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“Stossel: Sugar’s Sweetheart Deal”

“The U.S. sugar program is "Stalin-style price controls," Ross Marchand of the Taxpayers Protection Alliance tells John Stossel.

The U.S. government uses a complex system of loans, domestic quotas, and limits on how much sugar we can import. The goal is to control the price of sugar.

Stossel calls it "welfare for the rich." Economists say the program costs consumers billions a year. And yet the sugar industry makes videos that say "it costs taxpayers nothing."”

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Price controls

Four things have almost invariably followed the imposition of controls to keep prices below the level they would reach under supply and demand in a free market: (1) increased use of the product or service whose price is controlled, (2) Reduced supply of the same product or service, (3) quality deterioration, (4) black markets.
     — Thomas Sowell
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