Since Biden touched on this subject and now Harris has jumped on it with both feet, much has been written abut the idea….I too have written about it and now I found another side to the subject….this one is from The Moderate Voice…..
One week ago, Vice President Kamala Harris told a North Carolina audience that she planned to propose a federal ban on price gouging for food.
In criticizing Harris, the Washington Post editorial board demonstrated its lack of basic economic theory. Then various news organizations jumped from “price gouging” to “price controls” (a la Nixon). Now Cato Institute economist Scott Lincicome insists farm policy is the culprit behind food price increases.
Thirty-seven states already have laws on the books that prohibit “price gouging” in the lay person’s understanding of that phrase. This type of prohibited price gouging concerns taking advantage of high demand or supply restrictions during an emergency (a hurricane is coming and then it landed).
Another lay definition of price gouging is charging an excessive price “because a corporation has the power to do so, aka Ticketmaster.”
What pundits don’t get about the Harris “price gouging” proposal
A fascinating op-ed….I do not necessarily agree with their assumption but I include it for my readers to have as many sides of the policy as I can locate.
After reading the piece please let me know what you think.
I Read, I Write, You Know
“lego ergo scribo”
What I think is that consumers are always going to be the victims who pay the ultimate price for their brand loyalty mania
In this system you are correct….the customer will always be bent over. chuq
willing and with legs spread.
Yep….they believe the idiots they elect….bad decision. chuq
I believe that the ant-trust laws against monopolies and price fixing and so forth should be enforced. still have not seen anything about the Harris plan so can’t comment in that. As far as I know, new laws are not needed, we just need go enforce existing laws.
I politicians should be careful with their terminology. Thirty seven states have laws against price gouging. I recently reviewed Georgia’s law. The term has an accepted meaning that is understood by the public. The term should only be used in that context. There is a line between acceptable speech and inflammatory and hate speech. Too often that line is crossed. I think the recent berating of corporations has crossed that line.
That is my problem….Harris plan is all words no specifics so I am dubious of the actual desire to tackle the problem….corporations take advantage of every thing the government gives them then some extra….they deserve the condemnation at this point. chuq
There should be a law limiting the income of top corporate officials. That must be where the money is going. That and stock buybacks. It is not going as dividends to stockholders.
A tax on excess profits is a possibility. Some countries use those.
I believe there was a law years ago but in 1992 it was overturned…..I agree with the excessive profits….stock manipulations is what is the major problem. chuq
We have had similar stories here about concert tickets, hotel rooms, and other hospitality venues. They charge whatever they think the buyers will stomach, and make huge profits. One of Julie’s friends spent close to £1,000 to see a band she likes at an open air gig. Two tickets cost almost £500, the hotel room over £300, then there was the cost of food, drink, and parking charges at the venue. I would never pay that to see anyone perform live.
Best wishes, Pete.
It is ridiculous I read where Taylor Swift’s cheapest concert ticket is $3000…..the cheapest? I would not pay anywhere near that for even a night with Jesus (if I believed)…..chuq