Even the Washington Post, known for its progressive slant, has expressed deep skepticism about Vice President Kamala Harris’ plan to impose socialist-style price controls on groceries.
The prominent newspaper, which is under the ownership of billionaire Jeff Bezos, recently criticized Harris for her approach to tackling inflation. In an editorial, the Post denounced her claims that price gouging is the primary driver of rising costs and dismissed her proposed solution as mere “populist gimmicks.”
Amidst a surge in food prices—over 20% nationwide during the Biden-Harris administration—Harris recently unveiled a series of economic measures she would implement within her first 100 days as president. These measures include introducing government-mandated price controls on groceries.
Rather than providing a transparent explanation for the inflationary pressures, such as the supply chain disruptions caused by the pandemic or the Federal Reserve’s monetary policies which the current administration has supported, Harris has chosen to blame corporate greed, according to the Washington Post.
Bezos, who has been increasingly critical of the current administration and supportive of Republican perspectives, acquired the Post in 2013 and has taken a more active role in its editorial stance in recent months. His extensive business empire, which includes Amazon and Whole Foods Market, stands to be significantly affected by Harris’ proposed policies. These include a potential federal ban on price gouging, enforced by the Federal Trade Commission, with severe penalties for companies setting excessively high prices.
The Post took issue with Harris’ plan to target companies for “excessive” profits, a concept they find vague and problematic. They also criticized her proposal to offer $25,000 in down payment assistance for first-time homebuyers, arguing it could exacerbate housing market inflation.
Despite these criticisms, the Post acknowledged that Harris’ housing policy and tax incentives were relatively well-constructed. The newspaper suggested that her housing plan might be more effective if it were funded by eliminating other demand-side subsidies, such as the mortgage interest deduction, which costs taxpayers about $30 billion annually and disproportionately benefits wealthy Americans.
On a more positive note, the Post recognized Harris’ proposal to increase the child tax credit from $2,000 to $3,600 per child as one of her more solid policy ideas, reflecting a more grounded approach to economic support.
Overall, while the Washington Post remains critical of Harris’ price control proposals, it finds some merit in her other policy suggestions.