Thursday, June 12, 2014

Schooling the Libs on Economics

With a big hat tip to economist Mark Perry, here's the first of 10 economic lessons liberals need to learn, provided by UGeorgia economist Jeffrey Dorfman:
1) Government cannot create wealth, jobs, or income. Because government has to take money from somebody before it can spend it, there is no economic gain from anything the government does. Money collected in taxes or borrowed would have been either spent or invested in the private sector. Any jobs government claims to have created are only in place of other jobs the same money would have produced if people had been allowed to spend it themselves.
This is a great article for anyone, liberal or otherwise, and is highly recommended.