It would be nice to think that those we elect to public office have the basic competence and knowledge to make informed decisions. Unfortunately it’s increasingly obvious that’s not always the case, as the uproar over gas prices indicates. Hard as it is to believe, it sometimes appears as if no one in our capitol has ever taken basic economics. Thomas Sowell sets the record straight on oil and economics here.
It’s hard to be sure how many of those making hay about this are truly ignorant versus how many are cynically manipulating public malcontent. Certainly today’s climate of soundbite news and widespread economic illiteracy makes it difficult for mundane reality to gain currency over sensationalist, populist misinformation. The reaction to the “crisis” by leaders who should know better indicates that some are apparently resigned to things staying this way and are instead choosing to make the best of a tough situation in an election year. Perharps they’re right, but it would be nice to see a few public figures speaking out forcefully against the forces of ignorance that seem to be reigning unchallenged in D.C. these days.
I strongly agree. The “let’s tax the companies more” really blows my mind, but I guess that’s Washington’s fix for everything. Last time I checked, though, the companies don’t have money trees – they pay their bills by charging customers at the pumps. So, raising their (tax) bills means raising the price at the pump. But maybe I’m missing something?