{"id":1487654,"date":"2022-05-22T16:15:14","date_gmt":"2022-05-22T20:15:14","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1487654"},"modified":"2022-05-22T16:15:34","modified_gmt":"2022-05-22T20:15:34","slug":"former-obama-chief-economist-democratic-backed-anti-price-gouging-bills-wont-fix-inflation-would-likely-make-shortages-worse","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-obama-chief-economist-democratic-backed-anti-price-gouging-bills-wont-fix-inflation-would-likely-make-shortages-worse\/","title":{"rendered":"Former Obama Chief Economist: Democratic-Backed Anti-\u2018Price Gouging\u2019 Bills Won\u2019t Fix Inflation, Would Likely Make Shortages Worse"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fformer-obama-chief-economist-democratic-backed-anti-price-gouging-bills-wont-fix-inflation-would-likely-make-shortages-worse%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1487654&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2022\/05\/C637A8B7-5859-4DC2-A3DF-E3B491635E75_1_201_a.jpeg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>Former Obama chief economist Jason Furman said Sunday that Democrat-backed bills aimed at combating \u201cprice gouging\u201d would not actually solve inflation and might make future product shortages worse.<\/p>\n<p>Speaking with host Margaret Brennan on CBS\u2019s \u201c<a href=\"https:\/\/www.cbsnews.com\/video\/economist-jason-furman-not-super-worried-about-a-recession-within-the-next-year\/\">Face the Nation<\/a>\u201d Sunday, Furman, who served as chairman of the White House Council of Economic Advisers under Barack Obama, said the proposals are \u201cgimmicky\u201d and a failed experiment from the 1970s that should not be brought back.<\/p>\n<p>\u201cAs you know, Democrats are pushing bills in Congress\u2026 trying to cap what they\u2019re calling price gouging,\u201d Brennan told Furman. \u201cYou hear President Biden using that phrase, also talking about raising taxes on the wealthy. As an economist, do any of those things have a measurable impact for consumers in fighting inflation?\u201d<\/p>\n<p>Furman responded by claiming that most of the responsibility for combating inflation fell on the Federal Reserve. He said there was little the President could do unilaterally but credited Biden for taking action attempting to open ports and recruit and train more truckers, as well as releasing oil from the Strategic Petroleum Reserve. \u201cI don\u2019t think, though, that these anti-price gouging bills would do much to bring inflation down,\u201d he said. \u201cThey just increase the type of shortages that consumers probably hate even more than the high prices.\u201d<\/p>\n<p>\u201cYou were quoted as saying corporate greed is a bad theory of inflation. Is that another way of saying that what Democrats are talking about is just a gimmick?\u201d Brennan followed up.<\/p>\n<p>\u201cI think it\u2019s pretty gimmicky, these price gouging bills, because, you know, he\u2019s got a lot of extra demand. What happens when demand goes up? Prices go up. There\u2019s an old saying the cure for high prices is high prices. That\u2019s a little bit of a painful thing to deal with, but it\u2019s what elicits the additional supply. It brings more producers into the market, and it\u2019s what brings prices down and we need to let that process work. You try to interfere with it, you\u2019re going to make things worse. We tried that in the seventies, it was a big failure. We shouldn\u2019t be repeating it again.\u201d<\/p>\n<p>Democrats in the House of Representatives introduced a bill last week that would attempt to fight inflation by giving the president the power to declare an \u201c<a href=\"https:\/\/www.dailywire.com\/news\/pelosi-pushes-democratic-bill-that-would-give-biden-power-to-control-gas-prices\">energy emergency<\/a>.\u201d The bill, titled the \u201cConsumer Fuel Price Gouging Prevention Act,\u201d would allow the president to declare such an emergency for up to 30 days, as The Daily Wire reported. During such an emergency, the bill states, \u201cIt shall be unlawful for any person to sell a consumer fuel, at wholesale or retail\u2026at a price that is unconscionably excessive; and indicates the seller is exploiting the circumstances related to an energy emergency to increase prices unreasonably.\u201d<\/p>\n<p>Violations of the order would be treated as an unfair or deceptive trade practice, enforced by the Federal Trade Commission. The bill would also set up a \u201cConsumer Relief Trust Fund\u201d to distribute funds collected by the program to low-income households. It <a href=\"https:\/\/thehill.com\/policy\/energy-environment\/3494387-house-passes-gasoline-price-gouging-bill\/\">passed<\/a> on a near party-line vote, 217-207, but is unlikely to pass in the evenly-divided Senate, The Hill reported.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former Obama chief economist Jason Furman said Sunday that Democrat-backed bills aimed at combating \u201cprice gouging\u201d would not actually solve inflation and might make future product shortages worse.Speaking with host<\/p>\n","protected":false},"author":189,"featured_media":1487666,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1487654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1487654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/189"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1487654"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1487654\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1487666"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1487654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1487654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1487654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}