Trump: Harris proposing Soviet-style price controls to ‘combat inflation’

by WorldTribune Staff, August 15, 2024 Contract With Our Readers

The first economic plan unveiled by the Kamala Harris campaign calls for a first-of-its-kind federal ban on “corporate price-gouging in the food and grocery industries.”

“There’s a big difference between fair pricing in competitive markets, and excessive prices unrelated to the costs of doing business,” the Harris campaign wrote in a statement, adding, “Americans can see that difference in their grocery bills.”

GOP presidential candidate Donald Trump said the plan reeks of Soviet-style price controls.

“Now, Kamala is reportedly proposing communist price controls. She wants price controls,” Trump said at a press conference at his Bedminster, New Jersey estate. “If they worked, I’d go along with it too. But they don’t work. They actually have the exact opposite impact and effect, but it leads to food shortages, rationing, hunger, dramatically more inflation.”

Support American Journalism

Harris is “running on the Maduro plan,” Trump added, referencing Venezuelan dictator Nicolas Maduro. “[L]ike something straight out of Venezuela or the Soviet Union. This announcement is an admission that her economic policies have totally failed and caused really a catastrophe for our country and beyond that, a catastrophe in the world a little bit unrelated, but not totally unrelated.”

The Harris campaign said the Democrat candidate will unveil the new federal proposed ban on Friday at a campaign rally in North Carolina as part of a broader economic policy platform.

Zero Hedge noted that Harris’s remarks on Friday “are expected to echo Biden’s actions and rhetoric, especially with his war against meat processing companies that he alleges are responsible for higher burger prices at the supermarket.”

The Harris campaign “argues that lowering Americans’ costs is a function of socialist-style price controls. Yet this is the quickest way to understand that Harris’ economic team has no actual understanding of inflation,” Zero Hedge added.

Trump blamed the Biden-Harris administration’s spending packages for rising prices, contending that landmark legislation ostensibly designed to curb price increases actually had the opposite effect.

“Their inflation Reduction Act, by the way, was a disaster. It’s what caused the inflation. Their inflation Reduction Act was a con job,” Trump said. “They actually admitted that it wasn’t really for inflation that they did it. They don’t know why they did it, but they named it the inflation Reduction Act, which was a very nice name, got approved based on that. Unfortunately, people didn’t understand it. I understood it. I said that’s going to cause tremendous inflation.”

Money Metals Midweek Memo’s Mike Maharrey commenting on Harris’ proposed price-fixing ban on big food companies:

The second “dumb” idea Maharrey discussed came from Vice President Kamala Harris, who was recently asked about her plan to combat inflation. Maharrey criticized her response, which he described as “word salad,” pointing out that she merely acknowledged the problem without offering any concrete solutions. Instead, she promised to take on “big corporations” engaging in “illegal price gouging,” corporate landlords, and big pharma.

Maharrey argued that Harris’s approach misses the root cause of inflation, which is monetary inflation driven by the Federal Reserve’s money creation. He cited the July budget deficit data, revealing that the Biden administration spent another $574 billion in just one month, running a $243 billion deficit. Maharrey emphasized that inflation is not caused by corporate greed but by the government’s excessive spending and borrowing.

“Price inflation is a symptom of monetary inflation, which has everything to do with money creation by the Federal Reserve,” Maharrey explained. He warned that Harris’s proposed policies, including price controls, would likely lead to shortages and exacerbate the problem rather than solve it.

Help Wanted

  , ,

Trump: Harris proposing Soviet-style price controls to ‘combat inflation’ added by on
View all posts by Editor Two →