More on Really Stupid Ideas
Just to provide yet more real-world evidence of the vapid stupidity of McCain’s gas tax, now endorsed by Clinton, here, via Atrios, comes confirmation of the fact (surprise!), that price affects consumption.
Short form: gas consumption and traffic are down. The Feds predict a .4 percent fall in gas consumption this summer (when the proposed gas tax holiday would, if any savings made it to the pump, reverse that long-sought outcome). Money quote:
“Sustained higher gasoline prices are beginning to show up in lower gasoline consumption,” said Tancred Lidderdale, an analyst for the Energy Information Administration.
That’s the market in action, folks. Doing what it should. Is there a problem here?
John, Hilary: pay attention. Good on ya’ Barack for figuring this out.
Image: Lesser Ury, “Hackney in Rainy Weather, (Pferdedroshke im Regenwetter),” 1924. Source, Wikimedia Commons.