Politicians always feel the need to do something even if they don't know why or what's actually wrong. That's all "price controls" really are since they sure don't control anything like prices. Unknown to most people, the US has already experimented with them running price and wage restrictions for several years. The results are conclusive.
Eurodollar University's Money & Macro Analysis
Robert Bleiberg Farewell to Wage and Price Controls
https://imprimis.hillsdale.edu/farewell-to-wage-and-price-controls-july-1974/
Richard Nixon August 15, 1971 TV address
https://www.youtube.com/watch?v=7_Xw5tWsOQo
https://www.cvce.eu/content/publication/1999/1/1/168eed17-f28b-487b-9cd2-6d668e42e63a/publishable_en.pdf
Arthur Burns Testimony before Congress Joint Economic Committee June 1971
https://fraser.stlouisfed.org/files/docs/historical/burns/Burns_19710630.pdf?utm_source=direct_download
Arthur Burns Testimony before Congress Joint Economic Committee July 1971
https://fraser.stlouisfed.org/files/docs/historical/burns/Burns_19710723.pdf?utm_source=direct_download
NYT NIXON FREEZES PRICES FOR UP TO 60 DAYS, THEN WILL ESTABLISH PHASE 4 CONTROLS; FARM PRICES, WAGES, RENTS UNAFFECTED
https://www.nytimes.com/1973/06/14/archives/nixon-freezes-prices-for-up-to-60-da-ys-then-will-establish-phase-4.html
https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU
What is Eurodollar University?
Jeff Snider will guide you through the realm of monetary science. Multiple episodes uploaded each week, discussing big news and key current events, the state of markets and what they are telling you, as well as historical summaries and deep background material so that you can understand what’s really going on in this eurodollar’s world.