Bangladesh, Oct. 9 -- As inflation steadily erodes the American familys ability to afford basic necessities like food, housing, and transportation, advocates of big government have revived a policy idea that has been discredited time and again throughout history: government-imposed price controls. On the surface, the idea of price controls may seem like a quick and simple fix for rising costs. However, as Economics 101 and centuries of historical evidence have shown, such measures are doomed to fail from the outset, creating more harm than good in the long run.

Yet, emboldened by favorable polling and a political climate that seems conducive to such proposals, some progressive policymakers are eager to push forward with this failed idea....