Re Feb. 24 letter by Steve McMillen, “Solution to high gasoline prices”
I believe he hit the nail right on the head.
I have been advocating for years that the problem with the economy lies with inflation, primarily prices that continue to increase much faster than earnings. As Steve McMillen indicated, these prices have little to do with supply and demand but rather with the greed and profiteering of big business.
Only one president in the last 60 years had the chutzpah to address that problem and believe it or not that president was Richard Nixon. He put a price and wage freeze on everything!
It would have worked except the government allowed a steel manufacturer from Japan to compete hence U.S. Steel had to increase prices 50 cents a linear foot which then prompted wage increases to keep up with costs.
Let’s stop with this notion that government debt is the reason for our economic failures. Not at anytime have I heard that big business will cut their prices so that the average person can live comfortably. But they sure advocate cutting wages or move their operations overseas because wages are less and then they lay off the help causing massive unemployment.
Let’s start with Steve McMillen’s idea and put a ceiling on gasoline prices.