Peer-reviewed research has shown that during the pandemic, states with similar “anti-price-gouging” laws saw more shortages, writes brad_polumbo. Elizabeth Warren wants to apply that economically illiterate approach to our national economy.
Warren has repeatedly blamed Big Business and “corporate greed” for the surge in inflation that’s hitting families hard right now. Her proposed solution, along with a number of other top Democrats, is the so-called Price Gouging Prevention Act of 2022. Warren and her allies claim that this bill would “lower costs for families” by going after the “price-gougers” who are supposedly exploiting the current crisis to rake in massive profits.
— Elizabeth Warren May 15, 2022 The first glaring problem with this plan is that it will do absolutely nothing to address inflation because “corporate greed” isn’t causing it. What’s more, the Price Gouging Prevention Act of 2022 is dangerously vague. It empowers unelected bureaucrats to “target dominant companies that have exploited the pandemic to boost profits” and flushes the federal bureaucrats' budget with an extra $1 billion in taxpayer dollars for good measure to finance this nebulous campaign against companies that run afoul of these very subjective criteria. Warren’s bill goes on to outlaw “unconscionably excessive price increases.
Why? Well, it disrupts the market mechanisms that keep our shelves stocked and naturally ration resources. Yet if “anti-price-gouging” laws keep the price set at $2 because $4 is deemed “unconscionably excessive,” gas stations will quickly run out of it. Who gets it versus who doesn’t will simply be a matter of chance.
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