Price controls are coming

[awake]

The first superhero with his cape on backwards steps up to save the people.

Robert Wenzel


Wednesday, April 27, 2011

First Legislation Calling for Gasoline Price Controls (http://www.economicpolicyjournal.com/2011/04/first-legislation-calling-for-gasoline.html)


A South Carolina legislator has introduced a bill that would cap gas prices in South Carolina at whatever the average wholesale price is on June 1.

Democratic state Sen. Dick Elliott of North Myrtle Beach said the bill he introduced Wednesday is needed because gas prices are slowing the state's economic recovery, according to the local ABC news affiliate (http://www.abcnews4.com/story/14525346/bill-would-cap-gas-prices-in-south-carolina).

It appears the bill has only a minimal chance of passing, but the attempt by the Senator to get such legislation passed, provides further evidence about the mood in the country surrounding price inflation. Unfortunately, it is also an indication of the deep seated belief that price controls work and ignores the fact that they just cause shortages and supply disruptions.

As price inflation intensifies, expect more calls for price controls and possible across the board controls instituted by President Obama.

[TheBlackPeterSchiff]

You knew it was coming.

[QueenB4Liberty]

I haven't lived through this yet!

Exciting times lie ahead!

[sevin]

As price inflation intensifies, expect more calls for price controls and possible across the board controls instituted by President Obama.

Yeah, I definitely see the public demanding this when prices start rising exponentially. Then they won't understand when there are massive shortages all over the country and they'll beg the government to do something about that, too.

*sigh*

[CAKochenash]

What about the debit interchange fee cap?

[tpreitzel]

Price controls only create shortages... The ultimate price control is a strong currency.

[Reason]

Price controls only create shortages... The ultimate price control is a strong currency.

How many Americans know that?

4% ?

[tpreitzel]

How many Americans know that?

4% ?

Apparently, every couple of generations must learn the hard way...

[cubical]

This is brilliant! Why stop at gas? Mandate everything be 10% of the price it is today. Then someone making minimum wage could live the life of luxury along with the rich.

[Standing Like A Rock]

This is brilliant! Why stop at gas? Mandate everything be 10% of the price it is today. Then someone making minimum wage could live the life of luxury along with the rich.

Better yet, why not give everyone a million dollars? That would stimulate the economy and create jobs, right!? /s

[outspoken]

Better yet, why not give everyone a million dollars? That would stimulate the economy and create jobs, right!? /s

The sad part is that the with what was spent on the stimulus they probably could have given people a lump sum and it would have been more effective than the BS they instituted.

[Travlyr]

Better yet, why not give everyone a million dollars? That would stimulate the economy and create jobs, right!? /s

I sure would have preferred the helicopter method of ending this scheme. ;)

[cindy25]

it will not pass in SC, but it is possible in other states.

[1836er]

Directive 10-289

[Vessol]

It may not pass, but the fact that price controls are even being considered is a VERY scary thought.

This is much more scary than any other news I've heard in the past 6 months.

I thought that we were going to have a economic collapse in 5-10 years, I'm now thinking its going to be a lot sooner..

[South Park Fan]

I can't believe people still believe this economic nonsense. It always makes me feel like vomiting whenever someone praises minimum wages and price controls.

[madengr]

Awesome, does this mean I can see Atlas Shrugged at the movie theater for $4 instead of $8?

[Vessol]

"We economists don't know much, but we do know how to create a shortage. If you want to create a shortage of tomatoes, for example, just pass a law that retailers can't sell tomatoes for more than two cents per pound. Instantly you'll have a tomato shortage. It's the same with oil or gas."-Milton Friedman

[JCLibertarian]

I haven't lived through this yet!

Exciting times lie ahead!

I am of the belief their needs to be a further contraction of a liberty for it's ultimate expansion. I truly believe in an age of integrated and expansive markets and global communications, that a political renaissance for libertarian ideals is possible throughout America and the world. I just think the further the Statist Socialists/Corporatists push their agenda, the worse the economic contraction will be, and the more popular Libertarianism will become. If they through every statist measure in the kitchen sink to sustain their system, they will have no idea left, and be totally discredited. I think Libertarianism, or at least the ideas it promotes, have not been as popular as they are now since probably the Roaring 20s.