Posted on 01/04/2022 9:28:18 AM PST by JV3MRC
Inflation is skyrocketing, so let’s make matters worse! That seems to be the logic behind the “price controls” New York Magazine is promoting as a serious idea to fight off inflation.
In a piece headlined, “Who’s Afraid of Price Controls?,” author Eric Levitz made the argument that the “widespread tendency to dismiss price controls of any kind as economically illiterate, while defending interest-rate hikes as economically wise, reflects custom more than reason.” But Levitz spent a major portion of his argument undercutting himself. He noted that a similar case made recently in The Guardian was considered “tantamount to a declaration of economic illiteracy” by lay observers and policy wonks and “fatally undermined by its brevity and dearth of detail.”
Levitz’s argument was simply an attempt at convincing readers that price controls shouldn’t be dismissed because the Federal Reserve’s “existing approach to managing inflation [ — raising interest rates —] has plenty of hazards of its own.”
(Excerpt) Read more at newsbusters.org ...
Bull sh#t! This crap didn’t work in the 70s, won’t now.
Start the controls by mandating NY magazine radically reduce its price; see how that works.
Fine. Lets start by capping the selling price of their publication and website subscription at $1.00
Lets see how long they last.
“Bull sh#t! This crap didn’t work in the 70s, won’t now.”
didn’t work in Venezuela ... it NEVER works ... well, it DOES work to make make the availability of stuff even more scarce, as well as foster a thriving black market that sells at the ACTUAL market price for those who can afford it at that point, namely the super-wealthy super-elite ...
Milton Friedman once said that economists don’t know much, but they know how to do two things— create shortages and surpluses. To create shortages, the consensus is to impose price controls.
Start with colleges and universities and see how that goes...
Price controls don’t work. They do nothing to address the issues that cause inflation in the first place. They only clamp a lid on them that will eventually explode and make things even worse.
Price controls are stupid. The government already has too much control over the economy by being able to set interest rates and to issue more currency.
I believe because it is a democrat administration, that of course, it would work right, this time.
It did not work well with Nixon.
The concept of “price controls” assumes that the government knows what they are doing! BWAHAHAHAAA!
If price controls are imposed I will open a black market.
So, they are completely unaware that wage and price controls were tried in the 1970s.
What next, an editorial calling for the distribution of buttons with the slogan “Whip Inflation Now!”?
The only solution to decrease inflation is to decrease free money, money printing, and low interest rates.
People will suffer, like they did the first 2 years under Reagan. We have to cut Federal budget to the bone, get rid of politically based agencies and foreign aid, get all the money and resources back from the CIA. If we combine it with a incentive to produce and manufacture in the US, we could be doing well in couple of years. Freeze income tax, mildly increase capital gains, and add a huge Tariff tax to supplement Federal Government losses from the increased interest rates.
Or.....We could just do the Biden thing until we are eating Zoo animals and half the women in the country are prostitutes like Venezuela.
Yes, however, however, when Lowes jumps the price of two-by-fours over three dollars in the same week on lumber already paid for, then that used to be called price-gouging.
I remember that Nixon pushed WAGE and PRICE controls. And, they don’t work. They just piss people off.
And, those of us who lived through it know, Inflation is a job killing, soul sucking economic cancer.
The author of this article has a bachelor degree in Creative Writing, and a Master’s Degree in Fiction Writing. John Johns Hopkins U.
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