Critics have drawn parallels between Harris's proposed measures and the price controls characteristic of communist regimes, particularly in relation to food and other essential services.
According to The Post Millennial, Harris, during a rally in North Carolina, outlined her economic strategy for the United States. This strategy includes compelling taxpayers to subsidize first-time homebuyers up to $25,000 and implementing price controls on groceries, housing, and prescription drugs.
August 18, 2024
Harris emphasized her commitment to combating high prices, pledging to target landlords and grocery chains accused of "price gouging." She stated, "I will go after the bad actors and I will work to pass the first-ever federal ban on price gouging on food." This comes despite the fact that grocery stores typically operate on slim profit margins of 1-3 percent, reflecting the competitive nature of the food market and the abundant food supply in the United States.
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Attributing the current inflation to the COVID-19 pandemic, Harris argued that despite improvements in supply chains, prices remain "still too high." She stated, "We all know that prices went up during the pandemic when the supply chains shut down and failed, but our supply chains have now improved and prices are still too high."
August 18, 2024
In addition to these measures, Harris's team has pledged to advocate for price caps on prescription drug costs, capping them at $2,000 annually for all Americans. Furthermore, Harris aims to eradicate medical debt for all Americans, as reported by The Hill.
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However, critics have drawn parallels between Harris's proposed policies and those of the Soviet Union during the mid-1900s. Ryan McMaken, Executive Editor at the Mises Institute and former economist for the State of Colorado, noted that the Soviet regime attempted to suppress inflated prices through controls, leading to shortages.
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In a 2022 article, McMaken wrote, “Prices were kept under control not through fiscal discipline, but through price controls. This led to shortages because, if wages were rising while goods prices could not, demand quickly exceeded supply. Soviet citizens often found they had very little to spend their money on, with the result being the long queues and empty store shelves we now associate with the Soviet economy."
