Gas prices

[eyeball]

As I commented before, is there something our gov'ts aren't telling us. Hope you are right that gas will come down in the fall. If it doesn't a lot of people will be freezing.

There is an enormous amount our governments haven't been telling us.

Pollyanna Creep

Since the 1960s, Washington has been forced to gull its citizens and creditors by debasing official statistics…. The effect…has been to create a false sense of economic achievement and rectitude, allowing us to maintain artificially low interest rates, massive government borrowing, and a dangerous reliance on mortgage and financial debt even as real economic growth has been slower than claimed.

Economist John Williams, whose Shadow Government Statistics web site serves as one of Phillips’s main sources, has dubbed the phenomenon “Pollyanna Creep”. Whenever unemployment is too high, or GDP is too low, or inflation is snowballing, administrations rationalize tweaks that make it look like things really aren’t so bad.

I'm reminded of all the reasons I've been told that I shouldn't trust the Church of Global Warming...usually by the adherents of the Church of Global Economics.

The real numbers, to most economically minded Americans, would be a face full of cold water. Based on the criteria in place a quarter century ago, today’s U.S. unemployment rate is somewhere between 9 percent and 12 percent; the inflation rate is as high as 7 or even 10 percent; economic growth since the recession of 2001 has been mediocre….

Besides the comparisons between the Churchs of GW and GE are the differences. I'm thinking in terms of the amounts of consenus or doubt that's required before action is taken to develop more appropriate public policies. In the case of GW the GE folks seemingly require more than 100% consensus and certainty before accepting any need to adopt different carbon emission policies. OTOH to the GE crowd no amount of doubt or uncertainty will ever be enough to cause a second thought towards the brilliance or direction their economic theories lead.

Economics is merely a theory, like transubstantiation or something.