Business
‘Bad Case Scenario’: Former Obama Economist Slams Kamala Harris’ Plan For Nationwide ‘Price Controls’
From the Daily Caller News Foundation
Former President Barack Obama’s top economist joined the chorus of experts critiquing Vice President Kamala Harris’ proposed plan to lower costs for housing and groceries, according to The Washington Post Friday.
Jason Furman, former deputy director of the National Economic Council under Obama, expressed his concerns on Harris’ proposal to fine companies that practice “price gouging” on food and groceries, warning of the negative economic effects of the policy due to the apparent need to control prices to a degree, according to The Washington Post. Harris blamed corporate greed for the rise in prices in her speech on Friday, instead of massive government spending under the Biden administration which some economists argue has fueled inflation.
“The good case scenario is price gouging is a message, not a reality, and the bad case scenario is that this is a real proposal,” Furman told The Washington Post. “You’ll end up with bigger shortages, less supply and ultimately risk higher prices and worse outcomes for consumers if you try to enforce this in a real way, which I don’t know if they would or wouldn’t do.”
The Federal Reserve of San Francisco released research in May showing that corporate greed is not the main driver of inflation, saying that the price hikes seen following the COVID-19 pandemic were comparable to those seen following other economic recoveries that did not have not similar levels of inflation.
“This is economic lunacy. Price controls are a SERIOUSLY bad idea,” Samuel Gregg, Friedrich Hayek chair in economics and economic history at the American Institute for Economic Research, said on X. “They lead to shortages, severe misallocations of capital, and distort the ability to prices to signal the information we all need to make choices.”
The proposal from Harris would task the Federal Trade Commission (FTC) with handing out fines for companies that make “excessive” price hikes on groceries, the Harris campaign told The Washington Post. Price controls can initially lower prices for customers, but many economists argue that it would also “cause shortages which lead to arbitrary rationing and, over time, reduce product innovation and quality,” according to the Joint Economic Committee Republicans in 2022.
Prices have risen 19.4% since the Biden administration first took office, and grocery prices have risen 21%, according to the Federal Reserve of St. Louis (FRED).
“Harris has made a set of policy choices over the last several weeks that make it clear that the Democratic Party is committed to a pro-working-family agenda. The days of ‘What’s good for free enterprise is good for America’ are over,” Felicia Wong, president of the left-leaning think tank Roosevelt Forward, told The Washington Post.
Inflation peaked under the Biden administration at 9% in June 2022, with the rate only falling below 3% for the first time since in July. Under former President Donald Trump, prices increased just 7.8% from January 2017 to 2021, according to FRED.
Harris has also proposed the use of federal funds to forgive medical debt from healthcare providers, price caps on prescription drugs, a $25,000 subsidy for first-time home buyers and a $6,000 child tax credit for families for the first year of their child’s life, according to The Washington Post.
“The days of pivoting to the center to win on economics are over, even though there are good economic reasons to do so, especially on fiscal policy,” Bill Galston, a former Clinton aide, told The Washington Post.
Furman, the Harris campaign and Democrat economists Jay Shambaugh and Lawrence Summers did not immediately respond to the Daily Caller News Foundation’s request for comment. Democrat economist Sandra Black declined to comment.
Agriculture
Cloned foods are coming to a grocer near you
This article supplied by Troy Media.
And you may never find out if Health Canada gets its way
Cloned-animal foods could soon enter Canada’s food supply with no labels identifying them as cloned and no warning to consumers—a move that risks public trust.
According to Health Canada’s own consultation documents, Ottawa intends to remove foods derived from cloned animals from its “novel foods” list, the process that requires a pre-market safety review and public disclosure. Health Canada defines “novel
foods” as products that haven’t been commonly consumed before or that use new production processes requiring extra safety checks.
From a regulatory standpoint, this looks like an efficiency measure. From a consumer-trust standpoint, it’s a miscalculation.
Health Canada argues that cloned animals and their offspring are indistinguishable from conventional ones, so they should be treated the same. The problem isn’t the science—it’s the silence. Canadians are not being told that the rules for a controversial technology are about to change. No press release, no public statement, just a quiet update on a government website most citizens will never read.
Cloning in agriculture means producing an exact genetic copy of an animal, usually for breeding purposes. The clones themselves rarely end up on dinner plates, but their offspring do, showing up in everyday products such as beef, milk or pork. The benefits are indirect: steadier production, fewer losses from disease or more uniform quality.
But consumers see no gain at checkout. Cloning is expensive and brings no visible improvement in taste, nutrition or price.
Shoppers could one day buy steak from the offspring of a cloned cow without any way of knowing, and still pay the same, if not more, for it.
Without labels identifying cloned origin, potential efficiencies stay hidden upstream. When products born from new technologies are mixed with conventional ones, consumers lose their ability to differentiate, reward innovation or make an informed choice. In the end, the industry keeps the savings while shoppers see none.
And it isn’t only shoppers left in the dark. Exporters could soon pay the price too. Canada exports billions in beef and pork annually, including to the EU. If cloned origin products enter the supply chain without labelling, Canadian exporters could face additional scrutiny or restrictions in markets where cloning is not accepted. A regulatory shortcut at home could quickly become a market barrier abroad.
This debate comes at a time when public trust in Canada’s food system is already fragile. A 2023 survey by the Canadian Centre for Food Integrity found that only 36 per cent of Canadians believe the food industry is “heading in the right direction,” and fewer than half trust government regulators to be transparent.
Inserting cloned foods quietly into the supply without disclosure would only deepen that skepticism.
This is exactly how Canada became trapped in the endless genetically modified organism (GMO) debate. Two decades ago, regulators and companies quietly introduced a complex technology without giving consumers the chance to understand it. By denying transparency, they also denied trust. The result was years of confusion, suspicion and polarization that persist today.
Transparency shouldn’t be optional in a democracy that prides itself on science based regulation. Even if the food is safe, and current evidence suggests it is, Canadians deserve to know how what they eat is produced.
The irony is that this change could have been handled responsibly. Small gestures like a brief notice, an explanatory Q&A or a commitment to review labelling once international consensus emerges would have shown respect for the public and preserved confidence in our food system.
Instead, Ottawa risks repeating an old mistake: mistaking regulatory efficiency for good governance. At a time when consumer trust in food pricing, corporate ethics and government oversight is already fragile, the last thing Canada needs is another quiet policy that feels like a secret.
Cloning may not change the look or taste of what’s on your plate, but how it gets there should still matter.
Dr. Sylvain Charlebois is a Canadian professor and researcher in food distribution and policy. He is senior director of the Agri-Food Analytics Lab at Dalhousie University and co-host of The Food Professor Podcast. He is frequently cited in the media for his insights on food prices, agricultural trends, and the global food supply chain.
Troy Media empowers Canadian community news outlets by providing independent, insightful analysis and commentary. Our mission is to support local media in helping Canadians stay informed and engaged by delivering reliable content that strengthens community connections and deepens understanding across the country.
Business
Bank of Canada governor warns citizens to anticipate lower standard of living
From LifeSiteNews
“Unless something changes, our incomes will be lower than they otherwise would be.”
Bank of Canada Governor Tiff Macklem gave a grim assessment of the state of the economy, essentially telling Canadians that they should accept a “lower” standard of living.
In an update on Wednesday in which he also lowered Canada’s interest rate to 2.25 percent, Macklem gave the bleak news, which no doubt will hit Canadian families hard.
“What’s most concerning is, unless we change some other things, our standard of living as a country, as Canadians, is going to be lower than it otherwise would have been,” Macklem told reporters.
“Unless something changes, our incomes will be lower than they otherwise would be.”
Macklem said what Canada is going through “is not just a cyclical downturn.”
Asked what he meant by a “cyclical downturn,” Macklem blamed what he said were protectionist measures the United States has put in place such as tariffs, which have made everything more expensive.
“Part of it is structural,” he said, adding, “The U.S. has swerved towards protectionism.”
“It is harder to do business with the United States. That has destroyed some of the capacity in this country. It’s also adding costs.”
Macklem stopped short of saying out loud that a recession is all but inevitable but did say growth is “pretty close to zero” at the moment.
While some U.S. protectionist measures put in place by President Donald Trump have impacted Canada, the reality is that since the Liberals took power in 2015, first under former Prime Minister Justin Trudeau and now under Mark Carney, government spending has been out of control, according to experts. Rising inflation is rampant.
Canadian taxpayers are already dealing with high inflation and high taxes, in part due to the Liberal government overspending and excessive money printing, and even admitting that giving money to Ukraine comes at the “taxpayers’” expense.
As reported by LifeSiteNews, Carney boldly proclaimed earlier this week that his Liberal government’s upcoming 2025 budget will include millions more in taxpayer money for “SLGBTQI+ communities” and “gender” equality and “pride” safety.
As reported by LifeSiteNews, the Canadian Taxpayers Federation (CTF) recently blasted the Carney government for spending $13 million on promotional merchandise such as “climate change card games,” “laser pens and flying saucers,” and “Bamboo toothbrushes” since 2022.
Canadians pay some of the highest income and other taxes in the world. As reported by LifeSiteNews, Canadian families spend, on average, 42 percent of their income on taxes, more than food and shelter costs. Inflation in Canada is at a high not seen in decades.
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