Worried that rising prices will hurt their chances in November’s midterm elections, moderate Senate Democrats are considering a gas tax holiday. Economists, predictably, are panning the idea as a political gimmick that won’t actually do much to curb inflation.
The economists are right, of course. At the same time, the Democratic senators are right. Bringing prices down at the gas pump wouldn’t necessarily affect the broader rate of inflation — what consumers save on gas they’ll probably spend on other stuff — but it would still be popular.
Which brings up a larger issue: Democrats are enamored of this idea right now because voters are mad about high gas prices. But Democrats might want to consider the notion that supporting policies to keep gasoline cheap is also a good long-term political strategy — and is not inconsistent with their goal of reducing carbon emissions to address climate change.
