OK, OK, presidential campaigns are no place to try to find economic wisdom, but this year\’s campaign seems more devoid of economic knowledge, and full of economic idiocy, than any I can remember in my lifetime — a lifetime that remembers campaigns by Richard (wage & price controls) Nixon and Gerald ("Whip Inflation Now" buttons) Ford, not to mention a campaign by Walter Mondale.

Here we have Barack Obama, whose proposed solution to rising energy prices is to take steps to a) decrease supply (with new taxes and regulation of "big oil") and b) increase demand (by using the tax revenue so raised from suppliers to fund cash payments to consumers), up against John McCain, to whom "economics" is sort of like "the vision thing" was to the senior George Bush – it\’s something he knows is important, but he just can\’t quite get a handle on it, and often it appears that he\’s not even quite sure why it\’s important.

We have the same windfall tax stupidity being pushed here as well: just that we don\’t have an election to account for the idiocy.

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