A former Trump administration official said the price proposals announced by Vice President Kamala Harris “would lead to shortages and even famines” during a Monday appearance on Fox Business.

Harris announced his support for the federal ban on so-called “price gouging” during a Friday speech in North Carolina on economic policy. Former Council of Economic Advisers chairman Kevin Hassett told Fox Business host Stuart Varney that under Harris, Democrats seemed determined to have the government “fix the price of everything.”

WATCH:

Former Trump adviser warns Harris' 'ignorant' pricing policies would lead to economic 'misery' pic.twitter.com/3bcSUTm6sL

— Daily Caller (@DailyCaller) August 19, 2024

“The fact is, it leads to scarcity and even starvation,” Hassett told Varney. “And if you look at what's going on, where I just noticed that they mentioned in the campaign coming up, Medicare for all, it looks like the Democrats want the government to set the price for everything, and so it's a purely socialist idea . . , and leads to misery for the citizens”.

“It amazes me that there's a major party out there that's about to have a big convention that wants to encourage everyone to support their candidate, and they're proposing things that almost caused most of the misery of the 20th century. Hassett continued. “It's amazing to me that they were so ignorant about these policies.”

Harris' proposal would rely on “tough penalties” from the Federal Trade Commission to address alleged “price gouging,” which is similar to legislation written by Democratic Sen. Elizabeth Warren of Massachusetts whom Harris co-sponsored in 2020. Warren introduced similar legislation on February 26.

The San Francisco Federal Reserve released a report in May, which noted that “fluctuations in margins have not been a major driver of the ups and downs in inflation during the post-pandemic recovery.” Inflation hit a recent high of 9.1% during the Biden administration, with prices up up more than 20% since President Joe Biden and Harris took office in January 2021.

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