One way to STOP INFLATION in it's tracks

[KS Toronado]

In 1970, Congress had granted the President the power to impose wage and price freezes,..... With inflation
unresolved by August 1971, and an election year looming, Nixon convened a summit of his economic advisers at
Camp David......He then announced temporary wage and price controls, allowed the dollar to float against other
currencies, and ended the convertibility of the dollar into gold.

By identifying himself with a policy whose purpose was inflation's defeat, Nixon made it difficult for Democratic
opponents ... to criticize him. His opponents could offer no alternative policy that was either plausible or believable
since the one they favored was one they had designed but which the president had appropriated for himself.

Nixon's policies dampened inflation through 1972, although their aftereffects contributed to inflation during his
second term and into the Ford administration.

https://en.wikipedia.org/wiki/Richard_Nixon Info listed under Economy heading


Quite a number of DUers, myself included, believe inflation is going to be the big issue Rs will be using against
us in the midterms. If we could implement some type of price controls to offset corporate's greed and record
profits and bring inflation under control, independent voters who decide all elections will be paying attention.

Even if price controls don't work as well as we hoped, we'll still get credit for trying with those voters

I'd promote it as a republican idea that worked out great for Nixon so we're gonna try it again, a lot of people
only have vague memories of the '70s when this took place, so promote it as a great republican idea. If they
can have the big lie, we're entitled to a small fib. Gov. Schwarzenegger (R) even did price controls on gasoline
because of greedy oil companies.

OK, there's going to be a lot of what if's, but's, how come's and therefore's to work out, but I believe people
smarter than myself (Biden Administration) could pull this off.

The Democratic party needs to use everything at our disposal to win big in the midterms, the direction the
reQublicOn party is headed is a clear and present danger to our way of life. IMHO

PS, if you have hearts to give out yet, go find someone with none or very few. My ego doesn't need them.
Forget I said that next Feb.

[Sherman A1]

1. I remember the wage and price controls of the 1970s

they ended up with price controls coming off, but the controls on wages remained as I recall. The working folks got screwed as usual.

[KS Toronado]

5. We would never issue wage controls, just price controls to help voting consumers

[Sherman A1]

8. I don't see either happening, but I would not be so very sure of what

"we" might do.

[unblock]

2. Nixon's terrible inflation policies helped create the stagflation during Carter's time in office

Granted, the oil shocks had more to do with it, but wage and price controls basically help in the short term but make the long term problems worse, possibly much worse.

[rgbecker]

3. One of the great ironies of all time! GOP imposes wage and price controls.

My father, a Goldwater Republican just about completely lost it back then. Rushed out to buy Gold and Silver with the same vigor our neighbor brought to the digging of his bomb shelter in 1962.

The key to today's inflation story is that it is world wide...not a Vietnam War induced suicide attempt by America alone. This is more akin to Arab price increase of oil in 1972. Biden should use the run up to push for more investment, government sponsored, in energy alternatives and energy conservation....and soon. I"m expecting $130/bbl oil by election time and price controls won't do a thing to stop it.

[BootinUp]

4. I always check what Krugman says

He has 8 tweets on the subject starting here

Link to tweet

[KS Toronado]

11. Yes, we need economists to weigh in on price controls

Read your link, he talked mainly about the Fed.

[KS Toronado]

12. Done an internet search and found these

Governments generally impose price controls for one of three reasons: to redistribute, stabilize or deflate. Price
caps help the poor afford necessities of life; price floors prop up the livelihoods of farmers

Price controls have both advantages and disadvantages for consumers and producers. Price controls prevent money
loss on both sides and help find an equilibrium for producers and consumers in the market

Stabilize the economy should be a priority for us heading into the midterms

[PortTack]

6. Consumers have all the power..just stop stimulating the "economy."

Cut back or delay all unnecessary purchases..period

[JohnQFunk]

7. No wage controls, but a price freeze including ALL rent transactions

A large chunk of the inflation mess is indeed fossil fuel price gouging.

Freeze all such prices and refer the matter to DOJ. Watch the fossil fuel cartel either back down or squirm.

Another is residential rent.

Yes, the Prez should freeze all rents - and yes, let the special interest defenders of gouging go to court - and yes, use that move to turn the GOP into the "pro-inflation party."

Win-win-win.

[KentuckyWoman]

9. Double the tax rate

on all the various ways the top 5% make money and also raise all the various ways corporation can deduct things that benefit workers directly. Long range solution. Short range about all you have is price controls. But it affects the US only and I believe this trend is global.

My humble opinion. This round of inflation is 80% about greed. It is also being used as a tool to try and break the political leaders around the world who will fight for workers. It isn't just the US. It's everywhere. Once they get more power in governments then it is much easier to pick the 99% clean.

BTW - I only give greed 80% of the credit because I do think supply/demand does share part of the picture. Coming out of the pandemic, China, India and other emerging economies are increasing the share of global resources they use and the supply of those items is either lagging or cannot be increased.

[Emile]

10. Joe Mansion is already using it against President Biden as a reason not to support BBB.

Bad when members of your own party blame a Democratic president and not the Predatory Capitalists that caused it! They did this to Carter too. They'll blow smoke up your ass and say its complicated, then point their finger at democrats, blame high cost of hourly wages, demand, the fed, blah blah anything but point at the Predatory Capitalists that raised their prices to recoup losses during the pandemic.

[PoliticAverse]

13. It's too easy to evade price controls and they do cause shortages. n/t