Price Controls Like Capping Credit Card Interest ‘Always a Mistake’

On Monday’s broadcast of the Fox Business Network’s “Varney & Co.,” former Trump Economic Adviser Stephen Moore responded to President Donald Trump pushing for a cap on credit card interest rates by saying that “wage and price controls are always, always, always a mistake.” And politicians have never learned that lesson.
Moore stated, “The first rule of economics is wage and price controls are always, always, always a mistake. And by the way, the second rule of politics is politicians never learn the first lesson.”
He added, “When people don’t pay their credit card bills, that puts a huge cost on the back of the credit card companies.” And a 10% cap is “a bad idea. Let the market work, no price controls.”