'Setting reasonable maximum prices for essentials like food, gasoline, and energy would reduce out of pocket costs to consumers—and therefore curb excessive profiteering by corporate giants.'
Gasoline prices—always a hot-button political issue—are another area where setting maximum prices would deter fossil fuel industry profiteering.for such actions. Price controls were a key concern of the Roosevelt administration's Office of Price Administration during World War Two. Controls remained available in the decades that followed, either as a wartime measure or to properly align wages and worker productivity.on prices and wages in response to an inflation spike.
We've all been taught that prices are determined by supply and demand. But that really only applies in theoretical, competitive marketplaces. Rampant corporate concentration upends those assumptions in many parts of the economy, granting the dominant players the ability to keep prices high—to the delight of Wall Street investors.
In short, we already have price controls—they're just being set by corporate powers to keep prices higher. The federal government has a range of powers it could use to protect consumers, public safety, and the climate. Unfortunately, the Biden administration is opting instead for short-term moves of dubious benefit—like releasing oil from the strategic reserves and waiving pollution rules to encourage more ethanol-blended fuels to hit the market before the summer.
by Senator Elizabeth Warren and Rep. Mondaire Jones of New York that would block corporate mega-mergers that harm workers and consumers.This work is licensed under a Creative Commons Attribution-Share Alike 3.0 License.
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