Aren’t you glad we have a president who doesn’t understand basic economics? Me too! Because then he can walk into a debate and get away with saying stupid shit like this:
Well, think about what the governor — think about what the governor just said. He said when I took office, the price of gasoline was $1.80, $1.86. Why is that? Because the economy was on the verge of collapse, because we were about to go through the worst recession since the Great Depression, as a consequence of some of the same policies that Governor Romney’s now promoting. So, it’s conceivable that Governor Romney could bring down gas prices because with his policies, we might be back in that same mess.
There is so much sand-pounding stupidity in that statement, I don’t know where to start. Fortunately Elizabeth Price Foley guest-blogging at Instapundit schools The Smartest Guy In The Room using words even an Obamabot can understand.
Gas prices, like anything else, are a function of supply and demand. A recession or depression reduces demand. If supply stays constant, gas prices will fall. But if the supply side of the equation is also negatively affected/reduced — as, for example, the reduction of leases and drilling on federal land, as pointed out by Romney — gas prices should rise (as they have). The bottom line? Gas prices should have — probably would have — fallen in our current recession, due to decreased demand. But since the Obama Administration’s anti-carbon, anti-fossil fuel policies have taken hold, the negative impact on supply has outpaced the reduction in demand, leading to significantly higher prices.
But if Obama is making sense, then when gas was 25 cents a gallon, the economy must really have been in the shitter, right? Well, Obamabots? Am I right? Or are you too young to remember?