Lost in the incredibly bungled presidential campaign launch of former Speaker Newt Gingrich and the equally bad week of the now former International Monetary Fund Chairman was the bad week suffered by Senate Majority Leader Harry Reid (D-NV).
Reid, who graduated from Utah State University, apparently never met an economics class that he didn’t cut.
While speaking on the Floor of the United States Senate, The Hill newspaper quotes the Majority Leader as saying, “We have to do something about the exorbitant gas prices, and the best way to start with that is to do something about the five big oil companies getting subsidies they don’t need.”
In a nutshell, Econ 101 drop out Harry, is asserting that if you raise the cost of producing a product, the price to the consumer will fall.
The people of both Nevada which elected him again, and the faculty of USU must be so proud, that Harry has discovered a brand new economic theory that no one else had ever stumbled upon before. If only we could make stuff more expensive to produce through higher taxes, consumers will have prices lowered across the board.
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