Tuesday, August 23, 2011

Michelle Bachman Promises Ponies With Your Economic Misery

This is old news, but Rep. Michelle Bachman apparently has a secret plan to bring gas down to $2 a gallon, which she won't share with us unless we elect her President. I might not have access to the mighty plan, but I do know the basic laws of economics. For she who runs with unicorns to just about half the price of gas, she'll need to either increase supply, or reduce demand. Realistically only one of these options (I'll give you one guess as to which one) is possible within 4-8 years.

How could she possibly reduce demand enough to get us down to $2 a gallon? Well she ought to know the the low pump prices of January 2009 can largely be explained by the onset of the Lesser Depression. The question then becomes how could she get us back to the economic conditions of January 2009? Not raising the debt ceiling as she fought to do, thereby plunging the global economy into a Depression the likes of which haven't been seen since the 1930s is a good start.

I'm beginning to come around to Brad DeLong's view that a rational political system is dependent on the destruction of the Republican Party as we know it.

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