Vice President Kamala Harris is anti-capitalist. She does not understand basic economics. Her words and actions tell us that. She supports price controls, and she accuses businesses of corporate greed and price gouging.
Price controls don’t work. Business is a price taker, not a price setter. The free market sets prices where supply and demand for a good or service intersect. That is a basic principle of Economics 101. Price controls have been tried throughout history. Ultimately, they always fail. Price controls lead to shortages. Price controls create black markets. Price controls create false price signals. Capital is destroyed.
Under President Richard Nixon, price controls were imposed for gasoline prices. Long lines and fights followed. Today, President Joe Biden, with the full throated support of Vice President Harris, is celebrating price controls on prescription drugs….
