Vice President Kamala Harris recently unveiled an economic plan centered on price controls, wage hikes, and subsidies. While the tech industry is not specifically targeted in her proposals, the broader economic ramifications could spell trouble for the sector.

Harris’s price controls, covering essentials like food, medicine, and housing, echo the failed attempts of the past, such as Richard Nixon’s price controls in the early 1970s. Nixon’s efforts may have temporarily masked inflation, but they led to shortages, required a price-control bureaucracy, created higher lobbying costs, reduced industrial production, and, ironically, led to higher prices in the long run. Price controls often hurt those they aim to help; price controls on food damage family farms and harm low-income households by decreasing supplies of controlled products in favor of higher-priced foods.

Read my complete take at AEI.