Tuesday, November 20, 2007

Top five US economic myths

I finally got a chance to read through Tom's Top Five Myths about the US Economy.

Check it out.

1 comment:

Anonymous said...

I especially agree with the #1myth: "Income inequality is growing, the rich are getting richer".

In my 40+ years of watching the media has CONTINUOUSLY claimed that the poor were being hit the hardest by the current economy. Then it occurred to me. The definition of the word poor is basically that who is hit the hardest.

To put it another way, if you aren't being hit the hardest than you aren't poor. If you take a survey of current poor people (which is how it's done) by definition you will hear ONLY from people who have maintained, or fallen into, hard times. By definition you are going to catch those hit the hardest by current circumstances. On the other hand, if you take a survey of middle class, you will catch many people whose situation has improved as a result of the economy, including many formerly poor.

In other words, any survey of the poor has a built in bias that will infairly skew to inappropriatly represent an unfairness in any economy.