Connect with us
[the_ad id="89560"]

Business

‘Bad Case Scenario’: Former Obama Economist Slams Kamala Harris’ Plan For Nationwide ‘Price Controls’

Published

5 minute read

From the Daily Caller News Foundation

By Wallace White

 

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 grocerieswarning 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.

Business

Trump says he expects ‘great relationship’ with Carney, who ‘hated’ him less than Poilievre

Published on

From LifeSiteNews

By Anthony Murdoch

U.S. President Donald Trump implied that he was satisfied with Mark Carney winning the 2025 Canadian federal election, calling him a “nice gentleman” who “hated” him less than Conservative leader Pierre Poilievre.

“I think we are going to have a great relationship. He called me up yesterday and said, ‘Let’s make a deal,’” said Trump on Wednesday when asked about Carney and Monday’s election results.

Trump then said that Carney and Poilievre “both hated Trump,” but added, “It was the one that hated Trump I think the least that won.”

“I actually think the conservative hated me much more than the so-called liberal, he’s a pretty liberal guy,” he said.

Trump said that he spoke with Carney already, and that “he couldn’t have been nicer. And I congratulated him.”

“You know it’s a very mixed signal because it’s almost even, which makes it very complicated for the country. It’s a pretty tight race,” said Trump.

Trump then called Carney a “very nice gentleman and he’s going to come to the White House very shortly.”

Monday’s election saw Liberal leader Carney beat out Conservative rival Poilievre, who also lost his seat. The Conservatives managed to pick up over 20 new seats, however, and Poilievre has vowed to stay on as party leader, for now.

Back in March, Trump said at the time he had “an extremely productive call” with Carney and implied that the World Economic Forum-linked politician would win Canada’s upcoming federal election.

Trump, mostly while Justin Trudeau was prime minister, had repeatedly said that Canada should join the United States as its 51st state. This fueled a wave of anti-American sentiment in Canada, which saw the mainstream press say Poilievre was a “Trump lite” instead of Carney.

Poilievre at the time hit back at Trump, saying that the reason Trump endorsed Carney was that he “knows” he would be a “tough negotiator.”

Trump’s comments regarding Carney were indeed significant, as much of the debate in the mainstream media ahead of the election was about how the prospective leaders will handle tariff threats and trade deals with America.

Many political pundits have said that Carney owes his win to Trump.

Carney’s win has sparked a constitutional crisis. Alberta Premier Danielle Smith, as reported by LifeSiteNews, said that her province could soon consider taking serious steps toward greater autonomy from Canada in light of Carney’s win.

Under Carney, the Liberals are expected to continue much of what they did under Trudeau, including the party’s zealous push in favor of abortion, euthanasia, radical gender ideologyinternet regulation and so-called “climate change” policies. Indeed, Carney, like Trudeau, seems to have extensive ties to both China and the globalist World Economic Forum, connections which were brought up routinely by conservatives in the lead-up to the election.

Poilievre’s defeat comes as many social conservatives felt betrayed by the leader, who more than once on the campaign trail promised to maintain the status quo on abortion – which is permitted through all nine months of pregnancy – and euthanasia and who failed to directly address a number of moral issues like the LGBT agenda.

Continue Reading

Agriculture

Liberal win puts Canada’s farmers and food supply at risk

Published on

This article supplied by Troy Media.

By Sylvain Charlebois 

A fourth Liberal term means higher carbon taxes and trade risks. Could Canada’s farmers and food security be on the line?

The Liberal Party, now led by Mark Carney, has secured a fourth consecutive term, albeit once again with a minority mandate. This time, however, the Liberals have a stronger hand, as they can rely not only on the NDP but also the Bloc Québécois to maintain power.

This broader base of parliamentary support could provide much-needed political stability at a crucial time, particularly as Canada prepares for a new round of trade negotiations with the United States and Mexico.

For the agri-food sector, the implications are significant. From carbon taxes to trade rules, federal decisions play a decisive role in shaping the costs and risks Canadian farmers face.

First and foremost, carbon pricing will remain a central issue. Carney has made it clear that the industrial carbon tax will stay—a policy that continues to erode the competitiveness of Canada’s agri-food sector, where fuel, fertilizer and transportation costs are especially sensitive to carbon pricing. The tax, currently set at $95 per metric tonne, is scheduled to climb to $170 by 2030.

While consumers may not see this tax directly, businesses certainly do. More concerning is the Liberals’ intention to introduce a border carbon adjustment for imports from countries without equivalent carbon pricing regimes. While this could theoretically protect Canadian industry, it also risks making food even more expensive for Canadian consumers, particularly if the U.S., our largest trading partner, remains uninterested in adopting similar carbon measures. Acting alone risks undermining both our food security and our global competitiveness.

Another looming issue is supply management. Although all parties pledged during the campaign not to alter Canada’s system for dairy, poultry and eggs, this framework—built on quotas and high import tariffs—is increasingly outdated. It is almost certain to come under pressure during trade negotiations. The American dairy lobby, in particular, will continue to demand greater access to Canadian markets. The Liberals have a chance to chart a more forward-looking path. Modernizing supply management could lead to a more competitive, resilient industry while providing consumers with greater choice and better prices.

The previous Parliament’s passage of Bill C-282, which sought to shield supply managed sectors from all future trade negotiations, was a deeply flawed move.

Fortunately, the new parliamentary makeup should make it far less likely that such protectionist legislation will survive. A more pragmatic approach to trade policy appears possible.

On the domestic front, there are reasons for cautious optimism. The Liberals have promised to eliminate remaining federal barriers to interprovincial trade and to improve labour mobility, longstanding obstacles to the efficient movement of agri-food products across Canada. For example, differing provincial rules often prevent products like cheese, meat or wine from being sold freely across provinces, frustrating farmers and limiting consumer choice. Momentum was building before the election, and it must continue if we are serious about building a stronger domestic food economy.

Infrastructure investment is another bright spot. The Liberals pledged more than $5 billion through a Trade Diversification Corridor Fund to upgrade Canada’s severely undercapitalized export infrastructure. Strategic investment in trade gateways is overdue and critical for agri-food exporters looking to reduce reliance on the United States and expand into global markets.

Finally, the Liberal platform was alone in explicitly committing to support food processing in Canada, a crucial pillar of domestic food security. An increased focus on manufacturing will not only create jobs but also reduce reliance on imported food products, making Canada more resilient in the face of global disruptions.

Farmers have long felt sidelined by urban-centric Liberal governments. The past four years were marked by regulatory and trade clashes that deepened that divide. The hope now is that with greater political stability and a clearer focus on  competitiveness, the next four years will bring a more constructive relationship between Ottawa and Canada’s agri-food sector.

If the Liberals are serious about food security and economic growth, now is the time to reset the relationship with Canada’s farmers, not ignore them yet again.

Dr. Sylvain Charlebois is a Canadian professor and researcher in food distribution and policy. He is senior director of the Agri-Food Analytics Lab at Dalhousie University and co-host of The Food Professor Podcast. He is frequently cited in the media for his insights on food prices, agricultural trends, and the global food supply chain.

Troy Media empowers Canadian community news outlets by providing independent, insightful analysis and commentary. Our mission is to support local media in helping Canadians stay informed and engaged by delivering reliable content that strengthens community connections and deepens understanding across the country.

Continue Reading

Trending

X