A Harvard economist who worked in President Obama's administration ripped Vice President Kamala Harris' price control plan to curb inflation as not based in "reality."

"This is not sensible policy, and I think the biggest hope is that it ends up being a lot of rhetoric and no reality," Jason Furman told The New York Times in a report published Friday. "There’s no upside here, and there is some downside."

The Harris campaign announced on Wednesday she would institute a federal price-fixing plan for corporations, as president, to stop "big corporations" from taking advantage of consumers.

"There’s a big difference between fair pricing in competitive markets and excessive prices unrelated to the costs of doing business," the Harris campaign said in a statement. "Americans can see that difference in their grocery bills."

LIBERAL WASHINGTON POST COLUMNIST SAYS HARRIS' PRICE CONTROLS SOUND LIKE ‘COMMUNISM’

The proposal would give authority to the Federal Trade Commission and state attorneys general to impose harsh penalties on companies for setting excessively high prices.

However, some economists and financial experts have cast doubt on Harris' plan, arguing that corporations don't play a huge role in rising grocery prices.

Furman, the former National Economic Council chair under Obama, told the Times that policies like Harris' are risky because they discourage new businesses from joining the market to meet consumer demand.

Other economists disagreed and praised Harris' proposal to the Times.

DAVE RAMSEY EXPLAINS WHY KAMALA HARRIS' PRICE CONTROL PLAN WILL NOT CURB INFLATION: ‘IT’S NOT SUSTAINABLE'

Isabella Weber, an economist at the University of Massachusetts Amherst, argued Harris' efforts to curb what she calls price gouging could help keep businesses accountable to consumers.

Weber told The Times that people may feel taken advantage of if corporations are thriving while "ordinary people" are enduring financial hardships. 

"Some sort of basic social contract is kind of crumpling," she said.

Harris is slated to roll out the economic policy during her first formal policy speech of her presidential campaign in Raleigh, North Carolina on Friday. 

The Harris campaign did not immediately respond to a request for comment from Fox News Digital. 

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Her policy has also been criticized by personal finance expert Dave Ramsey and liberal Washington Post columnist Catherine Rampell.

"We tried it" in the 1970s, Ramsey told Fox News host Laura Ingraham on Thursday. "There was a whole movement for price controls across everything, because inflation was out of control and rampant, just like it is now. And so it's been tried. It does not work. What works is to flood the market with supply."

"It’s hard to exaggerate how bad this policy is," Rampell wrote in an op-ed published on Thursday. "It is, in all but name, a sweeping set of government-enforced price controls across every industry, not only food. Supply and demand would no longer determine prices or profit levels. Far-off Washington bureaucrats would. The FTC would be able to tell, say, a Kroger in Ohio the acceptable price it can charge for milk."

Fox News' Jeffrey Clark, Jamie Joseph and Alec Schemmel contributed to this report.

Virginia Gov. Glenn Youngkin took a public victory lap this week, claiming credit for managing the Old Dominion’s budget into a $1 billion surplus.

In his annual Joint Money Committee Address before the Commonwealth’s relevant legislative committees, Youngkin, a Republican, laid out how in recent years, most of the surrounding states’ growth had become attractive to longtime Virginians.

Youngkin began by greeting the Democratic committee chairs: House Appropriations Chair Luke Torian of Prince William, House Finance Chair Vivian Watts of Fairfax and Senate President L. Louise Lucas, who serves as the upper chamber’s finance chairwoman.

"Our neighbors in North Carolina, South Carolina, Tennessee, Georgia and Florida have been rapidly growing," Youngkin said. "Many Virginians were choosing to go there instead of here."

VIRGINIA DECLARES ‘INDEPENDENCE’ FROM CALIFORNIA AS YOUNGKIN EXITS NORTHAM-ERA EMISSIONS PACT

Most of those states shifted toward lowering taxes, he said, while Virginia had been "falling behind" since the year Gov. Robert McDonnell – its last Republican governor – left office, he said.

"Across the country today, there are winning states, and there are losing states," Youngkin said.

The governor, seen by some as presidential timber in future cycles while facing the Old Dominion's one-and-done term limit, said there are economic winners and losers state-to-state.

"States that are winning with job growth, population growth, opportunity growth –  and others that are not."

YOUNGKIN: EDUCATION IS THE BEDROCK OF THE AMERICAN DREAM

Youngkin said such "winning states" are "domina[ting]" the national map in terms of economic growth and fiscal stewardship. 

Most of the "losing states," he said, are running with budget deficits, while Virginia and the other southeastern states he mentioned – all but one of which are Republican-led, are faring better.

In remarks to Fox News Digital, Youngkin said that Virginia proves tax relief is a "catalyst for record job creation [and] business growth."

"The playbook works," he said. "We are demonstrating in Virginia that a state, once falling behind, can lead when we ‘invest’ in tax relief and understand that money belongs to the people who work for it, not the government."

With the surplus, the governor said, his budget plans to see hundreds of millions of dollars in improvements to the heavily trafficked Interstate 81, which serves as a 323-mile backbone for much of mid-continent commerce – as it connects the northeast's trucking hubs with several cross-country highways.

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About $90 million of the surplus will also go toward a Virginia military survivors and dependents fund.

However, the governor warned against profligately spending the new windfall, saying that what befell Virginia in the past "will happen again."