You may have already seen this disturbing video of Biden slamming greedy oil companies and gas stations for raising prices and fueling inflation. Biden fumes: “My message is simple. To the companies running gas stations and setting those prices at the pump: Bring down the prices you’re charging at the pump to reflect the cost you pay for the product…It is going to save people a lot of money.”

This rant against Seven-11 store owners only reinforces the scary reality that a year and a half into the worst inflation wave since the 1970s, this administration has no clue how to bring down prices. Biden now wants price controls on oil, gas stations, credit card companies, banks, health care, and pharmaceuticals and that’s just to start.

Back in the 1970s, President Richard Nixon tried to address the inflation issue as his re-election bid neared by imposing economy-wide wage and price controls. He even made it illegal for many months for companies to raise prices. (We almost hesitate to bring this up for fear the Biden people might get ideas!) the Soviet-style strategy flopped and inflation only got worse when the price controls were lifted.  In the years that followed inflation ramped up from 6 to 8 to 11%.

Ironically, Biden won his seat in the U.S. Senate during a huge anti-inflation Democrat wave election just about a year after Nixon imposed those controls. He didn’t learn the lesson from back then. Now he touts the same set of policies which he says will “lower the cost of healthcare, prescription drugs, and energy.”

This story will not have a happy ending.