Jesse Gordon on Budget & Economy
Politicians always pretend that the problem isn’t with government. Politicians blamed the great oil shortages of the 1970s on OPEC. But the truth is, we waited on gas lines because the government wouldn’t let us pay the real price of gas.
But in a free market, shortages are always met just one way - by increasing the price until supply meets demand. That’s one of the basic tenets of economics, and politicians would do well to learn it. If the government prevents prices from rising, yes, shortages will always ensue.
Yes, the poor would be hurt by rising oil & gas prices. The way to deal with that is to implement programs to help the poor. For example, there’s a federal program called LIHEAP which pays for heating oil for low-income people. That program could be replicated for paying for electricity. Helping out the poor shouldn’t require the rest of us to live in a constant energy crisis.
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George W. Bush (R,2001-2009)
Bill Clinton (D,1993-2001)
George Bush Sr. (R,1989-1993)
Ronald Reagan (R,1981-1989)
Jimmy Carter (D,1977-1981)
Gerald Ford (R,1974-1977)
Richard Nixon (R,1969-1974)
Lyndon Johnson (D,1963-1969)
John F. Kennedy (D,1961-1963)