Harris’ plan to stop price gouging could create more problems than it solves
CNN
Food prices have surged by more than 20% under the Biden-Harris administration, leaving many voters eager to stretch their dollars further at the grocery store.
Food prices have surged by more than 20% under the Biden-Harris administration, leaving many voters eager to stretch their dollars further at the grocery store. On Friday, Vice President Kamala Harris said she has a solution: a federal ban on price gouging across the food industry. “My plan will include new penalties for opportunistic companies that exploit crises and break the rules,” Harris said at a campaign event. There’s just one issue: Harris’ proposal could create more problems than the one it’s trying to solve, some economists say. Gavin Roberts studied anti-price gouging laws some states passed during the pandemic. One of the biggest effects he observed, especially at grocery stores, was that these laws motivated people “to go buy goods more than they would if prices had risen.” When prices are high, in most cases, the best policy action in response is actually taking no action, Roberts, the chair of Weber State University’s economics department, told CNN.
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