Politicians and public need crash course in economics

By Aine Seitz McCarthy / For the Los Angeles Times

Exit polling suggests that the dominating issue for voters in the presidential election was the economy. Americans can barely afford groceries, rent and child care. Voters perceived President-elect Donald Trump and Republicans to be more capable of addressing the woes of inflation and globalization, but Democrats have been hawking a similar message.

Politicians of all stripes need to move away from selling voters the false promise that they have control over inflation and globalization. Washington does have the power to make positive changes for working families, though. As one party is about to control Congress and the White House, this would be a great moment for lawmakers to brush up on how markets work and what the federal government can do to mitigate stagnant wages and market failures, support working families, and subsidize the construction of new housing.

As voters, it is also our job to learn some basic economics, at least enough to understand supply and demand for housing; the effect of tariffs, taxes and subsidies as tools; and the causes of inflation.

Our whole country would benefit from a refresher course. Luckily, some class equivalent to Principles of Economics is offered on every college campus, including at your local community college.

https://www.heraldnet.com/opinion/comment-politicians-and-public-need-crash-course-in-economics/