Communist News Network? CNN Attempts to Normalize Government Controlling Food & Gas Prices

CNN attempted to normalize the communist notion of the government controlling food and fuel prices to fight inflation. CNN acknowledged that economists had generally dismissed the notion.

CNN’s ridiculous story was headlined, “Should the government control the price of food and gas?” The outlet spun the idea that it’s “been done before, typically during times of crisis.” But, as CNN conceded: “for most mainstream economists, the answer to this question is a resounding ‘no.’” Former President Barack Obama’s Council of Economic Advisers Chairman Austan Goolsbee reportedly responded in a University of Chicago survey on the merit of price controls: “Just stop. Seriously.” But CNN still attempted to downplay the ludicrousness of price controls, saying: “There is plenty of precedent for price controls in the United States, but you have to look a few decades back.” CNN’s tweetTwitter users loved the fact that of their story was shared in such a large number. As of Jan. 20, CNN’s tweet has over 7,100 comments and just over 1,400 likes.

It’s a wonder why CNN tried to treat price controls as a serious idea even as it repeatedly undercut its own reporting throughout its story. For example, CNN said in the second paragraph, “Limiting how much companies can charge will distort markets, [mainstream economists] argue, causing shortages and exacerbating supply chain problems while only temporarily reducing inflation.” Then, CNN tried to blame politicians for not taking price controls more seriously. It even raised the Marxist concept of class warfare to do it:

Washington’s attitude to price controls is similar. Washingtonians seem less enthusiastic about temporary or targeted measures, despite the growing pressure on the middle classes who are more affected by price rises than the well-off.

CNN later found a fringe expert that tried to justify the notion of price control.

Isabella Weber (assistant professor of economics, University of Massachusetts Amherst) argues price controls can play a role in the United States as well, when policymakers are trying to reduce inflation caused by extraordinary circumstances like the pandemic.

Weber was awarded the Institute for New Economic Thinking’s 2016 Young Scholars Initiative Conference Award in collaboration with the European Society for the History of Economic Thought. INET is a leftist think tank founded with a $50 million gift by liberal billionaire George Soros. INET “promotes an expansion of left-wing economics education in a search for a new statist economic policy consensus,” according to Influence Watch. CNN didn’t mention the connection to Soros.

CNN pointed out that skeptical economists “argue that capping prices encourages companies to produce less of a product, while making it more attractive to consumers.” However, CNN attempted to downplay economic reality again by rashly pointing to Argentina and Hungary to claim: “[The risk of low supply and high demand] doesn’t stop governments around the world from resorting to price controls when inflation gets out of hand.” 

Conservatives under attack Call CNN (404-827-1500) to demand that communist price control be treated seriously.