Quote of the day

From Agoraphilia (the numbers are U.S.):

Even looking at the poorest fifth of the population, the fraction of income required to buy gasoline is still lower than it was in the early '80s. . . . How is it possible that the same qualitative pattern holds for both rich and poor, given the rising disparity in income? . . . The gap has grown because the rich have gotten a lot richer, while the poor have gotten a little richer.

I blame George Bush.

I just wonder what the Emirates will be like when gas prices exceed historic highs. It's hard to imagine a more rapid pace of construction. Maybe at a new high in gas prices more of that oil cash will flow to better government schools. There's room for improvement there.

It would be even more interesting for the money to be turned back to Emiratis on a per capita basis, no strings attached. Would families elect to spend the money on better education? Better housing? Invest it? Economists would like to see.