August 2024

It’s a free speech miracle.Or something close to one, at least.

As Democrats whoop it up at their somewhat vestigial (they’ve already nominated Kamala Harris for president in a “virtual vote”) national convention in Chicago, they seem relatively enthused by her economic platform -- far more enthused than American consumers will be with its results if implemented.Two features in particular stand out for their combination of economic ignorance, likely disastrous results, and, unfortunately, political popularity.First, Harris proposes a federal ban on “price gouging” by sellers of food and groceries.Second, she touts $25,000 in “down payment assistance” for first-time homebuyers.Yes, “price gouging” sounds like a bad thing (that’s why it’s called “gouging,” to make it sound bad.) The real term for laws against it is “price controls.”We’ve tried price controls in the past, and the results are in: They always result in shortages.Maybe you’ll pay less for that head of lettuce or package of ground beef ...