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SFGbob
Member Posts: 33,085
SFGbob
Member Posts: 33,085
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Gas companies are raising prices just to make Biden look bad.
https://www.cato.org/commentary/remembering-nixons-wage-price-controls
Forty years ago this week, President Richard Nixon showed us just how dangerous unchecked executive power can be to the free‐enterprise system.
On Aug. 15, 1971, in a nationally televised address, Nixon announced, “I am today ordering a freeze on all prices and wages throughout the United States.”
https://www.sciencedirect.com/science/article/abs/pii/0164070483900319
This paper empirically estimates the effects of the Nixon Wage and Price Controls using a general equilibrium macroeconomic model which allows for interaction of prices, wages, aggregate demand, real output, and interest rates. Results confirm earlier findings: the controls had only brief, downward effects on measured inflation which were reversed by the end of 1973. Even before the end of 1973, controls were having adverse effects on prices, output and interest rates. Furthermore, there is evidence that controls, coupled with expansive monetary policy, can lead to economic conditions that are more serious than those existing prior to the imposition of the controls.