Sunday, June 13, 2010

Liberals Flunk Econ 101

There ain't no such thing as a free lunch.
-- Milton Friedman

The worldwide collapse of welfare states and government ponzi schemes prove Friedman's point.  A simple glance at Michigan or California should sway liberals off of their stubborn belief in free stuff for everybody, but it doesn't...

Our capitalist economy came crashing down as well.  No surprise.  Government-sanctioned cronyism fails everywhere it is tried.  It encourages corruption and distorts markets, chasing away honest money.  The upside is that capitalism, being a coherent and self-sustaining system, contains the seeds of its own renewal; liberal welfare states do not.

Life it tough, but it's tougher when you're stupid  -- John Wayne

Daniel B. Klein explains why liberals stubbornly wallow in such irrational beliefs.  They are economically ignorant:

According to a Zogby International survey that I write about in the May issue of Econ Journal Watch [...],  The left flunks Econ 101.
Liberals believe such fallacies as:

$ Rent control makes apartments more plentiful and restrictions on housing development make home buying more affordable (It's just the opposite.  Scarcity drives up prices.  My kids knew that in grade school.)

$ Our standard of living is lower than it was 30 years ago.  (why are liberals so eager to think ill of our country and our people?)

$ Minimum wage and other employment laws do not increase unemployment (Yes they do.  Look at France)

White House Rejects Friedman for Marx
The economic ignorance extends to the White House.  Senior White House communists like Valerie Jarrett can't understand why the oil companies won't just sit there and suck up a half-million dollars per rig per day cost during the six month moratorium.  They're going to haul their equipment somewhere else where they can make money!

These rigs cost about $500,000 a day for oil companies. [...] the oil companies are going to move them, while they have them under contract, to foreign leases they own in order to seek oil.

The American Petroleum Institute (API) estimates that the moratorium will cost us 130,000 barrels of oil a day by 2011 and up to 500,000 a day by 2013. And it could put up to 46,200 jobs at risk short-term and as many as 120,000 over the long term.

Cover the Incompetence with Lies
Even Senior White House Communist Carol Browner couldn't spin this one:  That panel of experts selected by the National Academy of Engineering DID NOT endorse the six month moratorium:

The seven experts who advised President Obama on how to deal with offshore drilling safety after the Deepwater Horizon explosion are accusing his administration of misrepresenting their views to make it appear that they supported a six-month drilling moratorium -- something they actually oppose.
Elect a klatch of leftist pseudo-intellectuals and this is what you get...


Linda said...

Liberals do not tend to think rationally nor do they use common sense. The question is WHY don't they seem to possess any common sense? It there a physiological source for this phenomenon? Someone should study that.

Silverfiddle said...

Linda: I think they are just so sure of what they believe that they deny any and all evidence to the contrary.

"Everyone deserves a house and a living wage" sounds great, but how do you make that into a reality without picking everyone's pocket?

They don't bother to think through their empty platitudes.

Christopher - Conservative Perspective said...

Yep, I had commented elsewhere on the Zogby poll that libs being ignorant on economics is that they do not care about it until as said before; "they run out of everybody elses money". Then and only then does reality set in and panic ensues.

Will said...

I have covered basic topics from Tom Sowell's "Basic Economics" with leftists, till I can no loner speak. And believe me, that is a stretch for! hahaha But all I get from them is, "you're a Nazi," or "you're a fascist, man."

If there is one thing I have learned from Dennis Prager, it is that chances are very slim that I will will ever be convincing to a leftist when it comes to rational ideas.

Notice I use the term, "leftist." I REFUSE to use the word liberal or progressive when describing the set from perennial infantilism.

Sue said...

why don't you get your wording right? Liberals are the hardest working group of middle class Americans you could ever want to meet. What you are talking about are MOOCHERS, and moochers come from evey walk of life, they mooch off the government. That does NOT mean they are liberals. That is such an old degrading stereotype and the people aren't buying your crap anymore.
There was a phonecall from a republican on the C-Span show this morning about progressives. This man said he has seen the light! After reading about Reagans tripling of the debt, after witnessing W squander Clintons budget surplus money, this republican is seeing the reality of the republican party and how they consistently destroy our economy when given the chance. America is waking up to you frauds!

BTW, why aren't any of you talking about the Gulf disaster?

Silverfiddle said...

No, Sue, we are talking about a bankruptcy of ideas on the left. From Greece to California, the evidence is clear: Liberalism kills economies and jobs. All you can do is change the subject.

If you're upset about Reagan's spending, then you should be enraged over Obama's... Right?

Liberal arguments hold no water.

I'm posting Tuesday about Obama's complete and utter incompetence in confronting this crisis.

BTW, I'm still waiting for someone to provide some facts showing that this guy is smarter than the average American.

Lisa said...

I guess you are right Linda 13 trillion dollars doesn't seem to exist in the liberal world. It's like it never happened.
I love their answer to this recession. More taxes,more regulation ,more hardship in general.
We need adults with experience in how to actually run things not ideologues using us as their social science experiment.
Amazing how they believe the government has an unlimited credit card.

Lisa said...

don't hold your breath SF they say he is so smart but take that teleprompter away and all you is "uh,uh,uh". He says a whole lotta nothing real well.

Sue said...

economists all agree, you have to spend money to make money. What dems do is CORRECT, what rethugs do giving tax cuts to the filthy rich and pray to God some will trickle down to boost the economy DOESN'T work. It just makes the rich richer and the poor poorer while eliminating the middle class which the rich wants so badly to do. That's it in a nutshell but I will not waste any more of your time because you all are so brainwashed you can't see the truth if it slapped you in the face...

Stop obsessing about the debt, dems can reduce it, it's our speciality.

Sue said...

lisa maybe if you pulled your head from your butt and listened to OUR president speak you would see the man he is. Sorry you are not used to intelligent presidents who know what they are talking about...

I would love to hear one conservative blogger say just one nice complimentary thing about our really is unAmerican of you all who claim to be patriots. That's a joke! Do you recall conservatives who cried if the people dared to question Bush and not stand with him??

Lisa said...

Never this large Sue the only way they can fix it is to pick your pocket even more. Don't think it's just the rich.
At least the republicans pay ther taxes unlike the tax collectors and the tax code writers in this administration.
Oh the Irony.
Oh and for the record I don't want my taxes paying for drunken White House Partie and concerts with billionaires bashing a former president.
Amazing how all these Obam supporters are millionaire an billionaires.
But those who make 250 thousand those are the rich selfish people we should go after.

Silverfiddle said...

There you go again, Sue. "economists all agree?" No they don't.

The stimulus has not worked because it all went to incompetent state and local government favored by the government. It rewarded profligacy and has encouraged more.

Businesses won't hire because the regulatory environment is unsure.

Democrat? Republican? Ha! You really see a difference?

Lisa said...

they have no proof they all just pray at the alter of Obama.

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