Former President Donald Trump has accused Vice President Kamala Harris of pursuing “Soviet-style” economic policies after she announced her intention to impose price controls on food.
Harris’ campaign announced Wednesday that if she becomes president, she would “institute a federal ban on food and grocery price gouging” to stop “big corporations” from taking unfair advantage of consumers.
“If you think prices are high now, four years of Kamala’s presidency will make them 100 times higher. Under her plan, Kamala will implement Soviet-style price controls,” Trump said in a statement. Authentic Social Posts on friday.
Economic commentator warns Harris’ price control plan has already been tried in ‘Venezuela, Argentina and the Soviet Union’
Former President Trump arrives to speak at a campaign rally in Bozeman, Montana. In a Truth Social post, the Republican presidential candidate accused Vice President Kamala Harris of pursuing “Soviet-style” policies to artificially suppress inflation. (AP/Rick Bowmer)
The former president continued, “She will abolish private health care and make California’s ridiculous tax code the law of the land, which means every American will be taxed up to 80% of their income! If you want more cash and less taxes, vote for Trump!!!”
Harris He floated the idea of price controls. “There is a big difference between fair pricing in a competitive market and exorbitant pricing that has no relation to the costs of doing business,” he said earlier this week, adding that “Americans can see the difference when they look at their grocery bill.”
The announcement received widespread criticism from commentators and economists who compared the idea to failed communist economies around the world.
Dave Ramsey explains why Kamala Harris’ price control plan won’t control inflation: ‘It’s not sustainable’
Harvard University economist President Obama’s The administration has sharply criticized Harris’ plan to curb inflation, saying it is not based in “reality.”
The Harris-Waltz campaign is promoting legislation to combat alleged food “price gouging” through price controls, a policy that economic and media commentators have compared to similar efforts in communist countries such as the Soviet Union and Venezuela. (iStock)
“This is not smart policy, and I think the best hope is that it ends up being all rhetoric and no policy at all,” said Jason Furman, who served as director of the National Economic Council under the Obama administration. He told the New York Times “There is no room for upside here, but rather downside,” the report, released Friday, said.
Washington Post columnist Katherine Rampell criticized Harris’ proposal. Federal Price Controls To stop food price hikes.
Ahead of policy speech, Harris’ understanding of inflation and attacks on corporations are criticized as “insane”
“It is impossible to overstate how bad this policy is,” Rampell wrote. An editorial published Thursday“This is sweeping government price control in all but name, not just in the food industry but in all industries. Supply and demand will no longer dictate prices and profit levels. Far-away bureaucrats in Washington will. The FTC will be able to dictate to, say, Kroger in Ohio, the fair price it can charge for milk.”
Rampell, who is also an economic commentator for CNN, compared the proposed regulations to policies in the Soviet Union and other Community countries.
Vice President Kamala Harris held a campaign rally in Raleigh, North Carolina. The Democratic presidential candidate said in a statement that Americans can tell the difference between “fair pricing in a competitive marketplace and exorbitant pricing that has no relation to the cost of doing business.” (Image direct from Fox News Digital)
“Many countries have tried this before – Venezuela, Argentina, the Soviet Union – and it creates shortages, black markets and a lot of uncertainty,” she said.
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“Plus, depending on how the bill is specifically written, it could actually drive up prices because of other language, such as requiring public companies to disclose their pricing methodologies in their quarterly filings and quarterly earnings reports. This is a great way to encourage collusion, which is something we don’t normally want,” she explained.
Fox News Digital’s Jeffrey Clark and Christine Parks contributed to this report.
