Kamala Harris claims she has a plan to solve the crisis she helped cause: inflation.
Kamala Harris claims she has a plan to solve the crisis she helped cause: inflation.
Under former President Trump, the inflation rate averaged 1.9%. It skyrocketed to 9.1% in 18 months under Joe Biden and Harris, fueled by a $5 trillion spending binge paid for by debt and printing money.
The centerpiece of the Harris plan is the imposition of federal price controls on “greedy corporations” she says are “price gouging” consumers. Landlords would be prohibited from raising rents more than 5% a year.
Even the has trashed the plan, advising Kamala that “when your opponent calls you a ‘communist,’ maybe don’t propose price controls.”
Are grocery stores and 7-Elevens and Walmart guilty of price gouging? No. It turns out, as Heritage Foundation economist E.J. Antoni points out, producer prices have risen by 19.5%, which is almost exactly the same pace as consumer prices. In other words, to stay afloat, businesses are simply passing on their higher costs to consumers.
The San Francisco Fed found the exact same thing a few months ago: “Aggregate markup across all sectors of the economy .
