Dave Ramsey explains why Kamala Harris's “price control” plan wouldn't work: “Let the free market run”

Financial expert Dave Ramsey explained on “The Ingraham Angle” why Vice President Kamala Harris' economic plan will not work. Ramsey responded to the Democratic presidential candidate's suggestion that Federal price controls to put an end to price gouging on food.

Liberal WAPO columnist says Harris' price controls sound like 'communism'

DAVE RAMSEY: It is not sustainable because it's artificial. If you want to just put something under the bus and find out what's really happening, just go back to the 1970s. We tried it. There was a whole movement for price controls on everything because inflation was out of control and rampant, just like today. And so it was tried. It doesn't work. What works is to flood the market with supply. Lots of oil means lower oil prices. Lots of labor means lower labor prices, lots of whatever means lower prices. It's a simple supply and demand curve. That's called economics, and it's called a free market economy. If you bring in the government and try to artificially contain it, it just doesn't work because you can only hold that hose for so long before the pressure builds up and then it blows up in your face.

Financial advisor Dave Ramsey shows a young couple with nearly a million dollars in debt how to get out of debt. (Screenshot/Twitter)

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Harris is expected to unveil her economic plan on Friday during a speech in Raleigh, North CarolinaEarly indications are that the strategy will have a progressive-populist thrust, including attacks on corporate “price gouging,” which conservative critics say is merely a diversion from the Biden-Harris administration's handling of inflation.

In the run-up to Harris' first official keynote speech as part of her presidential campaign, her team announced that she would call for federal oversight of “price gouging” by food and grocery companies for the first time.

The proposal would give the Federal Trade Commission and state attorneys general the power to impose tough penalties on companies that set excessive prices.

“There is a big difference between fair prices in competitive markets and inflated prices that are disproportionate to the cost of doing business,” the Harris campaign team said shortly after the policy proposal was announced.

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Fox News' Jamie Joseph and Alec Schemmel contributed to this report.