We were pleasantly surprised by the story that accompanies this tweet on CNN’s website — the answer seems to be a resounding “no,” although writer Charles Riley tries to give the question the “both sides” treatment. It’s a refreshingly different take from the one recently published in The Guardian, which argued strongly for price controls.
Should the government control the price of food and gas? https://t.co/dJKn8t4sMQ
— CNN (@CNN) January 18, 2022
Asked whether price controls similar to those used in the United States during the 1970s could reduce inflation over the next year, less than a quarter of economists surveyed said they agree while nearly 60% said they disagree or strongly disagree.
“Just stop. Seriously,” Austan Goolsbee, a professor at the University of Chicago, said in response to the question. Goolsbee previously served as chairman of the Council of Economics Advisers under former President Barack Obama.
The attitude toward price controls appears to be similar in Washington, where policymakers have shown little enthusiasm for even targeted or temporary measures despite growing pressure on middle class families that feel the pain of price increases more than the rich.
It’s an idea so bad we don’t think even President Biden has given it serious consideration.
— Schadenfreudelish (@aggierican) January 18, 2022
— The Gormogons (@Gormogons) January 18, 2022
This isn’t a real question is it? pic.twitter.com/ZuHYEf6jgj
— Lee C Eldridge (@LeeCEldridge) January 18, 2022
Real wage and price controls have never been tried!
— Steve Stephens (@SteveStephens) January 18, 2022
Never in the course of history outside of wartime have government price controls ever worked in any country. Pricing things too low results in shortages. Pricing things too high results in hardship for the consumer.
— Crosspatch (@VictorB123) January 18, 2022
Yeah, let's put out the fire with more gasoline.
— Preston Pysh (@PrestonPysh) January 18, 2022
I mean sure if you want to cause food and gas shortages.
— ⚡️₿rain⚡️ (@BitcoinMonke) January 18, 2022
Economics 101 and these people still don’t get it. It’s amazing actually.
— META THOMIST (@metathomist) January 18, 2022
Ask a Venezuelan. https://t.co/sXyH17q9Pu
— Jason Buttrill (@JasonButtrill) January 18, 2022
Nixon tried that and failed. We are literally reliving the '70's all over again.
— Bryan R (@Milhouse818) January 18, 2022
Do we get free “Whip Inflation Now” buttons again?
— Everyone🥋 (@tcoley1) January 18, 2022
The government should fuck off. They’re the problem.
— This Space For Rent (@corrcomm) January 18, 2022
What is the most stupid course of action possible? And why are you recommending it?
— Joshua Black (@JoshBlackLiberT) January 18, 2022
We are gonna save so much on potato pic.twitter.com/cBlV4tELMa
— Anthony Bialy (@AnthonyBialy) January 18, 2022
I'll take, "Things idiots say right before there are massive shortages of everything" for $500!
— John Hawkins (@johnhawkinsrwn) January 18, 2022
— Thomas Viola 🦥 (@TVatWork) January 18, 2022
Government created inflation by printing money.
And now you’re asking if the troublemaker should “fix” the problem.
Price control NEVER worked. Ever.
— Omar at TX (@omarslopezarce) January 18, 2022
We all know how this story ends…
— Yoriichi_Sama (@Yoriichi_Sama) January 18, 2022
Absolutely not! Name one thing they control that they do better than the private sector.
— Shane Talks Politics (@TalksShane) January 18, 2022
I've always wanted to wait in line for 6 hours for a loaf of bread.
— Some Guy (@xPMLx) January 18, 2022
— 𝙱𝚛𝚢𝚊𝚗 𝚁𝚒𝚕𝚎𝚢 (@FreeTradeBryan) January 18, 2022
Are you brain-damaged?
— John Carvalho (@BitcoinErrorLog) January 18, 2022
Riley concludes, “Price controls, it seems, are still a bridge too far.”
Economics professor argues that it’s time to use price controls to fight inflation https://t.co/8J6YhpxLYB
— Twitchy Team (@TwitchyTeam) December 30, 2021