There is nothing better than Biden explaining economics.
While explaining how the supply chain issues work, President Biden simultaneously contradicted his own party and plagiarized a famous economist.
During Wednesday’s press conference in Baltimore, President Biden spoke about the increase in inflation. Biden claimed the global supply chain problem was because of the pandemic, failing to take any responsibility of his own.
The president felt the need to explain to Americans just how the supply chain works. He uses the example of a pencil.
“Even products as simple as a pencil can’t have to use the wood from Brazil, graphite from India, before it comes together at a factory in the U.S. to get a pencil — Sounds silly, but that’s literally how it happens.”
Now weather he knows it or not, this pencil example was originally used by Milton Friedman in the 80’s, inspired by the original 1, Pencil 1958 essay by Leonard Read, to point out how the free market encourages cooperation between strangers.
Tony Katz points out that Biden unknowingly commended capitalism which contradicts what his party is seemingly against.
“Why does your party resent Capitalism that allows us to get the pencil for a trifling sum? You yourself have just explained that it’s capitalism that allows pencils to exist in the first place…if you have a party that’s hell-bent on saying Capitalism is bad and Capitalists are evil, you don’t get the pencils at all.”