Dave Ramsey explains why Kamala Harris' price control plan will not curb inflation: 'It's not sustainable'
Personal finance expert rips Vice President Kamala Harris' plan to deal with inflation on 'The Ingraham Angle'
{{#rendered}} {{/rendered}}Personal finance expert Dave Ramsey joined "The Ingraham Angle" to explain why Vice President Kamala Harris' economic plan will not work. Ramsey reacted to the Democratic presidential nominee's proposal to implement federal price controls in order to stop "price gouging" on groceries.
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DAVE RAMSEY: It's not sustainable because it's artificial. If you just put a lid on something and if you want to explore what really happens, just go back to the 1970s. We tried it. There was a whole movement for price controls across everything, because inflation was out of control and rampant, just like it is now. And so it's been tried. It does not work. What works is to flood the market with supply. Lots of oil means lower oil prices. Lots of labor means lower labor prices, lots of whatever means lower prices. It's a simple supply and demand curve. It's called economics, and it's called free market economics. When you insert government in it and try to artificially cramp it down, it simply does not work, because you can only hold that hose for so long until the pressure builds up, and then it blows on you.
{{#rendered}} {{/rendered}}Financial adviser Dave Ramsey guides a young couple nearly $1 million in debt on how to get out from under it. (Screenshot/Twitter)
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Harris is expected to roll out her economic plan Friday during a speech in Raleigh, North Carolina. Early indications are it will have a progressive populist thrust, including attacks on corporate "price gouging," which conservative critics say is a smokescreen to deflect from the Biden-Harris administration's handling of inflation.
In advance of Harris' first formal policy speech of her presidential campaign, her team announced that she plans to call for first-of-its-kind federal controls on food and grocery "price gouging" by corporations.
{{#rendered}} {{/rendered}}The proposal would give authority to the Federal Trade Commission and state attorneys general to impose harsh penalties on companies for setting excessively high prices.
"There's a big difference between fair pricing in competitive markets and excessive prices unrelated to the costs of doing business," the Harris campaign said shortly after announcing the policy proposal.
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{{#rendered}} {{/rendered}}Fox News' Jamie Joseph and Alec Schemmel contributed to this report.