Or should that be “economissed”? After all, their predictions are often off kilter.
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Adam Smith offered great insights about free markets promoting the overall good of society. Milton Friedman championed free-market capitalism as being symbiotic with individual liberty. By contrast, dour Marx’s prescriptions ran afoul of human nature, and history.
So what’s the point of economists these days? Admittedly, Stephen Moore and Larry Kudlow provide some wisdom, but more often than not, economists have wavering hands and are full of hot air. Indeed, many of the bloviating pinheads on the Federal Reserve have an economics background, and look what good that has done us.
Chief Financial Officers are crucial, often second in command at their companies. Tax consultants, investors, bankers, accountants, actuaries, budget analysts…all have roles. But economists?
Take, for example, their labor market prognostications; their so-called expert predictions are usually woeful. Not occasionally — usually. Their wildly wrong estimates for the August jobs report is just the latest of their ignominious calls. One might reasonably think that the all-important labor market would be their bread and butter.
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For a brief period, President Trump’s staff flirted with the idea of putting export controls on diesel. Now, Energy Secretary Chris Wright is hinting at a voluntary cap on diesel exports. Unsurprisingly, industry participants are not enamored of the idea.
As for a full ban, economics “experts” concede that the action could initially divert more diesel into the U.S. market and temporarily lower prices. However, some prominent economists warn that it could backfire in the long run, for various boring reasons discussed here.
Where’s the imagination? A temporary reprieve may be all we need as the midterm elections loom. We know the socialists will do whatever it takes to win (they’ve already sold their soul to the Dem Devil). First things first: Lower costs (the trajectory will be important). Then, win the elections. Then, if our allies do start getting cozier with our diesel-producing enemies (due to our supply constraints), reopen the spigots for them. Overall, that has to be better election maneuvering than forking over $5,000 to everyone.
A temporary reprieve in gas and diesel prices is better than nothing. As the midterms approach, it may undercut the Dems-cum-socialist affordability narrative. At a minimum, it will show action. President Trump and his team are nothing if not flexible. The export controls, especially if voluntary, can be reversed after we have contended with the national emergency that a potential socialist takeover entails.
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As for the pessimistic economists — AI can’t replace them soon enough.
Image generated by ChatGPT.