Economic Facts and Fallacies

John Hawkins at Right Wing News interviews Thomas Sowell about his book Economic Facts and Fallacies, 2nd Edition.

Here is a short paraphrase of a small part of this interesting interview:

Has income stagnated for most Americans over the last 40 years? No, it’s gone up by 50%.

Is income inequality a problem? If so, will taxing the rich solve it? No, for the most part rich and poor are not classes of people that persist over time. Most Americans who are “rich” have been “poor” at some point in their lives, such as when they were young. Those who get stuck in the poor group usually have other problems that taxing the rich will do nothing to solve.

Is poverty the root cause of crime? No, criminals are the root cause of crime. The Left confuses correlation with causation. That many poor people commit crimes doesn’t prove that being poor drove them to crime. It’s just as likely that committing crimes is keeping them in poverty.

The interview continues with questions such as:

How does one avoid being poor?
What are the real world consequences for the average American from government over spending?
Are Western nations responsible for poverty in the Third World?
Is there a higher education bubble?

Real the whole thing.

Who is John Hawkins? This short video explains a few things. Are the rich the problem? Well, Donald Trump can’t tell us what light bulb we have to use, but the government can — and does. Bill Gates can’t make up buy his products or take our money and give it to Planned Parenthood — but that’s exactly what the government does. Warren Buffett can’t put anyone in prison for innocent mistakes we make with no criminal intent — but the government does that all the time. Actually the video doesn’t hit this last issue, but it would fit.

The video is two minutes and worth your time:

By the way, is there a website, newspaper, TV network or other news outlets that might be called “Left Wing News?” Yeah, a whole bunch of them. They just aren’t up front about it.

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