What with Democrat presidential candidates Hillary Clinton and Bernie Sanders constantly spewing pseudo-economics to their base, we felt that it might be a good time to expose some of the top economic myths — all of which, ironically enough, are being peddled by these two schmucks.
#1. Americans work more hours but make less money.
Americans actually work fewer hours and make more money.
#2. Prices and wages are “set” by businesses.
They are determined by the market, i.e., supply and demand.
#3. The rich get richer at the expense of the poor.
As the rich get richer, they create more job opportunities, thus giving the impoverished more chances to raise themselves from the bottom.
#4. Rent control makes housing more affordable.
“Rent control makes apartments cheaper for some tenants while making them infinitely expensive for others, because some people can no longer find a unit, period, even though they would have been able to at the higher, free-market rate.”
#5. Business taxes are paid by business owners.
Those taxes get funneled directly to you, the consumer.
#6. Social Security will always be around.
Unless our lawmakers tackle out-of-control entitlement spending, Social Security and other such programs will eventually go bankrupt.
#7. Cutting taxes hurts the economy.
Cutting taxes encourages the taxed behavior, and the added economic activity creates more wealth and more jobs.
#8. Government spending is good for economic growth.
Increased government spending by an inefficient government actually leads to slower economic growth.
#9. The deficit and debt are due to military spending.
The deficit and debt exist primarily because of out-of-control entitlement spending.
#10. Barack Obama has been a boon to the economy.
You’re kidding me … RIGHT!?