Appearing on ABC’s “This Week” with George Stephanopoulos to preview the Democrat’s new economic agenda, Senate Minority Leader Chuck Schumer said that Democrats will propose the creation of a special office to crack down on drug prices. Then he went on to falsely claim that gas prices “never go down.”
Obviously, facts do not matter to the Democrat from New York. Fact is fuel prices have dipped to an amazing 12-year low under President Trump. To make matters worse, Schumer doubled down on his ridiculous claim by saying that the price of gas has actually gone up.
The nationwide price for gas closed the week of July 17th at $2:39/gallon, which is lower than the $2.47/gallon it cost when Trump took office. In fact, during the July 4th holiday weekend, gas prices reached their lowest point since 2005, according to the AAA.
“At $2.23, today’s average national gas price is the cheapest the country has seen all year,” AAA reported. “On the week, gas prices fell in 46 states. Only Illinois, Oklahoma and Washington, D.C. saw prices increase, albeit by one cent each, while Hawaii and Maine remained flat. South Carolina continues to carry the cheapest gas in the country at $1.90. Today, consumers can find gas for $2.00 or less at one out of every four gas stations in the country.”
Schumer further claimed that “huge companies buying up other big companies” was the reason gas prices are going up.
“Gas prices are sticky — you know, when the domestic price goes… uh… when the… uh… price for oil goes up on the markets, it goes right up but it never goes down,” Schumer said. “How the heck did we let Exxon and Mobil merge?”
In reference to the economic theory of “sticky prices” Schumer didn’t seem to realize that gasoline is cited by the Federal Reserve as an example of something that isn’t “sticky.”
“The old Adam Smith idea of competition is gone? It’s gone,” Schumer stated, pointlessly noting, “People hate it when their cable bills, airline fees go up.”
Responding to a question about what Democrats can offer President Trump in ways of bipartisan legislation Schumer said that Democrats plan to roll out a series of legislative ideas, including rules that will make it more difficult for companies to merge, and that “special, special office” to target prescription drug companies.
“We have proposed already a $15 minimum wage,” Schumer said, before noting, “Trump won’t go for that.”
“We have proposed a family leave proposal that works well,” he added. “And finally, we’re going to have tomorrow a very novel idea of how the create 10 million jobs. There are 10 million Americans looking for good-paying jobs. We’re going to show them how to find them. And that’s the beginning. Week after week. Month after month, we’re going to roll out specific pieces here, that are quite different than the Democratic Party you heard of the past. We were too cautious. We were too mamby-pamby. This is sharp, bold, and will appeal to the old Obama coalition. Let’s say the young lady who’s just getting out of college, and the Democratic voters who deserted us for Trump, the blue collar workers. Economics are our strength, George, and we are going to go at it.”
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