Government can distort price, but it can never control it. Control implies precision, with results that bear some resemblance to objectives. No exercise in “price controls” anywhere on Earth, in all of history, could be fairly described this way. When the government tries to push prices around, it squashes that perfect “X” of supply and demand, or pulls it like taffy. Supply decreases, or demand skyrockets. Government power can never change price without twisting the rest of the economic equation out of shape…

When the government starts jerking prices around, there are only two ways to stretch economic reality to fit: inflate supply by reducing quality, or limit demand through rationing. That’s why anyone foolish enough to believe in the myth of price controls is doomed to a long wait in an understaffed office, before bored government clerks usher them in for review by the death panels.