...Internet roasts Rick Perry's latest economically illiterate statement [View all]

[DonViejo]

‘Must have taken econ at Trump U’: Internet roasts Rick Perry’s latest economically illiterate statement

BRAD REED
06 JUL 2017 AT 13:45 ET

Department of Energy Secretary Rick Perry on Thursday visited a coal plant near Morgantown, West Virginia, where he made an incorrect assertion about economic laws of supply and demand.

“Here’s a little economics lesson: supply and demand,” Perry said, Link to tweet
" target="_blank">according to S&P Global Market Intelligence reporter Taylor Kuykendall‏. “You put the supply out there and the demand will follow.”

In fact, simply creating supply is not enough to generate demand on its own, especially if rival industries are supplying substitute goods at lower prices, which is what has happened as cheap natural gas has put downward pressure on the coal industry for the past several years.

The internet predictably reacted with derision to Perry’s statement, as anyone who has taken Economics 101 immediately knew that his description of how supply and demand works was completely false.

Check out some of the top reactions below.

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http://www.rawstory.com/2017/07/must-have-taken-econ-at-trump-u-internet-roasts-rick-perrys-latest-economically-illiterate-statement/