Critics are piling on to sound off against Vice President Kamala Harris’ economic policy plan, which includes things like price and rent control.
As previously reported by The Dallas Express, Harris has been floating some of her policy positions in recent days, arguing for big government intervention in the economy.
Price controls distort market signals, leading to shortages or surpluses by artificially altering supply and demand. When prices are set too low, it can lead to shortages as producers cut back on supply. Conversely, high price floors can create surpluses, wasting resources and disrupting market equilibrium.
“Rent control has been about as disgraced as any economic policy in the tool kit,” Jason Furman, a former economic advisor for the Obama administration, told The Washington Post last month. “The idea we’d be reviving and expanding it will ultimately make our housing supply problems worse, not better.”
Here’s some of what Fox Business reported on the blowback the Democratic nominee’s policy plan:
Investors are “shocked” by Vice President Kamala Harris’ rehash of President Biden’s economic agenda, “Shark Tank’s” Kevin O’Leary told FOX Business on Monday.
The O’Leary Ventures Chairman, also known as “Mr. Wonderful,” spoke with Stuart Varney ahead of the Democratic National Convention, sharing that he’s none too happy with the Democratic nominee’s proposed plan to implement price controls if elected.
“I’ve spoken with dozens of investors, and we’re quite shocked just from the 30,000 feet. We thought Harris was going to reboot her whole position to the middle. The idea was to get the swing voters on board with her with a middle strategy. Instead, we’re getting Bidenomics 2.0, which is a shock,” he said.
“In addition to Bidenomics 2.0, if you look through the rally proposals, it’s basically the same stuff they’ve been touting for the last 36 months. You’ve got this price control, price fixing, patina on top of it, which we know doesn’t work.”