{"id":18776,"date":"2011-04-15T01:01:01","date_gmt":"2011-07-20T00:21:12","guid":{"rendered":""},"modified":"2011-07-20T00:21:12","modified_gmt":"2011-07-20T00:21:12","slug":"we_need_economics_education","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2011\/04\/15\/we_need_economics_education\/","title":{"rendered":"We Need Economics Education"},"content":{"rendered":"
\n

RUSH: Ashland, Kentucky. This is David. I\u2019m glad you waited, too, sir. Welcome to the EIB Network. Hi.<\/p>\n

CALLER: Rush, thanks for taking my call. I\u2019ve been trying to get to you for two weeks.<\/p>\n

RUSH: Well, it\u2019s your lucky day.<\/p>\n

CALLER: It is, and here\u2019s my question: Is anybody doing anything about the price of gas? The other thing is, why is it so much? And the other thing, I have a solution for the problem.<\/p>\n

RUSH: Well, what do you mean? Oh. Oh. I misread it. You have a solution to the price of high gasoline. What is it?<\/p>\n

CALLER: Yeah. Okay, if they can put gas at a palatable price, correct? To put more money in people\u2019s pockets, where you can go out and afford to go shopping or whatever, right? Isn\u2019t that gonna create jobs because you\u2019re gonna need more demand for goods out there, correct? You\u2019re gonna lose the surcharges on all delivery trucks, you know, deliveries from the freight companies, correct?<\/p>\n

RUSH: If “they” lower the price, you say?<\/p>\n

CALLER: Yes.<\/p>\n

RUSH: Okay, who\u2019s they?<\/p>\n

CALLER: The oil companies.<\/p>\n

RUSH: Well, but they\u2019re not all the same, and gasoline\u2019s not the same price from station to station.<\/p>\n

CALLER: That\u2019s right. But I mean like $3.89, you know, that\u2019s a pretty good chunk of change.<\/p>\n

RUSH: Yeah, but the gas station guys, they\u2019ll tell you they break even on their gasoline sales. If it weren\u2019t for Twinkies they wouldn\u2019t have anything.<\/p>\n

CALLER: Correct. I mean, am I thinking too far outside the box?<\/p>\n

RUSH: Well, no, but it reminds me of when I was a kid. I would have loved to wave a magic wand and make everything cheaper. I would love for jet fuel to cost a buck. You know, I would really love it. You know what the price of jet fuel is these days? I would love for that to cost a dollar. I remember when I was a kid.I remember watching the early stages of the space program. We\u2019re watching the suborbital flights. It\u2019s Alan Shepherd and John Glenn and they\u2019re going to suborbital flights and they finally do the orbitals and I\u2019m watching on TV. It\u2019s this giant, patriotic effort. President Kennedy said we gotta get to the moon. We gotta beat the Russians, blah, blah, blah, blah, blah.<\/p>\n

I\u2019m a young skull full of mush — and, by the way, this story, I think, is very instructive in terms of just what a job we have in educating people about economics. Now, I\u2019m a little kid, I\u2019m watching this on television and I\u2019m hearing how this is a patriotic effort by the United States. “President Kennedy has asked everybody to come together and make sure that we get to the moon in ten years,” for whatever reason. I remember looking at my dad and I\u2019m also hearing about how much it costs. Now, I don\u2019t know the numbers per se, what they were. I don\u2019t remember them, but it was a lot of money. Each rocket costs this, here\u2019s how much it costs to manufacture the capsule. <\/p>\n

I said to my dad, “Why doesn\u2019t everybody involved just do it for nothing? Why does the space capsule cost us anything? If this is for the country, dad, why is anybody making any money off of it?” Now, I\u2019m growing up in a family of rock-ribbed conservatives. In my instinct as a kid, I\u2019m associating patriotism with “free.” Okay, so my dad\u2019s got another challenge on his hands. He\u2019s gotta explain to me how the economy works so I will understand it, and he gave it a shot. He tried to tell me that there are employees everywhere along the line, that this capsule doesn\u2019t just get made. He said, “People couldn\u2019t afford to donate their time. They wouldn\u2019t have anything to live on.”<\/p>\n

He said, “What are they gonna eat, son, if they work, you know, 15 hours a day or whatever it is to build a capsule, if they\u2019re doing it for nothing.” But I was this little kid wanting to know, “If it\u2019s patriotic, how come it costs anything? Why does America beating the Russians have to cost us?” And I think that there are adults who have that attitude about economics. Not so much the patriotic angle, but, “If it\u2019s that important, why isn\u2019t it free?” It\u2019s reflected in this gasoline price issue. Every time this subject comes up, somebody says, “Well, why doesn\u2019t somebody just lower the price? Look at how much you\u2019d help the economy. If gasoline price went down a buck, people could afford to drive more and that means go more places. The leisure industry would boom.”<\/p>\n

Yeah, all that\u2019s true. So then the argument becomes: How do you lower prices? Well, at that point, there are people who believe that there\u2019s some evil guy who\u2019s profiting from the high prices — one guy or one CEO, one company who doesn\u2019t care about the pain and suffering of everybody else, he just wants his profit — and so that\u2019s where education on economics starts: From a false premise. This is why capitalism has a job to do in explaining itself. The liberals out there say, “Yeah, that\u2019s right, Limbaugh! If you\u2019d-a kept that attitude, why, you\u2019d be on our side today. Why should it cost anything?” A lot of liberals have that attitude. The understanding of basic economics, it\u2019s the simplest, most logical thing if you have a foundation to understand it. <\/p>\n

So, yeah, you are overreaching, you\u2019re outside the box when you say somebody ought to lower the gasoline price. We gotta have a show that educates people on how the price of gasoline gets set. It starts with this: There is not one person who is involved in setting the price. There\u2019s not one person who can raise it or lower it. It\u2019s too complex, too many people involved. There\u2019s no way even one company can set the price of gasoline. They can within their own company and bailiwick but they\u2019ll soon go out of business if they try. Plus there are laws against them if they sell something at way too much below the market price. It\u2019s a problem. <\/p>\n

END TRANSCRIPT<\/p>\n

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