President Biden has launched a new “shrinkflation” task force to crack down on “unfair and illegal pricing” of goods after years of soaring prices on his watch.
Not only is Glenn Beck well aware that it’s Biden’s economic policies that are actually to blame, he also finds the task force “a little scary.”
Former investment banker Carol Ross agreed, noting that what the Biden administration deems “unfair and illegal” may not match the actual definition of the word.
“There’s a certain definition, at least today, of what it means to be illegal. No one knows what that extends to. But it’s obviously unfair, if they happen to not like it, or It’s something we don’t agree with or it’s against our policy,” Ross explains.
Not only is the wording problematic, but price controls have historically failed.
“One of the things we generally know in economics is that price controls don’t work,” Ross tells Glenn. “It creates rationing and creates severe shortages.”
“Even with Paul Krugman, for all his mistakes, one thing he’s ever gotten right is opposing rent control,” she added.
If the task force fulfills its promise, the government could step in and penalize those who benefit.
“That’s a recipe for disaster,” Ross said, adding, “and obviously the complete opposite of free market capitalism.”
“When the government tells corporations what to do, that’s fascist behavior,” Glenn says. “This is what I’m concerned about.”
Watch the clip below to learn more.
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