A former Trump administration official said that the pricing proposals announced by Vice President Kamala Harris would “lead to shortages and even famines” during a Monday Fox Business appearance.
Harris announced her support for a federal ban on so-called “price gouging” during a Friday speech in North Carolina on economic policy. Former Chairman of the Council of Economic Advisors Kevin Hassett told Fox Business host Stuart Varney that under Harris, Democrats seemed intent on having the government “set the price of everything.” (RELATED: ‘Most Terrifying Proposal I’ve Ever Seen’: Former Trump Economic Advisor Reacts To Kamala Harris ‘Price Gouging’ Plan)
WATCH:
Former Trump Advisor Warns Harris’ ‘Ignorant’ Pricing Policies Would Lead To Economic ‘Misery’ pic.twitter.com/3bcSUTm6sL
— Daily Caller (@DailyCaller) August 19, 2024
“The fact is that it leads to shortages and even famines,” Hassett told Varney. “And if you look at what’s going on, where I just noticed they mentioned in the promo coming up, Medicare-for-all, the Democrats appear to want to have the government set the price of everything, and so that’s a pure socialist idea, and it leads to misery for citizens.”
“It’s astonishing to me that there’s a major party out there that’s about to have a big convention that wants to get everybody all hyped up to support their candidate, and they’re proposing things that pretty much caused most of the misery of the 20th century,” Hassett continued. “It’s just astonishing to me that they would be so ignorant about these policies.”
Harris’ proposal reportedly would rely on “harsh penalties” from the Federal Trade Commission to address alleged “price gouging,” which is similar to legislation authored by Democratic Sen. Elizabeth Warren of Massachusetts that Harris co-sponsored in 2020. Warren introduced similar legislation on Feb. 26. (RELATED: ‘Likely To Just Drive Prices Up’: Washington Post Columnist Blasts Kamala Harris Economic Plan On CNN)
The Federal Reserve of San Francisco released a report in May that noted that “markup fluctuations have not been a main driver of the ups and downs of inflation during the post-pandemic recovery.” Inflation hit a recent high of 9.1% during the Biden administration, with prices having climbed over 20% since President Joe Biden and Harris took office in January 2021.
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