
Truckers circled the Capitol this morning, slowing for cameramen, blaring their horns at the right moment in protest of the hefty price for diesel fuel. Certainly, relative to prices last year-- up more than 40% -- the cost of $4.20 a gallon is a heavy burden in a slow economy.
And yet. . .
I can't help recall other protests over high prices. Seniors regularly parade by arguing prescription drug prices are too high. Back in the day, housing advocates were worried middle income couples were being priced out of the market. In the late 90s, California consumers flooded lawmakers with complaints about the steep cost of a kilowatt.
More often the complain is about low prices. Low prices for steel led to higher steel tariffs at the beginning of the Bush administration. Years ago, farmers drove their tractors to town to dramatize the sorry state of the farm economy.
I am sympathetic to small business folks and farmers who are trying to make ends meet in a tough economy.
But I have also become skeptical of appeals to Washington to solve problems created by global market forces. Often price spikes in commodities become convenient excuses for industries to press Congress into passing long-held agenda items that were stalled because of the cost or, more often, real concerns about the wisdom of granting a special break to a special interest.
Recessions are, however, times when bailouts are floated and often passed. The difficult challenge is finding the wisdom to know who to help and how. Diesel prices are high, but so is the price of wheat and cotton and gold. If we help the truckers, will the bakers, tailors and jewelers be next?






Comments
Darren. Please consider doing a piece on the very large movement against the housing bailout.
Although Congress and the mainstream media seem to be giving this issue a pass (i.e., absolutely zero substantive analysis of the pros and cons), the vast majority of Americans are responsible and loathe the idea of a bailout.
Why should the responsible people pay their mortgages and their neighbors?
Please contact us if you would like to discuss the movement.
Thanks.