https://issuesinsights.com/2024/04/12/biden-bombs-his-own-country/
Do we have to bring up late Swedish socialist economist Assar Lindbeck, who said “in many cases rent control appears to be the most efficient technique presently known to destroy a city – except for bombing”? Yes, we do. Joe Biden made us.
The White House is not proposing a federal rent control law. Even that would likely be too much for this runaway administration that has twice defied the U.S. Supreme Court and forgiven student loans. What it has done is place a 10% cap on rent increases on government-subsidized properties with low-income tenants
It’s a change in how the cap is calculated, so it’s not entirely new ground. But it’s nevertheless a form of rent control, meaning the bombs are still dropping.
Yes, we’re back to the air raid comparison. And Lindbeck was not alone in making the point with an analogy that is easily understood. After the war, as the communist country struggled economically, Vietnamese Foreign Minister Nguyen Co Thach pointed out that policies that “artificially encouraged demand and discouraged supply” had in effect blown up the capital city, leaving “all the houses” in a state of “disrepair.”
“The Americans couldn’t destroy Hanoi, but we have destroyed our city by very low rents. We realized it was stupid and that we must change policy,” he said.