On Friday, Democratic presidential candidate laid out her economic policy proposals, such as a ban on price-gouging and tougher penalties for big corporations trying to make a quick buck. Her suggestion of price controls immediately set off alarm bells — we've seen how well they've worked in Venezuela. Even the Washington Post editorial board said, "It’s hard to exaggerate how bad Kamala Harris’s price-gouging proposal is." Even CNN destroyed Harris' economic agenda, saying it would do great harm.
We wondered how long it would take for Nobel Prize-winning economist and New York Times columnist Paul Krugman to weigh in.
Paul Krugman sits at his desk.
— Jarvis (@jarvis_best) August 17, 2024
Rubs forehead.
Pours a glass of wine.
Starts typing.
“Why high prices are caused by corporate greed and the answer is price controls”
Two minutes later:
Harris’s gouging proposal looks mild compared with the price-control hysteria. But some are writing as if gouging never happens. Has everyone forgotten about the California electricity crisis of 2001, in which power operators deliberately cut production to raise prices?
— Paul Krugman (@paulkrugman) August 17, 2024
"Price-control hysteria."
Was thinking which economist was going to actually defend price gouging. And on cue, the prediction comes true in spades. https://t.co/Z4b4bYy4aZ
— Joe Concha (@JoeConchaTV) August 17, 2024
Wasn't that the Enron scandal of which Krugman himself was an advisor? https://t.co/R18kbLavkw
— Fusilli Spock (@awstar11) August 17, 2024
There's a reason he locked his replies...
— Jeff A 🧙♂️ (@Mithrandir48) August 17, 2024
Why does the best economy of this millennium need price controls, economist? https://t.co/vFjcVdedhE
— NeverTweet (@LOLNeverTweet) August 17, 2024
With his tweet Paul Krugman helpfully highlights that not only is the price gouging Kamala Harris is using to evade blame for rising prices not happening, he had to go back more than 20 years to find a real example. https://t.co/u9Fs0be2tZ
— Matt Whitlock (@mattdizwhitlock) August 17, 2024
Harris' gouging proposal looks like mild communism. Not even the mainstream media can defend it. It will be interesting to see Krugman try to defend it in Sunday's New York Times.
***
Join the Conversation
VIP members get the ability to comment on articles.