The lack of basic economic knowledge in this country is unbelievable. Politicians who should know better (they have easy access to top notch economists) are showing no principle at all as they purport to do something about high gasoline prices. New Mexico is right in there with the worst of them. Here is a great quote from Michael O’Hare describing the situation:
…politicians treat an election, or an office, as the worst thing one can lose, and promise to fix everything with a trick that won’t require any actual work by us; we vote for people who tell us fairy tales that would excuse us from any heavy lifting if they were true, and excuse us from confronting downers and grownup responsibilities if we pretend to believe. This game is being played at a really frenzied level around gas prices, and the mix of ignorance and plain mendacity both parties are wallowing in is–this is really amazing–neck and neck with the immigration performance in the theater next door.
HT: Asymmetrical Information
Update 5/5/06: Kudos to Steve Pearce who was one of the few who voted against the federal price gouging law sponsored by Heather Wilson.