NewsNation host Chris Cuomo on Friday criticized Vice President Kamala Harris's level of competence following a gaffe during her economic speech.
Harris said in a speech Friday afternoon in North Carolina. Announced The plan is to ban so-called “price gouging” through federal law. said It's not a “rip-off,” it's an “assessment.” Cuomo said he was “not concerned” about the gaffe, but suggested Harris symbolized “the lack of talent in politics right now.” (RELATED: Harris once bragged about working “behind the scenes” to get transgender inmates sex-reassignment surgery)
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“Price gouging and price jacking, which is right, she made a mistake, and we recognized that… I'm not really interested in price jacking, price gouging. I don't care, OK? You've got to take the level of talent you can find,” Cuomo said. “Right now we don't have good talent in our politics, and we're going to have to wait for better talent to show up that wants to be involved in this toxic process. But this is the talent we've got.”
Harris said she would “pursue bad actors” who unethically raise prices, and argued that the government “must take action” when companies “don't play by the rules.” According to To NBC News.
CNN host Julia Chatterley said Thursday that Harris' speech appealed to voters but was short on details and criticized the vice president's “price gouging” plans.
“I don't know how a federal ban would work. It would require some kind of congressional legislation to directly target prices. It's very hard to pinpoint where and how price gouging is occurring,” Chatterley said. “She talked about grocery store profits, but their margins are incredibly thin. For every dollar of sales, they only make about one to three cents profit. Try proving that their price gouging is going to be much harder than anything else.”
While Harris blames the price hikes on unfair corporate price hikes, economists argue that corporate actions have had less of an impact on rising food prices than government stimulus spending and low interest rates from the Federal Reserve, The New York Times reported. Reported.
Washington Post columnist Katherine Rampell also criticized Harris' economic plan for mitigating rising prices on Friday, particularly the vice president's “price gouging” policies.
“Nobody can explain what they mean by price gouging,” he said. “It's like the old pornography line, 'I know it when I see it,' but what they mean by exorbitant prices or exorbitant profit margins. It seems to be shorthand for 'offensive prices or profit margins,' which are prices or profit margins that are too high.”
“We've seen this tried before in many other countries, including Venezuela, Argentina and the Soviet Union. It leads to shortages, black markets and a lot of uncertainty. And depending on how this bill is specifically written, other language could actually cause prices to go up,” she added. “For example, requiring public companies to disclose their pricing methodologies in their quarterly reports and quarterly earnings reports is a great way to encourage corporate collusion, and typically we don't want companies to collude.”
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