Business
‘Bad Case Scenario’: Former Obama Economist Slams Kamala Harris’ Plan For Nationwide ‘Price Controls’
From the Daily Caller News Foundation
Former President Barack Obama’s top economist joined the chorus of experts critiquing Vice President Kamala Harris’ proposed plan to lower costs for housing and groceries, according to The Washington Post Friday.
Jason Furman, former deputy director of the National Economic Council under Obama, expressed his concerns on Harris’ proposal to fine companies that practice “price gouging” on food and groceries, warning of the negative economic effects of the policy due to the apparent need to control prices to a degree, according to The Washington Post. Harris blamed corporate greed for the rise in prices in her speech on Friday, instead of massive government spending under the Biden administration which some economists argue has fueled inflation.
“The good case scenario is price gouging is a message, not a reality, and the bad case scenario is that this is a real proposal,” Furman told The Washington Post. “You’ll end up with bigger shortages, less supply and ultimately risk higher prices and worse outcomes for consumers if you try to enforce this in a real way, which I don’t know if they would or wouldn’t do.”
The Federal Reserve of San Francisco released research in May showing that corporate greed is not the main driver of inflation, saying that the price hikes seen following the COVID-19 pandemic were comparable to those seen following other economic recoveries that did not have not similar levels of inflation.
“This is economic lunacy. Price controls are a SERIOUSLY bad idea,” Samuel Gregg, Friedrich Hayek chair in economics and economic history at the American Institute for Economic Research, said on X. “They lead to shortages, severe misallocations of capital, and distort the ability to prices to signal the information we all need to make choices.”
The proposal from Harris would task the Federal Trade Commission (FTC) with handing out fines for companies that make “excessive” price hikes on groceries, the Harris campaign told The Washington Post. Price controls can initially lower prices for customers, but many economists argue that it would also “cause shortages which lead to arbitrary rationing and, over time, reduce product innovation and quality,” according to the Joint Economic Committee Republicans in 2022.
Prices have risen 19.4% since the Biden administration first took office, and grocery prices have risen 21%, according to the Federal Reserve of St. Louis (FRED).
“Harris has made a set of policy choices over the last several weeks that make it clear that the Democratic Party is committed to a pro-working-family agenda. The days of ‘What’s good for free enterprise is good for America’ are over,” Felicia Wong, president of the left-leaning think tank Roosevelt Forward, told The Washington Post.
Inflation peaked under the Biden administration at 9% in June 2022, with the rate only falling below 3% for the first time since in July. Under former President Donald Trump, prices increased just 7.8% from January 2017 to 2021, according to FRED.
Harris has also proposed the use of federal funds to forgive medical debt from healthcare providers, price caps on prescription drugs, a $25,000 subsidy for first-time home buyers and a $6,000 child tax credit for families for the first year of their child’s life, according to The Washington Post.
“The days of pivoting to the center to win on economics are over, even though there are good economic reasons to do so, especially on fiscal policy,” Bill Galston, a former Clinton aide, told The Washington Post.
Furman, the Harris campaign and Democrat economists Jay Shambaugh and Lawrence Summers did not immediately respond to the Daily Caller News Foundation’s request for comment. Democrat economist Sandra Black declined to comment.
MxM News
Quick Hit:
On the 10-year anniversary of Donald Trump’s iconic campaign launch, the Trump family announced the debut of Trump Mobile, a new wireless company offering American-built smartphones, 5G coverage, and a values-driven alternative to Big Tech carriers.
Key Details:
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Donald Trump Jr. and Eric Trump introduced Trump Mobile’s flagship service Monday, calling it a “transformational” alternative aimed at “our nation’s hardest-working people.”
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The “47 Plan,” priced at $47.45/month, offers unlimited talk, text, and data, free international calls to U.S. military families, telehealth, roadside assistance, and no credit checks.
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Trump Mobile’s customer support is fully U.S.-based and live 24/7—“not automated,” the company says—while a new American-made “T1 Phone” is slated for release in August.
Diving Deeper:
Marking ten years since President Donald Trump descended the golden escalator to launch his first campaign, the Trump Organization on Monday announced its boldest private sector move yet: Trump Mobile.
Flanked by company executives, Donald Trump Jr. and Eric Trump unveiled the new cellular service, touting it as a patriotic, people-first alternative to legacy providers. “We’re building on the movement to put America first,” Trump Jr. said in a statement. “We will deliver the highest levels of quality and service.”
The cornerstone of Trump Mobile is the 47 Plan. Offered for $47.45/month, the plan includes unlimited data, full 5G coverage across all three major carriers, and a suite of benefits tailored to middle-class families, truckers, veterans, and anyone tired of paying premiums to companies that don’t share their values.
Among the key perks: 24/7 American-based customer service (with “real people,” not bots), comprehensive device protection, roadside assistance through Drive America, and telehealth services including mental health support and prescription delivery. Most notably, the plan includes free international calling to over 100 countries—an effort the Trump family says honors U.S. military families stationed abroad.
“We’re especially proud to offer free long-distance calling to our military members and their families,” said Eric Trump. “Those serving overseas should always be able to stay connected to the people they love back home.”
Unlike traditional providers, Trump Mobile advertises no contracts and no credit checks, appealing to a demographic long underserved by mainstream telecom giants. “Hard-working Americans deserve a wireless service that’s affordable, reflects their values, and delivers reliable quality they can count on,” Eric Trump added.
The company is also preparing to launch the T1 Phone in August—a sleek, gold smartphone “engineered for performance” and “proudly designed and built in the United States.” With that, the Trump Organization is not just entering the mobile market—it’s staking a claim as a direct competitor to Apple and Samsung.
From LifeSiteNews
Canada’s prime minister said it was a ‘great honor’ to host the U.S. president and praised him for saying Canada wants to work with the U.S. ‘hand-in-hand.’
During the second day of the G7 leaders meeting in the Kananaskis area in Alberta, Canadian Prime Minister Mark Carney praised U.S. President Donald Trump’s world “leadership” despite saying many negative things about him during his election campaign.
While speaking to reporters Monday, Trump hinted that a new trade deal between Canada and the United States was potentially only “weeks” away. This came after a private meeting with Carney before the official G7 talks commenced.
“We’ve developed a very good relationship. And we’re going to be talking about trade and many other things,” Trump told reporters.
Carney was less vocal, however. He used the opportunity to tell reporters he was happy Trump came to his country for the G7 meeting, saying it was a “great honor” to host him.
“This marks the 50th birthday of the G7, and the G7 is nothing without U.S. leadership,” Carney told reporters.
He then spoke about Trump’s “personal leadership” on world issues and praised him for saying Canada wants to work with the U.S. “hand-in-hand.”
Carney ran his election campaign by claiming the Conservative Party would bow to Trump’s demands despite the fact that the party never said such things.
During his federal election campaign, Carney repeatedly took issue with Trump and the U.S. that turned into an anti-American Canadian legacy media frenzy.
However, the reality is, after Carney won the April 28 federal election, Trump praised him, saying, “Canada chose a very talented person.”
Many political pundits have said that Carney owes his win to Trump, as the U.S. president suggested on multiple occasions that he would rather work with Carney than conservative leader Pierre Poilievre.
Trump has routinely suggested that Canada become an American state in recent months, often making such statements while talking about or implementing trade tariffs on Canadian goods.
As for Carney, he has said his government plans to launch a “new economy” in Canada that will involve “deepening” ties to the world.
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