Trump promises to reduce prices by rolling back regulations on energy and other unspecified industries and cutting taxes, including those on Social Security benefits.
This approach was very successful in Trump’s first term until the pandemic hit.
Venezuelan-Style Price Control Plans
Harris’s proposals resonate with many ordinary Americans and some left-leaning researchers who believe that corporate greed has amplified price increases in recent years, especially where firms wield significant market power.
However, most economists attribute inflation to the global economic response to the COVID-19 pandemic, which saw governments flood their economies with stimulus while global supply chains struggled to meet surging demand.
Critics argue that Harris’s economic policies, which they claim have already led to inflation and declining real incomes, will only exacerbate the problem.
A former economic advisor from the Trump administration warned that Harris’s plan to impose national price controls on food and groceries is “terrifying” and reminiscent of “Venezuelan-style left-wing populism.”
