Trump Was Right About Price Controls, Until He Embraced Them

On the 2024 campaign trail, Vice President Kamala Harris’s first major economic speech included proposing a ban on so-called “price gouging.” Jason Furman, a top economist in the Obama administration, said it was “not sensible policy.” As economists across the political spectrum will tell you, capping prices would discourage new companies from ramping up supply, invariably creating shortages. Donald Trump called the plan “SOVIET Style price controls.” He was right, if overly dramatic.

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