Elizabeth Warren Would Flunk Economics Class

BUCK: The gas prices are too damn high. That is for sure. But they came down a couple of pennies in the last few days; so we got that going for us, which is nice. They gotta figure out, though, the Democrats have to come up with some way, some explanation for this that is not a reflection of their poor decision-making, their Green New Deal, Marxist lunacy, and just other incompetence on display from the Biden regime.

So what do they do? Oh, it’s the big, bad oil companies and also, oh, by the way, the meat companies are to blame for inflation.

WARREN: I think the primary cause of this bout of price increases starts with covid and the fact that we have supply chain kinks and that people rapidly shifted the demand curve so that demand for services went down and demand for goods went up. So those two have forced prices up. That’s part one. But what has also happened is that now that we live in America where there’s a lot more concentration in certain industries — look at the oil industry. Look at meat industry, look at groceries generally, that what’s happened is these companies have said, you know, we’ll pass along costs and while we’re at it and everyone’s talking about rising costs, let’s just add an extra big dollop of cost increases to expand our profit.

BUCK: I want everyone to hear that just as a reminder. Elizabeth Warren is supposed to be one of the more intellectual members of the, you know, far left of the Democrat Party. I think she would fail in Econ 101 class — not even at the college — I think at the high school level.

I don’t think she would pass ’cause she doesn’t understand — and beyond just the lack of conceptual understanding, Clay, like what these companies — blaming Big Oil, gas stations — great report on Fox News actually this morning. Most gas stations are owned by independent proprietors. They’re just passing on the price of what the gas costs.

CLAY: Well, and lots of gas stations make no money off of gas. This is just not understanding basic economics. And the same way that movie theaters make most of their money off of the concessions, they don’t make that much money off of the actual film itself because they have to share so much of the revenue — so many gas stations, because they have to be competitive.

And look. How often is the price of gas station across the street from each other within a penny or two? It’s not very often you see one gas station charging two cents more than another one that you can see the sign for. That’s why, by the way, they have the signs.

Oftentimes the margins are gas stations come not from the gas itself but from the things that people buy inside of the convenience stores when they go to buy gas, right? So one of the big challenges that the Democratic Party has — and, trust me, they got a bunch of now — they don’t have very many people anymore, Buck, with substantial voices in the party that are involved in business.

BUCK: Yep.

CLAY: That understand what making a payroll requires, that understand the difference between a profit and a loss and what that means to the business.

BUCK: The Democrat Party is now effectively ruled by the Oberlin women and gender studies faculty lounge, and the results are not good.

CLAY: Not good at all.