(DCNF)—Vice President Kamala Harris’ proposed “price gouging” ban has been panned as a radical policy, and some Democrats and members of the press are working to clean up the fallout.
During an Aug. 16 speech in North Carolina laying out some of her economic ideas, Harris proposed to impose a federal ban on “price gouging” to bring down prices of food and groceries, an idea that critics from across the political spectrum derided as collectivist price controls, extreme and unlikely to work. In the week since Harris announced her idea, numerous Democrats and some prominent media personalities and outlets have mobilized to redefine or explain away Harris’ proposal as more nuanced and less radical than the GOP is making it out to be.
After Harris’ proposal received sharp criticisms from economists and pundits, unnamed sources familiar with the vice president’s thinking told The New York Times that the “price gouging” ban would likely only take effect in emergencies, such as a pandemic or in the wake of a natural disaster. However, since America is currently not facing such circumstances, those unnamed sources implied that it “might actually not do anything to bring down grocery prices right now” if enacted.
‘Most Terrifying Proposal I’ve Ever Seen’: Former Trump Economic Advisor Reacts To Kamala Harris ‘Price Gouging’ Planhttps://t.co/hhJgw3BhV7
— Daily Caller (@DailyCaller) August 17, 2024
Nevertheless, Democrats and some in the media have attempted essentially to defend the proposal by suggesting it isn’t so simple.
Axios ran a Tuesday story under the headline “How price gouging bans really work.” The article states that policies like the one Harris proposed are “oft-hated by economists, but they’ve been around for a long time” and that “most Americans intuitively understand the rationale behind them, and Harris is trying to appeal to voters — not academics or newspaper columnists.”
The Axios story cites Zephyr Teachout, a professor at Fordham Law School, for color; Teachout wrote her own Thursday piece for The Atlantic with the headline “Sometimes You Just Have to Ignore the Economists.” In her column, Teachout writes that “Kamala Harris’s proposed price-gouging ban might irritate academics, but it makes sense to everyone else,” simultaneously defending the policy as neither radical nor novel while conceding that its exact parameters are unclear.
Paul Krugman, an economist and columnist for The New York Times, described Harris’ economic ideas, including the price gouging ban, as “a solid center-left agenda” in a Monday column.
“I’ve been amazed at how many credulous commentators, and not just on the right, have asserted that Harris is calling for price controls, making her out to be the second coming of Richard Nixon if not the next Nicolas Maduro,” Krugman wrote in his column. “What she has actually called for is legislation banning price gouging on groceries. Obviously, this is a populist political gesture — a way to offer something to voters upset about high food prices. But just because something is popular doesn’t mean that it’s a bad idea.”
The Trump campaign’s assertion that Harris has embraced communist-style price controls is simply “a new line of false attack” against the vice president, CBS anchor Margaret Brennan said on “Face the Nation” on Sunday. CBS also brought Democratic Kentucky Gov. Andy Beshear onto the program to discuss why Harris’ proposal is more nuanced than outright socialist price controls.
Gretchen Whitmer Says Critics Of Harris’ Price Gouging Plan Are ‘Reading Too Much’ Into Ithttps://t.co/h8GWuL2xvB
— Daily Caller (@DailyCaller) August 20, 2024
“It’s definitely clear that at least a few corporate journalists are trying to defend Kamala’s proposal. But it’s a very unenviable task,” Bill Da’Agostino, a senior research analyst for the Media Research Center, a conservative media watchdog organization, told the DCNF. “She proposed price controls, so now they’re going to bat for price controls. Moments like these are when the real hacks expose themselves.”
Commerce Secretary Gina Raimondo, who recently said that she does not believe a new government report showing that 818,000 jobs purportedly created under the Biden administration never actually existed, also stepped in to deflect criticism of Harris’ plan. She described the notion that Harris’ proposal amounts to price controls as “a Republican talking point,” during a Wednesday appearance on CNBC.
Democratic Govs. J.B. Pritzker of Illinois and Gretchen Whitmer of Michigan have also attempted to downplay or contextualize Harris’ proposal as more nuanced than outright price controls, according to The Washington Post. Some of the criticisms of Harris’ “price gouging” ban have been made in good faith by some observers, but there are other criticisms of the policy that are “just malicious attacks from the other side trying to characterize her as a socialist,” Ben Harris, a former senior official at the Biden Treasury Department, told the outlet.
“Her idea flopped badly. They can’t just withdraw it, so they have to ‘contextualize’ it, hence the references to a pandemic or national emergency,” J.D. Foster, the former chief economist at the Office of Management and Budget and a former vice president of the Chamber of Commerce, told the Daily Caller News Foundation. “It was a dumb idea and they are stuck with it as an example of Harris’ extreme ignorance about how the economy works.”
Ryan Young, senior economist at the Competitive Enterprise Institute, agreed that Harris’ proposed federal “price gouging” ban is effectively an endorsement of price controls.
“Most voters are too young to remember Richard Nixon’s price and wage controls, but they still have the right intuition—you don’t want politicians setting prices,” Young told the DCNF. “That is why Harris’s price gouging proposals have gotten a cold reception. That is also why her partisans are trying to claim that price gouging bans aren’t really price controls. Which they are, just under a different name.”
The Harris campaign did not respond immediately to a request for comment.
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Five Things New “Preppers” Forget When Getting Ready for Bad Times Ahead
The preparedness community is growing faster than it has in decades. Even during peak times such as Y2K, the economic downturn of 2008, and Covid, the vast majority of Americans made sure they had plenty of toilet paper but didn’t really stockpile anything else.
Things have changed. There’s a growing anxiety in this presidential election year that has prompted more Americans to get prepared for crazy events in the future. Some of it is being driven by fearmongers, but there are valid concerns with the economy, food supply, pharmaceuticals, the energy grid, and mass rioting that have pushed average Americans into “prepper” mode.
There are degrees of preparedness. One does not have to be a full-blown “doomsday prepper” living off-grid in a secure Montana bunker in order to be ahead of the curve. In many ways, preparedness isn’t about being able to perfectly handle every conceivable situation. It’s about being less dependent on government for as long as possible. Those who have proper “preps” will not be waiting for FEMA to distribute emergency supplies to the desperate masses.
Below are five things people new to preparedness (and sometimes even those with experience) often forget as they get ready. All five are common sense notions that do not rely on doomsday in order to be useful. It may be nice to own a tank during the apocalypse but there’s not much you can do with it until things get really crazy. The recommendations below can have places in the lives of average Americans whether doomsday comes or not.
Note: The information provided by this publication or any related communications is for informational purposes only and should not be considered as financial advice. We do not provide personalized investment, financial, or legal advice.
Secured Wealth
Whether in the bank or held in a retirement account, most Americans feel that their life’s savings is relatively secure. At least they did until the last couple of years when de-banking, geopolitical turmoil, and the threat of Central Bank Digital Currencies reared their ugly heads.
It behooves Americans to diversify their holdings. If there’s a triggering event or series of events that cripple the financial systems or devalue the U.S. Dollar, wealth can evaporate quickly. To hedge against potential turmoil, many Americans are looking in two directions: Crypto and physical precious metals.
There are huge advantages to cryptocurrencies, but there are also inherent risks because “virtual” money can become challenging to spend. Add in the push by central banks and governments to regulate or even replace cryptocurrencies with their own versions they control and the risks amplify. There’s nothing wrong with cryptocurrencies today but things can change rapidly.
As for physical precious metals, many Americans pay cash to keep plenty on hand in their safe. Rolling over or transferring retirement accounts into self-directed IRAs is also a popular option, but there are caveats. It can often take weeks or even months to get the gold and silver shipped if the owner chooses to close their account. This is why Genesis Gold Group stands out. Their relationship with the depositories allows for rapid closure and shipping, often in less than 10 days from the time the account holder makes their move. This can come in handy if things appear to be heading south.
Lots of Potable Water
One of the biggest shocks that hit new preppers is understanding how much potable water they need in order to survive. Experts claim one gallon of water per person per day is necessary. Even the most conservative estimates put it at over half-a-gallon. That means that for a family of four, they’ll need around 120 gallons of water to survive for a month if the taps turn off and the stores empty out.
Being near a fresh water source, whether it’s a river, lake, or well, is a best practice among experienced preppers. It’s necessary to have a water filter as well, even if the taps are still working. Many refuse to drink tap water even when there is no emergency. Berkey was our previous favorite but they’re under attack from regulators so the Alexapure systems are solid replacements.
For those in the city or away from fresh water sources, storage is the best option. This can be challenging because proper water storage containers take up a lot of room and are difficult to move if the need arises. For “bug in” situations, having a larger container that stores hundreds or even thousands of gallons is better than stacking 1-5 gallon containers. Unfortunately, they won’t be easily transportable and they can cost a lot to install.
Water is critical. If chaos erupts and water infrastructure is compromised, having a large backup supply can be lifesaving.
Pharmaceuticals and Medical Supplies
There are multiple threats specific to the medical supply chain. With Chinese and Indian imports accounting for over 90% of pharmaceutical ingredients in the United States, deteriorating relations could make it impossible to get the medicines and antibiotics many of us need.
Stocking up many prescription medications can be hard. Doctors generally do not like to prescribe large batches of drugs even if they are shelf-stable for extended periods of time. It is a best practice to ask your doctor if they can prescribe a larger amount. Today, some are sympathetic to concerns about pharmacies running out or becoming inaccessible. Tell them your concerns. It’s worth a shot. The worst they can do is say no.
If your doctor is unwilling to help you stock up on medicines, then Jase Medical is a good alternative. Through telehealth, they can prescribe daily meds or antibiotics that are shipped to your door. As proponents of medical freedom, they empathize with those who want to have enough medical supplies on hand in case things go wrong.
Energy Sources
The vast majority of Americans are locked into the grid. This has proven to be a massive liability when the grid goes down. Unfortunately, there are no inexpensive remedies.
Those living off-grid had to either spend a lot of money or effort (or both) to get their alternative energy sources like solar set up. For those who do not want to go so far, it’s still a best practice to have backup power sources. Diesel generators and portable solar panels are the two most popular, and while they’re not inexpensive they are not out of reach of most Americans who are concerned about being without power for extended periods of time.
Natural gas is another necessity for many, but that’s far more challenging to replace. Having alternatives for heating and cooking that can be powered if gas and electric grids go down is important. Have a backup for items that require power such as manual can openers. If you’re stuck eating canned foods for a while and all you have is an electric opener, you’ll have problems.
Don’t Forget the Protein
When most think about “prepping,” they think about their food supply. More Americans are turning to gardening and homesteading as ways to produce their own food. Others are working with local farmers and ranchers to purchase directly from the sources. This is a good idea whether doomsday comes or not, but it’s particularly important if the food supply chain is broken.
Most grocery stores have about one to two weeks worth of food, as do most American households. Grocers rely heavily on truckers to receive their ongoing shipments. In a crisis, the current process can fail. It behooves Americans for multiple reasons to localize their food purchases as much as possible.
Long-term storage is another popular option. Canned foods, MREs, and freeze dried meals are selling out quickly even as prices rise. But one component that is conspicuously absent in shelf-stable food is high-quality protein. Most survival food companies offer low quality “protein buckets” or cans of meat, but they are often barely edible.
Prepper All-Naturals offers premium cuts of steak that have been cooked sous vide and freeze dried to give them a 25-year shelf life. They offer Ribeye, NY Strip, and Tenderloin among others.
Having buckets of beans and rice is a good start, but keeping a solid supply of high-quality protein isn’t just healthier. It can help a family maintain normalcy through crises.
Prepare Without Fear
With all the challenges we face as Americans today, it can be emotionally draining. Citizens are scared and there’s nothing irrational about their concerns. Being prepared and making lifestyle changes to secure necessities can go a long way toward overcoming the fears that plague us. We should hope and pray for the best but prepare for the worst. And if the worst does come, then knowing we did what we could to be ready for it will help us face those challenges with confidence.