After four thousand years of bad experiences, you’d think politicians and others would have learned the folly of price controls. Such restrictions lead to shortages, black markets and other destructive consequences. They didn’t save the Roman Empire, and they helped destroy the presidency of Richard Nixon.
But like mosquitoes and flies in summertime, price controls are always with us. This episode of What’s Ahead warns of a congressional bill that would impose caps on credit card interest rates, ostensibly to provide relief for debt-ridden Americans, who, thanks in no small part to Joe Biden’s inflation, find themselves under financial stress. The legislation, however, would hurt them—and to a lesser extent—other cardholders.
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