Beshear: Harris’s Economic Plan Ensures ‘Capitalism Stays Within Guardrails’

In a recent interview, Kentucky Governor Andy Beshear (D) expressed his support for Vice President Kamala Harris’s newly announced economic agenda, emphasizing its potential to enhance the economy’s functionality.

Beshear pointed to his background as an attorney general, sharing how he took action against price gouging in Kentucky, particularly regarding gas prices. “We successfully pursued these violations and brought millions back to our citizens,” he noted. He stressed that this initiative is not about imposing price controls but rather ensuring the economy operates effectively, based on true supply and demand principles.

He compared Harris’s approach to historical efforts by leaders like Teddy Roosevelt, who broke up monopolies. “It’s about ensuring that we have the appropriate regulations and tools in place so everyone plays fairly and adheres to the rules,” he said, reinforcing the necessity for equitable practices in business.

Diving deeper into Harris’s economic proposals, Beshear highlighted her call for a federal ban on corporate price gouging, which was announced during her campaign in North Carolina. Despite some backlash, including criticism from the Washington Post editorial board, which referred to her proposals as “populist gimmicks,” Beshear remained steadfast in his belief that such measures are crucial.

He articulated the importance of addressing price gouging, particularly during crises and disasters. “It’s essential to demonstrate that these price spikes exceed the principles of supply and demand, pointing to instances where individuals capitalize on suffering,” he explained. He provided examples from various states, both red and blue, which have experienced price hikes in the aftermath of natural disasters.

Beshear emphasized the necessity of preventing exploitation that can occur during trying times, such as the pandemic, where prices of essential goods could be unfairly inflated for greater profits. “The aim is to maintain capitalism within its reasonable boundaries,” he stated, affirming that such regulatory actions have long been a practice at the state level.

Overall, Beshear’s defense of the economic agenda underscores a commitment to creating a fair marketplace. His argument is rooted in a desire to protect consumers from the pitfalls of unregulated capitalism, particularly during stressful periods when the public needs stability the most.