In a heated exchange on MSNBC, Elizabeth Warren found herself on the defensive as MSNBC’s Joe Kernel blasted her as she attempted to justify Kamala Harris’s latest push for Soviet-style price controls.
Kamala Harris traveled to Raleigh, North Carolina on Friday to announce a Communist-style price control scheme to combat the inflation crisis she created.
Harris cast the tie-breaking vote on the so-called ‘Inflation Reduction Act.’ The IRA made inflation unbearable for Americans. Food prices are skyrocketing because of Joe Biden and Kamala Harris.
Harris boldly claimed she would target businesses that allegedly aren’t “playing by the rules” by hiking prices illegally.
This proposal has drawn sharp rebuke from former President Donald Trump, who took to Truth Social to warn Americans of the dire consequences of Harris’s plan.
“If you think things are expensive now, they will get 100 times WORSE if Kamala gets four years as President. Under her plan, Kamala will implement SOVIET Style Price Controls. She will abolish private health care and make California’s ridiculous tax policies the law of the land, meaning EVERY American will be taxed up to 80% of their income! If you want more CASH and less TAX, VOTE TRUMP!!!”
During the interview, MSNBC host Joe Kernen grilled Warren on the flaws in Kamala’s proposal.
Joe Kernel: For 40 years, companies didn’t know how to price gouge until three and a half years ago when President Biden was elected. Where was the price gouging? We had 40 year highs in inflation. Where was the price? They just learned how to do this three and a half years ago?
Elizabeth Warren: No. The difference is prices were not going up. As I said, prices started going up for a whole host of reasons. Prices went up because of the pandemic. Prices went up because of supply chain kinks. Prices up because of the war in Ukraine. Prices were going up.
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CNBC: For 40 years, companies didn’t know how to price gouge until 3.5 years ago when Kamala was elected? They just learned how to do this?
POCAHONTAS: “Prices went up because of the war in Ukraine.” pic.twitter.com/mw8DIc5MHR
— RNC Research (@RNCResearch) August 23, 2024
Kernen highlighted how even left-leaning outlets like The Washington Post have slammed the idea, noting that price controls could do more harm than good by stifling competition and innovation.
Joe Kernen: Look at The Washington Post. If you lose The Washington Post as a Democrat, you’ve got some serious problems. This is what they said about the price gouging or the price control legislation: it was really pilloried from both sides of the aisle.
Even Jason Furman—I don’t know if you saw some of his comments—said it’s not good policy and could actually do more harm than good. I can paint you a picture of how that would work.
We’ve talked in the past about how, when we’ve tried to artificially hold prices down, competition doesn’t come in. If beef is too high, people don’t move to chicken. Competitors don’t come in to undercut where the beef prices are. Nothing works when you try to artificially control prices. It’s just a supply and demand issue, a flawed idea.
Elizabeth Warren: So, did you have a question here?
Joe Kernen: Yes. Why would you propose a flawed idea when the real problem—so let me ask the question. If you really want to help the middle class, if you really, sincerely want to help people having trouble at the grocery store, it’s not price gouging that’s the issue. If you look at it seriously and really want to help them, then let’s do something about it together.
When pressed by Kernen on the real causes of inflation and the ineffectiveness of price control measures, Warren struggled to provide a coherent defense.
Instead, she deflected by pointing to existing state-level price gouging laws, a comparison Kernen swiftly dismantled as misleading and fallacious. The clash escalated as Kernen accused Warren of using “sophistry” and misleading data to defend a deeply flawed policy.
Joe Kernen:
Can I tell you why those are fallacious and misleading at best? And your Kraft analogy is even worse… Why can’t I tell you? Please let me tell you. Kraft, you say, had a 440% profit increase. The example you used was from the prior quarter of the year before, when they had a charge of $1.3 billion, an accounting change that wiped out profits. Then they earned what they normally would. Look at the data. Let me finish now.Elizabeth Warren:
You didn’t let me finish. Look at the data. Come on. We have economic study after economic study.Joe Kernen:
…This is the way it always goes.Elizabeth Warren:
When there is more concentration—Joe Kernen:
Senator, 40 million eggs were destroyed because of avian flu.Elizabeth Warren:
When there is more concentration in an industry, we have seen much greater increases in the profit margins.Joe Kernen:
Do you attribute the inflation to that? Is that what you think we need to do to solve it?Elizabeth Warren:
They’re not random one-offs. It is part of the problem. When you’ve got companies that are gouging consumers on prices, consumers need to know they’ve got somebody on their side.Joe Kernen:
Senator, we’re trying to help… We’re trying to actually do…Elizabeth Warren: Where are you in the 36, 37 states that currently have price gouging laws?
Joe Kernen:
This is why you never lose an argument—because no one can ever say anything back to you, Senator.
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