Tweet Of The Day

I’m not normally I huge fan of Fred Thompson as a politician, but he is a bit witty. Here is his take on Christina Romer:

Obama Econ Adviser: spend more stimulus money. Bet she repeatedly pushes the elevator button trying to make it come faster, too.

I’ll admit, I got a chuckle. But then, since I was reading this at Kevin Drum’s blog, it turned around quick when Kevin said this:

Of course, what Romer really wants to do is reopen one of the elevator banks that’s been out of commission for a while and replace some of the broken magnets for the motors so they run a little closer to their normal speed, which would get more people to their destinations faster than before.

His mistaken analogy pointed out a flaw both in his and Thompson’s ideas — they both suppose that someone wants to ride the elevator! It’s a demand problem, not a supply problem.

The government’s response is to fix the broken and unnecessary elevator, and then you’ve got one more elevator rising and falling each day, empty. Or, to pay people to ride up and down the elevators for no reason.

  • Akston

    While the participants in the free part of the market get the shaft?

  • John222

    The shaft indeed.

    What about all the jobs created by the unnecessary elevator? There are permits to be filled out and filed, inspections to be performed, general maintenance and cleaning, and don’t forget the security.

    Maybe we could pay them to leave the broken elevator alone to avoid the legacy cost.