Dem’s anti-price gouging bills are ‘pretty gimmicky,’ likely won’t bring down inflation: former Obama adviser

Former economic advisor to the Obama administration Jason Furman slapped down Democrats’ pushing of anti-price gouging bills in Congress, saying these types of bills will not do much to bring down inflation and may even increase shortages.

Furman appeared Sunday on CBS’s "Face the Nation" and addressed whether the Democrats’ call for a cap on price gouging would have any impact for consumers as inflation rises.

"I think it is pretty gimmicky, these price gouging bills, because you know, you’ve got a lot of extra demand," Furman said. "What happens when demand goes up? Prices go up."

The average American is likely paying an extra $311 a month because of inflation, according to a recent Moody's Analytics analysis. The financial squeeze stems from the rising cost of everyday goods, including cars, rent, food, gasoline, and health care.

AS INFLATION SOARS, ONE-THIRD OF AMERICANS ARE EXPERIENCING FINANCIAL STRESS: SURVEY

"There is an old saying, the cure for high prices is high prices," Furman said. "That's a little bit of a painful thing to deal with, but it is what elicits the additional supply, it brings more producers into the market, and it is what brings prices down."

"We need to let tha... (Read more)

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