Topline
Vice President Kamala Harris said Wednesday night in her first major one-on-one interview as Democratic nominee that she is “going to go after” companies that price gouge, doubling down on the controversial economic plan that she has previously marketed as a way to rein in rising food prices.
Harris’ interview with MSNBC aired Wednesday evening. (Photo by Joe Raedle/Getty Images)
Key Facts
When asked by MSNBC’s Stephanie Ruhle to respond to criticisms that her plan to combat “price gouging” amounts to anti-competitive “price controls,” Harris responded: “Just to be very frank, I am never going to apologize for going after companies and corporations that take advantage of the desperation of the American people.”
Harris suggested her price gouging plan would apply to emergency situations when companies “jack up prices,” which is already the case for dozens of states that prohibit gouging after an emergency has been declared, but had earlier been unclear in Harris’ plan.
Harris has typically referred to the inflation of food product prices when talking about her plan to end price gouging, with her campaign previously saying its ban aims to combat excessive prices in the grocery industry, while also keeping a close eye on mergers and acquisitions in the industry to maintain competition among companies.
Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you’ll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here.
Key Background
Polls have consistently shown the economy and inflation are a top-of-mind issue for voters heading into the polls in the 2024 election. Food prices have been a major focal point during the campaign, as groceries prices jumped 25% from 2019 to 2023, according to the U.S. Department of Agriculture, with the biggest food category jump between 2022 and 2023 being fats and oils (8.7%).
Chief Critics
Harris’ plan to ban price gouging has raised eyebrows among experts, who have likened it to failed price controls implemented in the 1970s and warned it could slow down an already competitive food and grocery market, though Harris has not proposed enacting hard caps on grocery prices.
Further Reading
What Is Price Gouging? Here’s What To Know About Kamala Harris’ Core Economic Policy (Forbes)
Source link
