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:
DOE Rick Perry at coal plant:"Here’s a little economics lesson: supply and demand. You put the supply out there and the demand will follow."
— Taylor Kuykendall (@taykuy) July 6, 2017
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:
it's actually kind of amazing that Rick Perry was governor for 15 years and somehow didn't trade Texas for some magic beans
— Big Bergo Brand (@BergoEsBueno) July 6, 2017
— Fredon Moniteau (@FMoniteau) July 6, 2017
The worst part of this — besides its 100% wrongness — is the condescending "Here's a little economics lesson…" Like he's schooling us. https://t.co/kgCmllZWHi
— Ken Tremendous (@KenTremendous) July 6, 2017
This can be easily disproved. The world currently has a supply of 1 Rick Perry, but the demand is 0.https://t.co/KvgSXj7JOV
— Jess Dweck (@TheDweck) July 6, 2017
Dear Rick Perry: If you put lots of 35mm film out there, will demand follow? NO. That's not how capitalism works. Stop lying to coal workers https://t.co/eGALzBuYgg
— Ted Lieu (@tedlieu) July 6, 2017
Rick Perry’s greatest contribution to science was successfully disproving the theory that glasses make you look smarter. pic.twitter.com/4Hmr9kXoFV
— Marie Connor (@thistallawkgirl) July 6, 2017
This is awesome news from Rick Perry that demand follows supply. I'm building some wagonwheels right now. Let the masses be aware!
— HoweverKT (@HoweverKT) July 6, 2017
Rick Perry appears to have obtained his economics knowledge from Field of Dreams https://t.co/hYIfWh4O2V
— Daniel Dale (@ddale8) July 6, 2017
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.