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Rick Perry Tries To Explain How Supply And Demand Works And Twitter Explodes

BOOYAH

Rick Perry Tries To Explain How Supply And Demand Works And Twitter Explodes

For a party that claims to be the pro-business party, the party of fiscal responsibility and the best to manage the American economy, the GOP leadership is full of people who are clueless about basic economics.

Every time they open their mouths, it becomes evident that their grasp of common sense economics.

On Thursday, Rick Perry, former Texas governor and failed candidate for the Republican presidential nomination who serves as Donald Trump’s Secretary of Energy, spoke at a coal factory and tried to deliver “a little economics lesson on supply and demand.” It didn’t go well.

“You put the supply out there, and the demand will follow,” Perry proudly told the audience. Seriously.

Standard and Poor’s Taylor Kuykendall reported the blunder:

This, of course, is not how supply-and-demand economics work. Supply of a bad product does not spontaneously generate demand. Rather, supply-and-demand refers to the interplay between the two forces. As supply increases, prices will drop unless an increase in demand occurs. The obverse of that states that if demand increases, prices will rise unless accompanied by a parallel increase in supply.

It’s a fundamental economic concept, one which is taught in basic economics classes. But apparently, Perry missed those classes And Twitter was quick to respond:

Somehow, this man has been selected to run one of the most important federal agencies. And he thought that he was somehow qualified to run for the presidency.

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