Well, as predicted (by me), in pursuit of one of Connecticut’s US Senate seats, Peter Schiff wasted a lot of time and money, and was forced to refrain from making several television appearances on financial news programs (due to campaign laws). He placed an embarrassing third:
Former professional wrestling maven Linda McMahon capped an improbable entry into politics Friday night when she captured the Republican Party endorsement for the U.S. Senate during a raucous Republican convention at the Connecticut Convention Center.
McMahon edged former U.S. Rep. Rob Simmons after dozens of delegates switched their votes at the conclusion of the first ballot. She received 737 votes to 632 for Simmons and 44 for economist Peter Schiff.
It’s amazing that Schiff, someone who sees economic reality so clearly, is so clueless about the political reality: libertarians are a miniscule percentage of the population, maybe 1 in every 10,000. Austrian School economists are even less populous, maybe 50,000 globally, and that’s being charitable. Ron Paul regularly wins his tiny little district in the enormous state of Texas, but he doesn’t win because of his economic and political leanings; he wins despite them: he wins on character (something that’s possible to do in a narrow enough, localized election).
Libertarians and Austrian School economists are hopelessly outnumbered in the political arena. There will never be a libertarian president. Never. Congress will never be packed with enough libertarians to make any significant policy shifts slowing down the growth of the nanny-police state. Ron Paul’s bill to audit the Federal Reserve, for instance, had 320 sponsors out of 435 Representatives in the House. Despite this, it was completely obliterated in the Senate, with a watered down version proposed by an avowed socialist, Bernie Sanders, passing instead. Enjoy this video:
But take heart, libertarians and Austrian School economists, Sanders’ amendment only passed 96-0. Let me tell you politically active libertarians something: you’re not being pragmatic by participating in the political process — campaigning, voting, arguing for some candidate on the internet; you’re demonstrating colossal ignorance. You’re marking yourself as a rube. Honestly, don’t you people understand the concept of opportunity cost? Sad.