Ben Stein is worried about our economy, not at the present moment but more specifically if Texas Governor Rick Perry manages to win the GOP primary and eventually the Presidency, that’s why he hopped on the tube this week to offer the governor a lesson in economics.
According to Stein:
I was going to leave you alone for this month and just spend it on my boat up at Lake Pendoreille in North Idaho, a mountain lake where ospreys soar and where I feel at peace.
But Governor Rick Perry of Texas – possibly the nation’s next President – has shocked me out of my reverie.
Stein went on to add:
A few days ago, Governor Perry said in campaigning in Iowa that it would be something akin to “treason” for the head of the Federal Reserve Board, Professor Ben Bernanke, to “print” more money between now and Election Day. That, said Gov. Perry, would only reduce the purchasing power of Americans.
Now, I like Gov. Perry. I agree with him on almost every social issue. But may I respectfully offer him a lesson in economics?
Stein then explained that the recession started under Bush 43’s watch, while Bernanke is simply using “desperate measures” to push the economy in the right direction.
Stein then says the Feds are increasing the money supply which Perry calls “printing money” although Stein points out that it’s hardly a “treasonous” move as Perry calls it, in fact Stein says it’s not even clear whether printing money will actually cause inflation and that the hope is businesses will borrow more money if it’s cheaper.
Frankly, once again, it has not worked so far. But it is an orthodox, classic move.
It is a move by a man, Ben Bernanke, who wants to help his country recover. To call Dr Bernanke – a patriot doing his best for his country – “treasonous” is a serious mistake.
Gov. Perry is new to national politics. But he’s in a way a star, and I can see him someday in the Oval Office. I hope he’ll get some moderation in his speech – and some lessons in economics … and soon.
Let’s be honest, the economy isn’t understood by anyone, if it was we could fix it overnight, have virtually no unemployment and go on our merry way, but I have to give it up to Ben Stein, he isn’t letting politicians like Rick Perry create soundbites that no one challenges regardless of how baseless they are.