Throughout history, the memory of disastrous consequences resulting from price-controls seems to be easily forgotten. The renewed discussion sparked by Vice President Kamala Harris’s recent policy proposals regarding price-controls highlights this ongoing phenomenon.

For centuries, price-controls have consistently proven to be a failed approach, leading to severe shortages and a decline in product quality. From the devastation of Babylonian trade in 1750 B.C. to the turmoil caused by such policies in second-century Rome, the impact has been consistent. Even in more recent times, price-controls contributed to an oil and gas crisis in the United States during the 1970s.

Despite this historical evidence, politicians continue to promise easy price reductions to their constituents. Harris, for example, has expressed support for implementing a federal ban on “price-gouging” of grocery products, as well as advocating for price-controls on pharmaceuticals. Her decisive vote in favor of the Inflation Reduction Act and commitment to limiting rent increases demonstrate her stance on this issue.

Instead of taking responsibility for the inflation caused by her administration, Harris has resorted to baseless accusations of corporations and landlords being “greedy” for raising prices. The reality is that the profit margin for retail grocery stores has decreased to a mere 1.18 percent under the Biden-Harris administration.

By pushing for price-controls on grocery products, Harris risks triggering food shortages and compromising food quality for Americans. This could lead to the closure of grocery stores, particularly in underserved areas, ultimately causing farms to go out of business.

Repeated instances from history, such as the Roman Emperor Diocletian’s failed fixed pricing edicts in 301 A.D. and the Bengal Famine of 1770, serve as cautionary tales of the dire consequences of price-controls. Harris’s expansion of price-controls through the Inflation Reduction Act, particularly in the pharmaceutical sector, could stifle innovation and result in a loss of significant years of life for Americans.

With the potential outcomes of price-controls already being seen in warnings from drug manufacturers and historic case studies, it is crucial for Americans to recognize the damaging effects on various sectors beyond food and housing. Avoiding a descent into socialism requires an awareness of the detrimental impact that price-fixing can have on countries, lives, and economies, underscoring the old and perilous nature of such policies.