Thursday, August 25, 2011

Garbage In, Garbage Out

Seems the representatives of the people are not educated in the ways of supply and demand or debits and credits.

According to a report from the Employment Policies Institute, only 1 in 5 members of Congress has a formal education in business or economics.  Broken down, only 8 percent majored in economics while 14 percent majored in business or accounting.

Of course, you don't necessarily need a formal education to make good policy.  But if you lack the formal education, maybe you should spend more time listening than talking.  Maybe your statements would not make you sound, so...what's the technical term?  Ah, yes.  Boneheaded.

Well, based on that logic, let's give everyone food stamps!  Put everyone on food stamps and we'll really stimulate the economy.  We'll borrow the money (from China, probably) and turn every one of those dollars from China into $1.84.  We'll have a robust economy!  And we'll have more money so we can pay them back!  Heck, if we gave everyone food stamps, we could stimulate the economy and balance the federal budget and eliminate the national debt!  And if a dollar turns into a $1.84, why stop at food stamps?  Let's give everyone a huge paycheck each month, and then they can go out and buy all kinds of stuff!!!  Of course, we'll need to take everyone's income and production so we can fund it.  Hmm, that sounds like another economic theory, but I just can't put my finger on it.  An economic free lunch!  Of course, the above video was only the Secretary of the Agriculture.  I'm sure no one in Congress would say such a thing.

The report says of our politicians, "This research suggests that our elected representatives may want to dust off their Econ 101 textbook (if they have one) before trying to tackle the weighty questions about the impact of taxes, spending, and debt on our economy and the labor market."

Gee, how novel of an idea.

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