‘No upside here’: Obama economist trashes Kamala’s socialist price controls

'This is not sensible policy, and I think the biggest hope is that it ends up being a lot of rhetoric and no reality'

Aug 19, 2024 - 11:28
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‘No upside here’: Obama economist trashes Kamala’s socialist price controls
Kamala Harris delivers remarks with Joe Biden on the administration's efforts to lower prescription drug costs for Americans, Thursday, August 15, 2024, in Largo, Maryland. (Official White House photo by Lawrence Jackson)

Kamala Harris delivers remarks with Joe Biden on the administration's efforts to lower prescription drug costs for Americans, Thursday, August 15, 2024, in Largo, Maryland. (Official White House photo by Lawrence Jackson)

An economist at Harvard who worked in Barack Obama’s administration when he was in the White House is warning American voters that Kamala Harris’s ideas are not based in “reality.”

This comment came as Harris on Friday announced her agenda for price controls, claiming that would address the inflation that actually has been caused by the trillion dollar spending packages Joe Biden pushed, and she actually provided the critical votes to pass. That inflation is costing American consumers 20% more now for the same lifestyles they had when Bidan took office.

“This is not sensible policy, and I think the biggest hope is that it ends up being a lot of rhetoric and no reality,” Jason Furman said in an interview with the New York Times about the time Harris was announcing her plan, a common device used by repressive nations to make their economies look better than they are.

“There’s no upside here, and there is some downside.”

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Harris’ “price-fixing” scheme, she said, would stop “big corporations” from taking advantage of consumers. However, the Biden-Harris team has imposed on Americans, by virtue of Harris’s tie-breaking votes in the Senate, multiple trillions of dollars in spending of money the nation doesn’t have.

A report at Fox News said Harris has plans to give the Federal Trade Commission and states the authority to impose penalties for setting excessively high prices.

But one commentator suggested immediately Americans would have to decide whether they want the open market to decide prices, or some bureaucrat in Washington’s Deep State.

Kamala Harris explains how data is stored in an actual 'cloud that exists above us.' (Video screenshot)
Kamala Harris explains how data is stored in an actual ‘cloud that exists above us.’

Furman was the National Economic Council chair under Obama and said plans like Harris’s are risky.

Washington Post columnist Catgherine Rampell also voiced criticism of Harris’s plans.

“It’s hard to exaggerate how bad this policy is. It is, in all but name, a sweeping set of government-enforced price controls across every industry, not only food. Supply and demand would no longer determine prices or profit levels. Far-off Washington bureaucrats would. The FTC would be able to tell, say, a Kroger in Ohio the acceptable price it can charge for milk.”

WND reported over the weekend that a JD Vance, President Donald Trump’s pick for vice president on the GOP ticket this year, warned giving Harris control over inflation policy is “like giving Jeffrey Epstein control over human-trafficking policy.”

He said, “”The American people just don’t buy the idea that Kamala Harris, who has been vice president for three and a half years, is somehow going to tackle the inflation crisis in a way tomorrow that she hasn’t for the past 1,300 days. Giving Kamala Harris control over inflation policy, Shannon, it’s like giving Jeffrey Epstein control over human-trafficking policy.”

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Fibis I am just an average American. My teen years were in the late 70s and I participated in all that that decade offered. Started working young, too young. Then I joined the Army before I graduated High School. I spent 25 years in, mostly in Infantry units. Since then I've worked in information technology positions all at small family owned companies. At this rate I'll never be a tech millionaire. When I was young I rode horses as much as I could. I do believe I should have been a cowboy. I'm getting in the saddle again by taking riding lessons and see where it goes.