The Great Forgetting, a continuing series


On Thursday, the Center for American Progress, a prominent left-leaning think tank that often cultivates policy ideas later adopted by the Democratic Party, proposed a two-year freeze on the prices of 24 food items, such as strawberries and ground beef.

Grocers would voluntarily agree to capping the cost of food in exchange for paying lower fees on credit card transactions, according to the proposal, which was written by a group led by Jared Bernstein, who chaired the White House Council of Economic Advisers during Joe Biden’s presidency.

That, in effect, would force credit card companies to absorb the cost of subsidizing food purchases, a highly unusual arrangement. A draft of the proposal said the Federal Reserve could force credit card companies to do so via its regulatory oversight, though that provision was removed after questions from The Washington Post.

It is not clear how else the government might persuade credit card companies to foot the bill, nor how many grocers would agree.

Here is more from The Washington Post.  Elsewhere in The Great Forgetting, three Supreme Court Justices seem to have forgotten what the Constitution says.



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