{"id":2325643,"date":"2024-08-16T12:18:02","date_gmt":"2024-08-16T16:18:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kamala-harriss-inflation-solution-nixons-price-controls-and-trumps-tax-policy-washington-examiner\/"},"modified":"2024-08-16T12:23:33","modified_gmt":"2024-08-16T16:23:33","slug":"kamala-harriss-inflation-solution-nixons-price-controls-and-trumps-tax-policy-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kamala-harriss-inflation-solution-nixons-price-controls-and-trumps-tax-policy-washington-examiner\/","title":{"rendered":"Kamala Harris\u2019s inflation \u2018solution\u2019: Nixon\u2019s price controls and Trump\u2019s tax policy &#8211; Washington Examiner"},"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\">28<\/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%2Fkamala-harriss-inflation-solution-nixons-price-controls-and-trumps-tax-policy-washington-examiner%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=2325643&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--><p>The \u2062article \u2064discusses Vice\u2064 President Kamala Harris&#8217;s recent\u200c economic policy proposals, which appear to borrow heavily from past political figures \u200dand their policies. It highlights her adoption of price\u200b control strategies reminiscent of former\u2064 President Richard Nixon&#8217;s \u2064failed approach during the 1970s, in an attempt to address inflation that has reportedly increased since she took\u2064 office. The article criticizes Harris for her lack \u2062of originality and\u200d coherence\u2062 in her\u2063 proposals, pointing out that she has also echoed tax ideas from her political \u2064opponents, such as a child tax credit increase aligned\u200c with those suggested by\u200c Donald Trump\u200d and \u200cSenator J.D.\u200d Vance. The author argues \u2064that Harris&#8217;s \u200cplans, including freezing grocery prices\u2063 through government\u200c intervention, are reminiscent of historical failures \u200cthat delayed necessary economic adjustments rather than solving the problems they aim to address. The\u200d piece concludes that her reliance on outdated and discredited policies does not inspire\u2064 confidence in her economic strategy.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Kamala Harris&rsquo;s inflation &lsquo;solution&rsquo;: Nixon&rsquo;s price controls and Trump&rsquo;s tax policy<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1729737\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>While President Joe Biden gave Vice President Kamala Harris a short enough <a href=\"https:\/\/www.washingtonexaminer.com\/opinion\/3122080\/harris-wait-36-days-early-voting-press-letting-her\/\" target=\"_blank\" rel=\"noopener\" title>campaign season<\/a> for her to evade any real scrutiny from Democratic hagiographers in the media, Harris could theoretically pull from her prior failed 2020 presidential bid to fill up her currently non-existent slate of policy proposals. <\/p>\n<p>But even as Harris pretends she never endorsed nationalizing 30% of the nation&rsquo;s economy and banning private <a href=\"https:\/\/www.washingtonexaminer.com\/opinion\/3102652\/banning-fracking-to-private-health-insurance-kamala-harris-no-centrist\/\" target=\"_blank\" rel=\"noopener\" title>health insurance and fracking<\/a>, she has taken a full month to borrow from different presidential campaigns to construct a new fiscal policy agenda. From former President Richard Nixon, she is taking the tried and failed doctrine of price controls. And, oddly, she is trying to steal the current <a href=\"https:\/\/www.washingtonexaminer.com\/magazine\/3118229\/trump-remind-voters-harris-owns-failure-bidenomics-and-compare-record-economic-success\/\" target=\"_blank\" rel=\"noopener\" title>tax proposals<\/a> of her opponents: Former president Donald Trump and Sen. J.D. Vance (R-OH).<\/p>\n<p>A mere matter of months after Trump broke from Republican orthodoxy to endorse exempting tips from personal income taxation for service workers, Harris announced that same policy as her first-ever economic proposal as her party&rsquo;s presidential nominee. It&rsquo;s weird enough to borrow your political opponent&rsquo;s idea without attribution, but it&rsquo;s even stranger that the Biden-Harris administration has intentionally beefed up IRS enforcement specifically to collect <em>more <\/em>from tipped workers. And its PRO Act proposal would jack up those same workers&rsquo; taxes even further. Harris is contradicting her own administration&rsquo;s policy without admitting it.<\/p>\n<p>Then, just a few days after Vance endorsed a $5,<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tax-filing-season-starts-today\/\" title=\"Tax Filing Season Starts Today\">000 child tax credit<\/a>, Harris announced her support for a $6,000 one.<\/p>\n<p>Where Harris really takes the cake is her primary solution to the inflation created by her tiebreaking votes for the $1.9 trillion American Rescue Plan and $1.3 trillion Inflation Reduction Act. In response to a 20% increase in overall prices since she became <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hunter-biden-defector-emails-pipeline-to-obama-admin-seen-as-currency\/\" title=\"Hunter Biden Defector Emails: &#039;Pipeline&#039; to Obama Admin Seen as &#039;Currency&#039;\">vice president<\/a>, and a 4% decrease in real average weekly wages, Harris has borrowed from a president who began the only inflationary cycle worse than the one stoked by her and Biden: Former President Richard Nixon.<\/p>\n<p>Like Nixon, Harris wants to crush the inflation she created with literal price controls.<\/p>\n<p>A version of a Sen. Elizabeth Warren (D-MA)-authored bill that Harris co-sponsored while she was in the Senate, the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/carson-points-out-that-every-democratic-plan-has-backfired-in-trumps-favor-as-seen-in-the-bible-2\/\" title=\"Carson points out that every Democratic plan has backfired in Trump&#039;s favor, as seen in the Bible\">vice president&#038;rsquo<\/a>;s new plan would freeze grocery prices nationwide by empowering the Federal Trade Commission, as well as state attorneys general, &ldquo;to investigate and levy penalties on food companies that violate the federal ban.&rdquo;<\/p>\n<p>The Nixon shock was enacted with a similar purpose and resulted in predictable disaster. As Harris and Biden have tried to do with an unprecedented series of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/buried-beneath-bidens-terrible-debate-performance-are-even-worse-tax-plans-washington-examiner\/\" title=\"Buried beneath Biden\u2019s terrible debate performance are even worse tax plans - Washington Examiner\">annual  trillion deficits<\/a>, Nixon intentionally wanted to devalue the U.S. dollar, which he did successfully by <a href=\"https:\/\/www.washingtonexaminer.com\/opinion\/799067\/jimmy-carter-began-to-fix-the-inflation-crisis-nixon-created-to-win-reelection\/\" target=\"_blank\" rel=\"noopener\" title>blowing up<\/a> the Bretton Woods international monetary system only to be met with catastrophic consequences, and use price controls to avoid the unavoidable consequence of inflation.<\/p>\n<p>Although those Nixon price controls earned temporary plaudits from the economic illiterates at the <em>New York Times<\/em>, all they did was delay and exacerbate the inevitable. Long before the start of the Arab Oil embargo that has retroactively received disproportionate blame for the stagflation of the 70s, Nixon&rsquo;s price controls produced dramatic shortages of gas and energy. When the price and wage controls, which Nixon said would last for only 90 days, were lifted two years later, inflation rapidly doubled from an annual rate of 3% in 1972 to 6% the year later and 11% the year after that.<\/p>\n<p> <strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><\/strong><\/p>\n<p>Harris&rsquo;s plan would prove no less idiotic and, given the target, perhaps would be even more so. Unlike the rest of the private industry, which generates an average profit margin of 8.5%, grocery stores only average a profit margin of a single percentage point. And unlike hotel prices, which are up 44% since Biden took office, and gasoline, which is up 49%, the Bureau of Labor Statistics has found that the prices of food at home, or groceries, have increased 21.08%, which is roughly on par with the overall <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/texas-mother-of-9-mocked-by-liberal-pundits-for-saying-inflation-is-making-it-hard-to-afford-milk\/\" title=\"Texas mother of 9 mocked by liberal pundits for saying inflation is making it hard to afford milk\">consumer price index increase<\/a> of almost 20%.<\/p>\n<p>Harris may not want to borrow from her own prior flirtations with socialism, and stealing from Trump and Vance doesn&rsquo;t exactly inspire confidence in her intellect. But poaching from the proto-communist experiments that created the only inflationary crisis worse than her own would make the implosion of Bidenomics seem like a warm-up to the main event.<\/p>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1729737\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1729737\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kamala Harris&#8217;s approach to inflation: Nixon&#8217;s price controls and Trump&#8217;s tax policies. Although President Joe Biden provided Vice President Kamala Harris with a brief campaign season that allowed her to avoid significant media scrutiny from Democratic supporters, she could potentially draw on her unsuccessful 2020 presidential campaign to develop a set of policy proposals. Despite her attempts to distance herself from past positions\u2014such as advocating for the nationalization of 30% of the economy and banning private health insurance and fracking\u2014Harris has spent a month piecing together a new fiscal policy agenda by borrowing ideas from various presidential campaigns. She is adopting the outdated concept of price controls from former President Richard Nixon while also attempting to incorporate tax proposals from her political opponents, including Donald Trump and Senator J.D. Vance (R-OH). Just months after Trump endorsed exempting tips from personal income taxes for service workers, Harris presented this same idea as her first economic proposal as a presidential candidate for her party. It\u2019s unusual enough to take an opponent\u2019s idea without crediting them, but it becomes even more perplexing considering that the Biden-Harris administration has increased IRS enforcement specifically targeting tipped workers while simultaneously proposing measures that would raise their taxes further. This creates an inconsistency in Harris&#8217;s stance without any acknowledgment.<\/p>\n<p>Shortly after Vance proposed a $5,000 child tax credit, Harris announced support for a $6,000 version. However, what stands out most is how she plans to address inflation\u2014a situation exacerbated by her own votes on significant spending bills like the $1.9 trillion American Rescue Plan and the $1.3 trillion Inflation Reduction Act\u2014which have contributed to rising prices since she took office as vice president.<\/p>\n<p>In response to an overall price increase of 20% during her tenure and declining real average weekly wages by 4%, Harris looks back at Nixon\u2019s presidency\u2014the only other time when inflation spiraled out of control\u2014and proposes similar solutions involving direct price controls on groceries through federal oversight via the Federal Trade Commission and state attorneys general who would penalize food companies violating these regulations.<\/p>\n<p>Nixon implemented his own version of such measures with disastrous results; although they received temporary praise in some circles at the time, they ultimately led only to delays in addressing underlying issues while worsening shortages in essential goods like gas and energy.<\/p>\n<p>When Nixon lifted his wage-and-price controls two years later\u2014initially intended for just three months\u2014inflation surged dramatically thereafter: rising from an annual rate of 3% in 1972 up to double digits within two years.<\/p>\n<p>Harris&#8217;s plan risks repeating these mistakes; grocery stores operate on much slimmer profit margins than other industries (averaging just one percent), making it questionable whether such interventions would yield positive outcomes compared with broader market trends where prices have risen significantly under current economic conditions since Biden took office.<\/p>\n<p>While avoiding references back to previous socialist leanings or borrowing ideas without attribution may not inspire confidence in Harris\u2019s intellect or leadership capabilities moving forward, drawing lessons from historical failures associated with extreme economic interventions could lead us toward even greater challenges ahead under current policies dubbed &#8220;Bidenomics.<\/p>\n","protected":false},"author":2693,"featured_media":2325644,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/kamala-harris-bidenomics.webp","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[5708,32438,38340,38341,32076],"class_list":["post-2325643","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-inflation","tag-kamala-harris","tag-price-controls","tag-tax-policy","tag-washington-examiner"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/kamala-harris-bidenomics.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2325643","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\/2693"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2325643"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2325643\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2325644"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2325643"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2325643"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2325643"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}