Under the attempt to perform the impossible there sets in a general disintegration. When legislation fails, those who look upon it as a sovereign remedy simply cry out for more legislation. A sound and wise statesmanship which recognizes and attempts to abide by its limitations will undoubtedly find itself displaced by that type of public official who promises much, talks much, legislates much, expends much, but accomplishes little. The deliberate, sound judgement of the country is likely to find it has been superseded by a popular whim.
Say that Congress legislates gasoline price controls that sets a maximum price of $1 a gallon. As sure as night follows day, there'd be long lines and gasoline shortages, just as there were in the 1970s. For the average consumer, a $1.60 a gallon selling price and no waiting lines is a darn sight cheaper than a controlled $1 a gallon price plus searching for a gasoline station that has gas and then waiting in line. If your average purchase is 10 gallons, and if an hour or so of your time is worth more that $6, the $1.60 a gallon free market price is cheaper.
Walter E. Williams