Stuart Varney: Kamala Harris' economic plan is about to take another left turn
Harris will solve inflation by blaming big corporations and going after them, Varney argues
‘Varney & Co.’ host Stuart Varney argues Vice President Kamala Harris is trying to distance herself from Bidenomics by blaming big businesses for inflation.
During his "My Take" on Thursday, "Varney & Co." host Stuart Varney criticized Vice President Kamala Harris' plan to fix inflation, arguing she doesn't want to understand what caused the surge in food prices, she just wants to blame big business and score political points.
STUART VARNEY: To solve the inflation problem, Kamala Harris will blame big corporations and go after them.
The announcement came Wednesday night, the first hint of what's to come.
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In her first 100 days as president, Harris promised new rules so "big corporations can't unfairly exploit consumers to run up excessive corporate profits on food and groceries."
Vice President Kamala Harris addresses the members of the American Federation of Teachers at George R. Brown Convention Center in Houston on July 25. (Elizabeth Conley/Houston Chronicle via Getty Images / Getty Images)
That polls well, so go for it.
Don't even try to understand what really caused the huge run-up in grocery prices, just blame somebody and score political points.
The same with drug prices. In the very badly named Inflation Reduction Act, the government will "negotiate" the price of up to 20 drugs a year.
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If Big Pharma doesn't agree to the "negotiated" price, they'll have a big chunk of their revenue confiscated.
A company that conducts drug trials says there have already been "profound cuts" to research and development. Far fewer new drugs.
Harris wants to put distance between herself and Bidenomics. In the past, she has claimed Bidenomics is working.
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Now she's admitting that inflation is a problem, and it is big business that is to blame. This may be politically popular in some quarters, but it's not going to work.
Prices are set by the market, supply and demand.
When the Biden-Harris team threw nearly $2 trillion into the economy, and the Federal Reserve printed another $6 trillion, demand was stimulated big time.
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Bring in all those supply chain disruptions and you get inflation.
Harris doesn't want to understand that, so she'll play the blame game.
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One of her economic advisers is a top aide to Sen. Elizabeth Warren. Oh, dear. Warren is a socialist.
The new Harris economic plan will likely take another left turn.
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