax, that’s price gouging!

[TXVETJEB]

Government NEVER helps anything be more competitive.. .