Price controls

Price Controls Don't Work. So Why Do So Many Democrats and Republicans Love Them?

Price controls are seductive because any benefits are highly and immediately visible, while their grave costs are often harder to spot.

Veronique de Rugy | 10.8.2026 11:10 AM

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Most Americans apparently agree on at least one thing. Unfortunately, it's something dangerous: price controls.

A new Wall Street Journal poll finds remarkable bipartisan support for government limits on prices, with 93 percent of Democrats and 83 percent of Republicans supporting capping prescription drug prices. Nearly four in five voters support capping credit card interest rates at 10 percent. And large majorities favor capping child care charges for working families.

The Journal describes these policies as "populist." That's fair, although populism means something more specific than just being supported by the people (or the consumer). Political scientists generally define populism as a political approach that pits ordinary people against an elite group that's seen as serving its own interests. Populism can therefore come from the left or the right, which helps explain today's strange alliances.

Democratic socialist Sen. Bernie Sanders (I–Vt.) and GOP Sen. Josh Hawley (R–Miss.) agree on a 10 percent credit card interest rate cap. Sen. Elizabeth Warren (D–Mass.) can champion........

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