Speaking to the Renewable Fuel Association annual summit, former House speaker and probable GOP presidential candidate New Gingrich essentially denied the economic principle of opportunity costs. In his talk, Gingrich addressed the issue of ethanol denying that using corn for fuel competes with using corn for food. Gingrich states that “the people who talk about food versus fuel are just plain, flat wrong. It is factually untrue.? Apparently Gingrich has a strange understanding not only of economics but also physics. The only way for his assessment to be true is if the same ear of corn could be used for both a gallon of ethanol and a box of cornflakes. As Brian McGrew over at the OpenMarket.org blog states:
[Gingrich] engages in the usual pandering to the farm state promoting policies that are fiscally irresponsible and destructive towards America. Unfortunately, this pandering has been shown to be widely successful in helping launch presidential campaigns.
