Kevin O'Leary Warns Against Government-Controlled Pricing. Says It's Been Tried Before In North Korea, The Soviet Union And Cuba And Failed

Kevin O'Leary, a well-known businessman and investor, recently discussed the idea of government-controlled pricing during an interview on Fox Business. 

The idea of the government controlling prices has always sparked strong opinions. Some believe the government should step in to protect consumers, especially during tough economic times. They argue that without regulation, big companies could charge as much as they want for essential items like food and medicine, making it harder for average people to afford what they need.

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Opponents of this idea, like Kevin O'Leary, argue that history shows government-controlled pricing doesn't work. "That’s not going to happen. The government’s not going to control prices on protein groceries or energy,” says O’Leary, pointing to places like North Korea, the Soviet Union, and Cuba, where such policies led to economic failure, shortages, and less innovation. O'Leary and others believe in letting the market determine prices.

In February, President Joe Biden urged major grocery chains to lower food prices, accusing them of exploiting consumers during high inflation. With inflation rates soaring over the past two years, the prices of essentials like eggs, milk, and other staples have climbed sharply. Although the inflation rate is slowing, many Americans are still feeling the pinch at the grocery store, which has negatively impacted Biden's approval ratings.

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In response, Biden has accused grocery chains of making excessive profits at the expense of American families. "There are still too many corporations in America ripping people off: price gouging, junk fees, greedflation, shrinkflation," Biden said in South Carolina.

Vice President Kamala Harris outlined her economic plan at a campaign rally in North Carolina, calling her agenda a way to create an "opportunity economy." Harris's plan seeks to build an economy where everyone, regardless of their background, has a chance to succeed and build wealth.

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Her proposals include a federal ban on price gouging and pushing the Federal Trade Commission and state attorneys general to investigate companies that exploit consumers by raising prices for profit. Additionally, she aims to address the housing shortage by constructing new units, providing down-payment support for first-time homebuyers, and expanding the child tax credit.

"I will focus on cutting needless bureaucracy and unnecessary regulatory red tape … while protecting consumers and creating a stable business environment with consistent and transparent rules of the road," Harris said.

Just like O’Leary, the Trump campaign likened her agenda to socialist policies implemented in countries like Cuba and Venezuela, arguing that it wouldn’t effectively reduce costs for consumers.

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