Vice President Kamala Harris’ economic plan has left personal finance expert Dave Ramsey concerned. Ramsey described why during an appearance on “The Ingraham Angle.”
“It’s not sustainable because it’s artificial. If you just put a lid on something and if you want to explore what really happens, just go back to the 1970s. We tried it. There was a whole movement for price controls across everything, because inflation was out of control and rampant, just like it is now. And so it’s been tried,” Ramsey commented.
“It does not work. What works is to flood the market with supply. Lots of oil means lower oil prices. Lots of labor means lower labor prices, lots of whatever means lower prices. It’s a simple supply and demand curve. It’s called economics, and it’s called free market economics. When you insert government in it and try to artificially cramp it down, it simply does not work, because you can only hold that hose for so long until the pressure builds up, and then it blows on you,” Ramsey continued.
Early indications are that Harris’ upcoming economic plan will be presented in a speech on Friday. Conservative critics, however, have argued the target of her plan is corporate “price gouging,” an effort to shift blame from the current administration’s handling of inflation.
Harris will also introduce federal food and grocery price controls- never attempted before — to reign in gouging by large corporations, according to a campaign source. The plan would give the Federal Trade Commission and state attorneys general authority to fine companies whose prices are said to be “unreasonably high.”
After unveiling the proposal, the Harris campaign said in a statement: “There’s a big difference between fair pricing in competitive markets and excessive prices unrelated to the costs of doing business.”
