CNN Flaunts Its Own Stupidity Again

Do Government Cost Controls Work?

( – You would think Americans learned their lesson about the futility and stupidity of government-mandated “cost controls” back in the 1970s when both President Richard Nixon and President Jimmy Carter used them in a failed attempt to contain runaway inflation as we see once again with President Joe Biden in office.

Still, that was almost 50 years ago – two generations – so most Americans alive today didn’t experience that failed economic period that was made far worse by government cost controls.

So here we go again with the idea being raised again by none other than CNN – a network that seems destined to flaunt its own stupidity on a weekly (daily?) basis.

As you’ll see in the tweet below and the article it references, CNN is now asking, “Should the government control the price of food and gas?”

And within the linked piece, it states the following:

“Isabella Weber, an assistant professor of economics at the University of Massachusetts Amherst, argues that price controls have a role to play in the United States, too, as policymakers try to address inflation caused by the extraordinary circumstances of the pandemic.

“‘Price controls would buy time to deal with bottlenecks that will continue as long as the pandemic prevails,’ Weber wrote recently in The Guardian, adding that ‘the cost of waiting for inflation to go away is high.’ One key to making the policy a success, she wrote, is to remove price caps gradually to prevent a rapid surge in prices.” [emphasis added]

What do you think? Do you support or oppose government-mandated cost controls like the folks over at CNN? Please email [email protected] and share your opinion.