As gas prices drifted toward $4 per gallon last month, politicians dashed to the microphones, and the crazy talk began to flow. The torrent of miracle cures, scapegoats, and quick fixes is designed to placate and deflect attention. The rhetoric is designed not for economists, but for angry voters. Therefore, politicians assume, it doesn’t need to make any sense. President Obama didn’t invent Gas Price Crazy Talk, but he’s worked it hard.
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