Not everyone has a firm grasp of fundamental economic principles. We can see that reflected in the way Ohio’s Congressional delegation voted on the bailout bill, or “rescue plan,” or whatever you want to call it.
We saw a group of legislators who understood economic principles well enough that they comfortably stood by their convictions, voted “NO” on the bailout bill, and even put forward their own proposals to fix Wall Street’s mess without bailing out Wall Street using taxpayers’ money.
We also saw a group of legislators who knew a little bit about economics, saw the same crisis looming that the above-mentioned group saw, but who were only capable of “inside-the-box” thinking in coming up with a plan that will stave off a few symptoms of the malaise, “for the good of the country,” but will not eradicate the pathogens that have sickened our economy, thus the economic crisis has not been averted. These representatives to Congress voted “YES” on the bailout bill because they only knew enough of economics to offer temporary relief from the symptoms, not enough to treat the syndrome, and figured it was better to act on the little bit of knowledge that they had than do nothing.
Then there were three legislators, Pat Tiberi, Jean Schmidt, and Betty Sutton, who are so clueless about economics that they don’t know what or who to believe. They took their cue from others (check out this video clip of Betty Sutton from the Openers section of the Cleveland Plain Dealer), because they lacked their own knowledge and inward convictions. They voted NO on Monday but changed their vote to YES on Friday.
If the economy is issue number one in this election, then how are these three supposed to be of any help?
Of course, one must look at who they are running against to see if their challengers offer any advantages over the incumbents. Read the rest of this entry »