Left-Wing Washington Post Slams Harris’ Price-Gouging Crackdown Plan: ‘Squandered The Moment’
Even the traditionally liberal Washington Post is pushing back against Vice President Kamala Harris’ proposal to implement socialist-style price controls on groceries.
The long-established, left-leaning newspaper—owned by billionaire Jeff Bezos—published a sharp editorial criticizing the Democratic presidential nominee for attributing inflation to price gouging and, rather than presenting a genuine solution, resorting to what it called “populist gimmicks.”
With food prices having soared by over 20% across the nation during the Biden-Harris administration, Harris revealed economic measures she intends to introduce within her first 100 days as president at a rally in North Carolina earlier this week. Among these measures is the enforcement of government-imposed price controls on groceries.
Instead of “level[ing] with voters” and acknowledging that “inflation spiked in 2021 mainly because the pandemic snarled supply chains, and that the Federal Reserve’s policies, which the Biden-Harris administration supported, are working to slow it,” the vice president “opted for a less forthright route: Blaming big business,” the newspaper argued.
Bezos, who has recently been more favorable towards Republican presidential candidate Donald Trump, acquired the newspaper in 2013 but has become increasingly involved in its operations over the past year.
Harris’ policy ideas, such as having the Federal Trade Commission enforce a federal ban on price gouging with steep penalties for companies that set excessively high prices, could potentially affect Bezos’ extensive business interests, which include e-commerce giant Amazon and the Whole Foods Market chain.
“Ms. Harris says she’ll target companies that make ‘excessive’ profits, whatever that means,” the editorial board stated critically.
Additionally, the board criticized her proposal to provide $25,000 to assist first-time homeowners with down payments, warning that it “risks putting upward pressure on prices.”
“Thankfully, this gambit by Ms. Harris has been met with almost instant skepticism, with many critics citing President Richard M. Nixon’s failed price controls from the 1970s. Whether the Harris proposal wins over voters remains to be seen, but if sound economic analysis still matters, it won’t.”
On a more positive note, the editorial board expressed some approval of Harris’ housing plan, describing it as “built on a slightly firmer foundation” and calling her tax incentives “clever.”
“Such a measure might make sense if Ms. Harris paid for it by eliminating other demand-side housing subsidies, such as the mortgage interest deduction, a roughly $30 billion annual drain on federal revenue that benefits many wealthy Americans—but she does not,” the newspaper noted.
The editorial also pointed out that Harris’ strongest proposal was to increase the child tax credit from $2,000 per child to $3,600, among other tax incentives.
{Matzav.com}