Barack Obama did not understand economics before he was elected president. Anyone who thinks the P/E ratio stands for Profit/Earnings is proof enough.

Everything that comes out of the mouths of Rep. Barney Frank, Rep. Nancy Pelosi, and Sen. Harry Reid tells me they do not understand economics. That goes for the majority of the 535 members of Congress, too.

I'm making a big assumption that these people would rather not be ignorant of economics -- that would mean they actually care about getting it right. But actually, I don't believe they really want to be retaught anything. They chose to forego knowledge long ago. And I have to suffer. I can't speak for you.

Those of us who act less like these people (I am an example), care about getting the fundamentals of capitalism right. These principles are inviolate. Those out to hurt me and my family and grandchildren intentionally, or are just simply stupid about these principles by choice, get my attention.

The American citizen is fundamentally uninformed about economics because our education system does not teach it. And after formal school, everyone stops learning. Why is that? The answer is that you'd rather be entertained, and you figure you'll let someone else carry your water. Problem is, there aren't enough of us to carry all the water.

To begin your education on such matters, start with pages 165-173 in "33 Questions About American History" by Thomas E. Wood (2007).

William F. Schwenk Jr.

Southern Pines