Campaign Economics Is More Pandering Than Policy

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In the 1980s, critics referred to Ronald Reagan's tax cuts as voodoo economics. This year, some of the presidential candidates' proposals deserve an even stronger label.

There's little reason to think a waiter at a high-end restaurant deserves a tax break more than, say, a salaried daycare worker. What's more, both employers and employees would have an incentive to structure more compensation as tips rather than wages.

For her part, Harris would attack inflation by banning "price gouging" in the food industry. Her proposal is vague, but economists almost unanimously agree that price controls are ineffective and will lead to shortages.

"Antitrust intervention is a slow process," said Steven Fazzari, a Washington University economics professor. "It's unlikely to have any measurable effect on prices."