During an appearance on Newsmax’s “American Agenda” on Tuesday, former Rep. Ron Paul (R-TX) expressed concern that President Joe Biden — with his demands for gas stations across the country to lower prices — is acting as an authoritarian while discussing price controls that could lead to shortages.
“They think they know better than people making their own choices, and what he’s talking about is price controls,” the former congressman said. “They think they know better than people making their own choices… when you price something below the market rate, what occurs is that you get shortages.”
In this scenario, that would mean that “all of a sudden, they’re going to go out and buy more oil to replenish it,” Paul explained, noting that he remembers back in 1971 when wage and price controls were implemented and shortages immediately followed.
“As messy as it is now, so far, I’ve been able to go buy gasoline,” he added. “You know the price is up a little bit. But that doesn’t mean the price of the oil is up, and that’s the only problem. That means the dollar value is going down.”
Paul — who has run for president on three occasions, once as the Libertarian Party nominee — went on to point out how Biden continues to try to put the blame for inflation and high gas prices on everything and everyone except for himself and his policies, including Russia, gas companies and more. The former congressman noted that “some of it is pure political gain, and they’re playing these tricks.”
Expressing his concerns about how the government uses problems such as economic downturns to seize more power, Paul recalled that the Federal Reserve gained its power during the Great Depression. He added that the American people should look more into that power, because “it’s a deadness that’s causing the problem and they accommodate everybody.”
Paul also stated that, during the 1970s, the only solution that worked to curb inflation was for the Fed to raise interest and flip the country into a recession, but “that would be difficult politically right at this moment to do.”