Kamala Harris turns to Socialism
Link to quote: Trump: "You're Fired" Kamala Harris, "We're Not Going To Let This Incompetent Socialist Lunatic Keep Breaking Our Economy" | Video | RealClearPolitics
The nation's economy remains the number 1 issue of the 2024 campaign. Wednesday afternoon, Kamala Harris unveiled her economic policy. Her plan calls for giving the federal government expansive new authority to control food and grocery prices. She is advocating for price controls and extending government control over the means of production. Ironically, she revealed this policy idea on the same day that former President Donald Trump was calling her "an incompetent Socialist lunatic." Chalk up another one for Donald Trump. Once again, he was right as rain.
The idea was immediately criticized by several economists who described it as “big government on steroids” and “economic lunacy.” It seems that many democrats have no idea what ails our economy.
Let me help:
Way too much government spending.
Way too much government debt.
Way too much taxation of all kinds.
Way too much regulation.
Kamala has promised to present details of the plan to voters during a rally in North Carolina today. There has been no announcement on whether the press will be allowed to ask questions.
In other news:
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J D Vance and Tim Walz agreed to a CBS debate on October 1st.
Biden and Harris announced lower Medicare prices for 10 prescription drugs.
Ukrainian troops have taken full control of the Russian town of Sudzha.
Federal prosecutors have subpoenaed Mayor Eric Adams of New York and his 2021 campaign as part of a corruption investigation.
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Good morning.
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Not only does Kamala and her far left handlers want to artificially attempt to control the food industry, now she wants to fuck up the housing markets also. Have these leftist loons learned nothing from the 2008 housing debacle?
Harris to announce 4-year plan to lower housing costs | CNN Politics
The best news for anyone wanting to sell a house now valued at a million dollars.
Let's give people government assistance to buy grossly inflated homes.
'Incompetent lunatic' ......there's that projection from the former 'president' convicted felon and rapist.
It is not socialist to want to put a dent in corporate price gouging.
It is inflation that caused the price hikes.
Corporate greed took advantage of inflation and made it worse. They are happy for the use of the sheep though.
Biden did this.
Socialism is not the answer.
wow, what a comeback.
Those are the facts. Biden caused inflation with inflationary budgets and btw Harris was the tie breaker on those.
And yes, she is advocating Socialism.
Lets all be good little sheep, right?
So, as Vic stated - Inflation caused it. And it's all on Biden and Harris.
What is an "excess" profit?
Same as a "fair share"? Both in the eyes of the whiner.
In basic economics the idea is to make all the profit one can.
If one's prices are too high another will underprice and gain more business. It is really a great system.
It has nothing to do with inflation.
setting prices higher than are socially and economically beneficial
Where did you get that definition?
why? does it upset you?
That is not the way the corporate world works.
Inflation has gone down. Will grocery prices go DOWN, or will they just not go up as fast? We know the answer to that one.
Please answer the question.
That is exactly the way Standard Oil became Number One!
Typically, grocery prices don't go down. BTW the supermarket business has a razor thin profit margin.
And when you say inflation goes down, you meant the rate of inflation is less. (in July at about 2.9 %)
Where? It sure works in manufacturing. I see it all the time. As long as there is no patent protection, copycats come along all the time.
You have no idea as to how the corporate world works.
Inflation has not gone down; it's just increasing at a slower rate.
Except for weekly sales and BOGO's, grocery prices have not gone down.
Prices for paper products and laundry detergent are ridiculous. In fact, my local Kroger's just locked up the detergent section to cut down on theft.
Just like the stock market, inflation never truly goes down , it decreases compared to last month or last year. When people say inflation has "gone down" that is what they mean.
If inflation is down then corporate costs are down, compared to say earlier this year or last year. So are these large grocery store chains going to LOWER their prices? Dont hold your breath.
Well, that's not the whole story for capitalism. The basic economic motivations are to obtain profit and market share. So, there are competing motivations for both higher prices and lower prices. That's the source of power for consumers.
I agree that Biden's profligate spending contributed to inflation. But don't ignore the lack of competition on the supply side of the economy, too.
Price fixing, as Harris is proposing, won't address the rot of monopolies and collusion in the supply-side of the economy. Monopolies and collusion can overcome government price controls by artificially creating scarcity.
Don't we have anti-trust laws?
I think we have put the right safeguards in place.
But we don't have politicians willing to risk crashing the economy by enforcing those safeguards. Has Google become too big to fail? Has Microsoft become too big to fail? Has Walmart become too big to fail? Has General Motors become too big to fail (Obama thought so)?
Democrats, like Kamala Harris, prefer big multi-national corporations who can only do business through interstate commerce. The Constitution limits Federal authority over regulating commerce; that's the jurisdiction of state governments. These multi-national monopolies open the door for Federalizing regulations on commerce. Isn't that source of expectations for prosecutorial precedence of Federal anti-trust laws?
If commerce has become so concentrated and centralized that Federal jurisdiction over commerce takes precedent then our economy has already become too socialist. Is private sector socialism really better for the country than public sector socialism? We're already seeing how a lot of financial middlemen are obtaining unearned wealth.
Welcome to capitalism
Who decides what that is?
Most folks, who have never owned and/or successfully operated a business, don’t.
Um, no. It's currently at the same level it was when Biden took office. Pretty easy to just look it up...
I agree, next time a hurricane flattens half of Florida, instead of giving them handouts, make them pay the government for help. Love that idea.
Kewl, then no more food assistance, government assistance for the poor, etc, etc. Don’t just pick and choose. Tear the whole mofo down.
Love that idea Frosty?
Overly simplistic comment. Those price hikes are part of inflation. If the cost of goods produced did not rise at the same relative rate but instead rose more slowly than the cost for which they were sold, that is "Excess inflation." AKA capitalism run amuck.
I do actually!
The FTC has gone after quite a few companies over the past few years.
How many court cases have they won?
Many economists cite that infamous day in 2022 as the cause of the inflation.
We all recall the tie-breaking vote.
Economists can be found to support just about any theory, no matter the weirdness quotient..
How about addressing my comment?
With regard to the day that Kamala Harris cast that tie breaking vote on the Inflation Reduction Act of 2022, I know. It is a stupid name. And I know it may be a little bit nit-picky, but inflation was already here. That is why they called it the Inflation Reduction act of 2022.
And that is exactly why the US has anti trust laws.....Standard Oil, US Steel and the Robber Barrons who ran a few of the railroads.
Complete and utter nonsense. Those economists do not exist.
The June 2022 inflation rate had already peaked at 9.1 %
July was 8.5% and after the Bill passed August came in at 8.3%.
Sept.
11
Current US Inflation Rates: 2000-2024 (usinflationcalculator.com)
Talk about gaslighting...
Just curious-- what's the difference between regular profits-- and excess profits?
(is the cut-off point between the two a specific dollar amt? A percentage? Is the cut-off point between the two determined by a complex mathematical equation???)
Good point!
You can't reduce something that doesn't exist in the first place. You can't reduce nothing to a lesser amount-- there has to be something to begin with!
(Sorta like its improper to divide by zero-- or some sort of prevarication like that!!!)
A Harvard economist who worked in President Obama's administration ripped Vice President Kamala Harris' price control plan to curb inflation as not based in "reality."
"This is not sensible policy, and I think the biggest hope is that it ends up being a lot of rhetoric and no reality," Jason Furman told The New York Times in a report published Friday. "There’s no upside here, and there is some downside.
Obama economist trashes Kamala Harris' price control plan: 'This is not sensible policy' (msn.com)
He was referring to your post which claimed that the passing of the Inflation Reduction Act caused the inflation. That is why he quoted your claim. Hence your reply should be noted as deflection.
I heard the Biden administration stopped the Kroeger/Albertson's(Safeway) merger for that reason.
Completely unhinged response?
No real economist would blame the IRA for the inflation that had already occurred and peaked.
They could however voice concern that it could lengthen the recovery.
But no, you have to respond by jumping from misinformation about Biden legislation which passed two years
ago to a Harris proposal to "curb inflation" as not realistic according to Jason Furman.
Surprise ! He may be right. The sweet spot is 2.0% and we are already at 2.9% and declining.
It's likely that we will be at 2.7% or 2.6% by election day.
The sweet spot is within reach by the end of the 2n quarter of 2025.
We will probably see a rate cut by the Fed in the next 30 days.
The Ironic thing is that during the Obama years you tried to castrate everything Obama did or said,
including his economists like Jason Furman.
Now you are going to post some filler article by the NYT as a "gotcha moment" because an Obama economist
suggests that the Harris proposal is just rhetoric for the masses and unnecessary?
Weak sauce indeed.
Of course if Harris didn't propose something about the economy/inflation
you would be ultra negative all over that as well.
Predictably.
But you said:
"Those economists do not exist."
As usual you twist someone's words into something they did not actually say. Typical. Show us where SP said that exactly.
POST 2.1.38
Those were your words from 2.1.35
Covid caused the Supply Chain gridlock at the Port of Los Angeles in early 2021, inflation jumped from 1.7% in
February 2021 to 4.1% in APRIL of 2021 and increased to 9.1% by JUNE 2022
TWO MONTHS BEFORE THE INFLATION REDUCTION ACT WAS PASSED.
No economists cite any infamous day in 2022 for something that began in 2021.
Do you understand that you misspoke and you're just digging that hole deeper and deeper?
That's always the case.
There are only two ways to gouge excess profits in an open market. The first is to establish a monopoly so that competition cannot influence prices. The second way to manipulate prices through collusion.
Regulating prices will not address either the problem of monopolies or collusion.
BTW, collusion in today's finance driven economy has become easy. Just look at the commodity trading markets where producers must compete with financial shysters setting global prices for raw materials. Note that true capitalism would involve competition to obtain both profits and market share; higher prices provide profits while lower prices provide market share. But financial traders on commodity markets aren't concerned with market share so they only pursue higher prices for more profit.
There's plenty of competition between grocery chains so the competition would involve capturing market share. But there's no competition on the commodities markets for palm oil, coffee, wheat, or cotton. Those with jingle in their pockets buy these commodities with no intention of producing anything and aren't concerned with market share; they're creating artificial scarcity that drives up prices. Financial trading is the issue that needs to be addressed.
Bring back Glass-Steagall.
Like our current higher education system. At best a Oligopoly, at worst a Monopoly.
There's actually a third way, oftimes used by..."The Family". You whack anyone who doesn't cooperate.
(Yes-- that's what prevaricators do!!!
)
At best a Oligopoly, at worst a Monopoly.
Although in certain times its more like a game of Scrabble!
(Of course given the right set of conditions it might very well resemble a game of Cardinal Puff!)
Socialists talk about increasing the size of government to put some kind of dent in what they call “price gouging” to help leave more money in the peoples pockets but never explain what that “dent” needs to be or how to do it without destroying our free market economy.
Capitalists talking about lowering taxes and reducing the size of government to help leave more money in peoples pockets and are happy to quantify their recommendations for all to see. Much to the chagrin of our socialist friends on the left.
Here’s your sign …..
The Scandinavian countries are Socialist (it seems to be working out OK)
They seem to be increasingly becoming anti-integration. Seems that the newcomers don’t share the same work ethic and unified integration.
Yeah I hear that one all the time but it seems that isn’t all that and a bag of chips either. Burdensome taxes, heavy government intervention, relatively low GDP and production which limits future economic growth but hey.
For countries smaller in population than Michigan, not bad.
A huge difference between them and the USA. Population diversity. It’s not even close.
The reality is that the USA will always be somewhat socialist, we take care of our own when they are down and out, we give those without a helping hand when they need it, that's socialism in a nutshell. The problem is that people take advantage of the system and live off it. THAT pisses me off.
Agreed on all points. Especially the pissed off part
The margins in the Grocery industry are approximately 1%
Boy, that’s a lot of profit. Just ask Kammy and our friends on the left.
I believe leftists refer to that as ‘excessive’
His most notable comment yesterday was his assertion that a civilian medal (given by him to a Trump megadonor) is "better" than the Congressional Medal Of Honor.
Keep sticking to the ludicrous argument that "policies" are the only things that matter.
The only thing left for Trump to do is piss on a veteran's grave.
Remember the topic: Kamala Harris economic policy.
thats fine. you did mention trump in your article though.
In relation to his response to Kamala's Socialist plan.
Was he wrong?
Of course
It didn't work in South America, and it didn't work in Europe.
How so?
What's that? What is that?
What policies?
V ice President Harris is set to announce a plan to lower housing costs and end the housing shortage through the construction of new units and down payment support to first-time homebuyers, according to Harris-Walz campaign officials.
Harris’s “urgent and comprehensive four-year plan” will call for constructing 3 million new housing units, a tax incentive for homebuilders to construct “starter homes” to sell to first-time homebuyers and a $40 billion innovation fund for local governments to build housing.
The plan would also include $25,000 in down payment support for first-time homeowners. Home renters who paid their rent on time for two years and are buying their first home would be eligible for the down payment assistance.
Harris housing plan includes construction of 3M units, $25K down payment support (msn.com)
We would be going right back to what caused the 2008 housing crisis.
What is Trumps plan to lower housing costs ? Drill baby drill ?
What caused the current housing problem?
Are you saying her socialistic approach to the problem is appropriate?
tv prices have actually gone down the last four years. Do you think it’s because the government ordered them to?
In 1966 Daddy bought our first color TV, a 27 inch RCA that cost $1,200 which way two months pay for a federal agent. This was not a console with a stereo. It was a plain TV in a wooden box!
Wow, you must have been rich. My Dad waited until 1969 for a 19 inch color portable. I was very excited.
Bad= Biden did it; Good= Biden didn't do it. Partisan much?
That, my friend, is the absolute truth. Why is it that the virtue-signaling Democratic party doesn't think things through and then are surprised by the consequences of their actions?
That was when they forced the banks to lower the lending standards.
Barney Frank told us everything was fine.
Wall Street and the Financial Crisis: Anatomy of a Financial Collaps…
Ah yes..............
That was the night O'Reilly beat him up.
But, but, but, no, it's socialism and it's Joe Biden's fault.
Not just Joe. Kamala says she’s proud of casting the vote which passed the Inflation Reduction Act which has ruined the US economy
Ruined the US economy?
How so?
Here:
Inflation surged to its highest level in over 40 years under Joe Biden. Despite recent moderation, consumer prices are up more than 19% overall. Gasoline is up 46%.
Biden's Numbers, July 2024 Update - FactCheck.org
How? Be specific.
You listen to Barney Frank?
Thank you.
The 2008 financial crisis was caused by Wall St. greed.
So, for example, while one in 200 mortgages involved a down payment of 3 percent or less in 1990, by 2007 it was one in less than three. Other credit standards had also declined. As a result of this government-induced competition, by 2008 19.2 million out of the total of 27 million subprime and other weak loans in the U.S. financial system could be traced directly or indirectly to U.S. government housing policies.
The True Story of the Financial Crisis - The American Spectator | USA News and PoliticsThe American Spectator | USA News and Politics
In order to sell more "product" Wall St. banks began packaging high risk mortgages into financial products deemed high risk high reward, a form of gambling. In some ways a high class ponzi scheme. Like all such schemes it eventually collapsed , along with the rest of the economy.
Of course for the "good of the nation" the government propped these crooked institutions up.
Banks don't want any part of lowering lending standards to put high risk home buyers in homes.
That was a government scheme to extend homeownership to groups who couldn't afford it.
Maybe.
Remember, for every seller there has to be a buyer.
(People ain't buyin'-- then there's no selling!)
And the greed of home buyers buying homes that they couldn’t afford.
Ahhh, but was it really the homebuyers? They didn't necessarily think that they could afford the loans to begin with. I think that there is ample evidence of greed throughout the whole financing system, starting with the loan originators. They were basically sales people on commission whose job it was to push the loans. The more/larger loans they closed, the more money they got paid.
Home that were bid way up by corporate landlords right?
In Northern VA there were also middle class folks buying homes they couldn’t afford except with adjustable rate mortgages that they then defaulted on.
They are few corporate owned homes were I live.
Homeowners were part of it yes. They didn't understand their own financial worth and agreed to purchase homes at prices higher than they could reasonably afford and were helped along with the financial practices of the time that included predentary loans and banking practices. Nobody forced them to sign on the dotted line.
There were reasons why people were buying. One reason is there was a perception that houses were in limited supply. Another was the justification that housing prices were increasing rapidly and one needed to "get in" while still could. Along comes the mortgage broker that they pre-qualify with and the broker hands the potential buyer a jaw dropping figure that they could supposedly spend. Armed with this number, they set out to buy a home. Why did that broker talk them into the mortgage? Because they were not going to service the contract, they were just the origination service. Sign the deal, they had their money and were off to the next.
There were many securities companies that bundled these mortgages into investment securities and sold them to investors with the line, "Oh they are based on stable mortgages backed by the government. What could go wrong?" They were selling well so the investment banks wanted more to sell. Cycle back to the mortgage broker, repeat.
Whose fault is it? It is everybody who participated in scam's fault. I would tend to say that the buyers of the homes and the buyers of the securities were just the dupes, but they still should have understood what they were buying. The brokers and the bankers held the most blameworthy positions.
So after being VP for 4 years, she NOW wants to do something about it? After 4 years as VP she suddenly wants to work?
Yes, after 4 years of being the tie breaking vote in the US Senate for everything Joe Biden wanted.
Housing prices are now too high for first time buyers and Kamala wants to aid buyers with tax money. What does she think that will do to housing prices?
Once again. Unintended consequences. Just like the cost of higher indoctrination errr education. If the money is readily available and the push is to get through it, there is not much of a ceiling. And with the loan forgiveness bullshit, even worse.
Yes, perfect analogy.
Once Obama got the government into the student lending business, the universities couldn't raise the cost of tuition fast enough.
The federal government giving money (guaranteeing student loans) to college students worked so well to control the cost of going to college, what could go wrong here? /s
They never get it. Or maybe they don't care.
“Harris’s “urgent and comprehensive four-year plan” will call for constructing 3 million new housing units,”
Lol, yeah right, cackles doesn’t have a clue. 7.5 billion was set aside in the IIJA for building recharge stations. That was in 2021. To date about 8 have been built.
Good point.
BTW Trump will be after all that unspent money if he gets elected. Time to put it to good use.
Overpopulation is the hidden factor that nobody wants to address. It is driving up housing costs quickly
Housing prices in the US will come down once the government learns to stand back and let those overpriced houses go unsold.
Wall Street Is Buying Up Entire Neighborhoods
Policymakers in states across the country are finally pushing back on Wall Street firms buying up swathes of single-family homes to rent out at high prices. But they’re facing the might of a powerful new single-family rental lobby.
And … from the article …
"The nation's economy remains the number 1 issue of the 2024 campaign. Wednesday afternoon, Kamala Harris unveiled her economic policy. Her plan calls for giving the federal government expansive new authority to control food and grocery prices."
" … federal government expansive new authority to control food and grocery prices." REALLY?
It's an effort to stop corporations making record profits from PRICE GOUGING!
FYI: Why did Republicans block a bill to prevent price gouging by oil companies?
REMINDER: Every Single House Republican Voted Against Efforts to Lower Gas Prices
July 29, 2022
Harris is a career California politician, that tells me all I need to know about her
Exactly what does that tell you?
I listened to part of her economic speech while driving home from the grocery store yesterday. By the crowd noise I thought she was speaking in front of maybe 10,000 people as the crowd was definitely very loud. Then I found this story. While it's a far right leaning site, this article does have pictures of the full auditorium showing the crowd of around 100 people.
In reading this (while giving credence to it's far-right leanings) one could come away with the idea that this important speech that introduced her economic agenda, was a made for TV event that included it's own sound track.
I have read it was an "invite only" crowd for the speech. That should sufficiently explain the small venue. Hope it helps clarify a thing. . . or two: