Kamala Harris said she’ll stop corporate “gouging” by imposing price controls. Yeah, she and her economic advisers are not students of history. As I mentioned in a previous blog, wage and price controls have failed since the Roman Empire.
But I’d like to tell you a humorous comparison given by Nobel Prize-winning economist Milton Friedman to an audience years ago. I’d like to post the link to the speech, but I don’t know how. I’m a technical Neanderthal.

But I’ll at least paraphrase it. Friedman said the best comparison to wage and price controls is to imagine you have a pot of water heating on a stove. As the pot boils over, you have two choices: you can sensibly lower the heat, or you can put a lid on the pot and then put a brick on the lid and turn up the heat. Sooner or later, the lid will fly off from the air, which will form as it changes from liquid to steam.
He said that's exactly what President Nixon did in 1971, and—you guessed it—the lid fell off, and inflation soared.
It’s a terrific analogy. I wish Kamala would read about it.
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Frank Victoria is an award-winning author and screenwriter. He’s been an Amazon bestseller with his recent book, The Founders’ Plot, a political thriller for our times. He donates proceeds of his books to Tunnels to Towers and Fisher House, helping military veterans and first responders. His novella, The Ultimate Bet, is available on his website and Amazon. Check out his new website: FrankVictoriaAuthor.com
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