5 Economic Myths That Just Won’t Die
Wednesday, March 9th, 2016A dose of economic reality from the Foundation for Economic Education. Read the whole article for the facts. I’ll just list the five debunked myths here.
Myth 1. The idea that economic growth helps the poor is trickle-down economics … it doesn’t actually help them.
Myth 2. Free trade doesn’t lead to better economic outcomes in the real world.
Myth 3. The government ended child labor. In a free market, child labor would still exist.
Myth 4. Countries like Sweden and Denmark prove that high taxes don’t harm economic growth.
Myth 5. Capitalism isn’t economically superior to socialism.
I’m going close with a few quotes from a former President who would be driven out of the modern democrat party on a rail.
“Every dollar that released from taxation, that is spent or invested, will create a new job and a new salary”
“It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now … Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus.”
“The great enemy of the truth is very often not the lie — deliberate, contrived and dishonest, but the myth, persistent, persuasive, and unrealistic. Belief in myths allows the comfort of opinion without the discomfort of thought.”
The former President I quoted was John F. Kennedy. The NRA Life Member who was shot and killed by a member of the ACLU.