Obamanomics

Not that we needed any more evidence that B Hussein learned economics from a bubble gum wrapper....

From Cafe Hayek:

Obamanomics

Don Boudreaux

Here's a letter that I sent to the Aurora (Illinois) Beacon News:

Barack Obama proposes to deal with rising gasoline prices by giving a $1,000 "emergency rebate" to consumers - a rebate to be paid for by taxing the so-called "windfall profits" of oil producers ("Obama pitches $1,000 energy rebate checks," August 2).

In other words, a critical part of Sen. Obama's strategy for reigning in high gasoline prices is to subsidize gasoline consumption and more heavily tax its production. This plan - which increases the demand for gasoline and reduces its supply - makes as much sense as trying to put out a fire by dowsing it with jet fuel.

Sincerely,
Donald J. Boudreaux