The left and economics

This article (from the WSJ) reports the results of a recent Zogby International survey on basic economics. Unsurprisingly, the results reveal that leftists don’t have a clue.

Who is better informed about the policy choices facing the country—liberals, conservatives or libertarians? According to a Zogby International survey that I write about in the May issue of Econ Journal Watch, the answer is unequivocal: The left flunks Econ 101.

Take a look at our current fiscal situation and how it’s getting exponentially worse with the left in charge. I will concede that the slide started under the previous administration but I also don’t think that Bush was a conservative. To truly get a sense of this, see the graph below:

obamadebtAs you can see, deficits were going down in Bush’s second term – until 2008. The democrats have held the majority in the House since 2007 and in the Senate since 2008.(more here)

Adam Smith described political economy as “a branch of the science of a statesman or legislator.” Governmental power joined with wrongheadedness is something terrible, but all too common. Realizing that many of our leaders and their constituents are economically unenlightened sheds light on the troubles that surround us.

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