Basic Economics for Financial Journalists and Other Dummies (i.e. Democrats and their media apologists)

More Hyscience Jul 31, 2011, 4:58 pm

As Washington creeps toward a deal to give Barack Obama another blank check to rush our nation further toward what can only ultimately have one, and only one, endpoint – national bankruptcy, and the media continue to promote Keynesian thinking and the myth that the economy would have been weaker in the absence of government spending (and that more spending and bigger government is better for the economy), and that “austerity” in Washington could further slow the economy in the future, readers should take a little time to learn some basic economics, and try to understand that contrary to what the Obama administration and his fellow Democrats would like Americans to believe, money doesn’t disappear if it’s not spent by government; quite the contrary … less government means more money left in the private sector, where it is more likely to create jobs and generate wealth.

Step 1 – watch this video: Think… simply stated, national income is the horse and GDP is the cart. This video elaborates on this topic, and watching it may be more enjoyable than reading my analysis.

Step 2 – Read Daniel J. Mitchell’s Basic Economics for Financial Journalists and Other Dummies.

Then, take the time to ponder the fact that after a debt ceiling increase is approved – though it will surely produce a brief sigh of collective fiscal relief – the U.S. economy and markets will suffer painful effects, in the absence of

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Tags: government, economy, basic, economics, democrats, dummies, money, financial, video, contrary, journalists, spending, further, obama, national, media, absence, washington,

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  • Description: As Washington creeps toward a deal to give Barack Obama another blank check to rush our nation further toward what can only ultimately have one, and only one, endpoint – national bankruptcy, and the media continue to promote Keynesian thinking and the myth that the economy would have been weaker in the absence of government spending (and that more spending and bigger government is better for the economy), and that