How Will You Spend Your $2,800? (by Don Boudreaux) 20 May 2009 05:10 AM PDT
We Americans are lucky. President Obama, although having zero experience as an entrepreneur or in the automotive industry, has designed fuel-efficiency standards that (he assures us) will save the average car buyer $2,800 over the life of his or her vehicle<http://www.guardian.co.uk/world/feedarticle/8516003>. What a deal! No one in Detroit, in the U.K., in Japan, in Germany, in Korea, in Sweden, in Italy, in France - no one anywhere, not even persons with decades of experience producing and selling automobiles - has figured out how to devise vehicles that are so obviously attractive to American consumers -- and, therefore, so rich in profit-earning potential for manufacturers -- as are the ones now promised to us by the Obama administration. And we can admire not only Mr. Obama's industrial and commercial genius, but also his magnanimity in offering to the public, free of charge, his money-saving idea. He could have earned billions of dollars in profit by putting his idea to the test in the market. But no: by simply forcing us to use his idea and charging us nothing for it, he'll forego this profit. 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