With the U. S. Government teetering on default, Basic Economics is a book that could bring sanity to this bogus crisis.
I’m a firm believer that we would have a much better government and economy if we made one little change: require that any candidate for U.S. Congressman, Senator, or President prove they passed a basic economics course. So much of the political rhetoric today displays flagrant violations of basic economic principles. Cutting government spending (thus causing more unemployment) during a recession is current example. Or spending a billion dollars firing cruise missiles into Libya and enforcing a “no-fly” zone while closing schools and laying off teachers. Economics is not about solutions, it’s about trade-offs. If you’re going to spend money fighting in Iraq and Afghanistan, you might not have enough money for Medicare, Medicaid, and Social Security (and we don’t). Thomas Sowell’s latest edition of Basic Economics: A Common Sense Guide to the Economy doesn’t have any charts or graphs or equations. Reading Basic Economics is like reading a collection of enlightening essays. If you want to learn about unions and the effects of collective bargaining on the economy, it’s here. If you want to know about the impact of investing in the stock and bond markets, it’s detailed here, too. You can read Basic Economics cover to cover (like I did) or you can dip in and discover how globalization works. This book is the clearest introduction to economics I’ve read. GRADE: A
When you can elect chiropractors and other completely unqualified morons (in my opinion) to Congress, who know nothing but the few platitudes stuffed in their little heads (and will proudly tell you so) there is little hope for intelligent discourse. The Tea Partiers will happily take us all over the cliff and then after the crash look around, bewildered, at the damage they’ve done to this country, in total amazement.
My banker went further on Friday – he also wants a test before people can vote.
Trashing the already weak economy makes no sense, Jeff, yet night after night on the news politicians claim “nothing will happen” if the debt ceiling isn’t raised. Clueless!
I cannot decide if they understand what they’re doing and take glee in it. Or don’t understand what they’re doing and take glee in that.
I know what you mean, Patti. Clearly the Republicans would like the economy to stay weak all the way to November 2012 when they think they can win. However, millions of people are suffering and another year and a half of high unemployment is cruel and unusual punishment.
Too bad this isn’t required reading for the idiots wearing the elephant badge who are stamping their feet and saying “Don’t wanna!” to sensible approaches to this crisis. No one remembers we all paid our social security and medicare money out of our paychecks for 30 or 40 years, but gee, suddenly there’s nothing left now. We could have continued happily without W’s war. I hope when the time comes the tea party jerks have to live under a bridge and eat garbage, which is obviously their opinion of the elderly Americans who depend on Social Security and MediCare. BAH!!
Well said, Rick! We’re in such terrible economic shape it will take decades to fix.
Hi George,
Living in France but being German, I was pleased to hear what a commentator said about Germany’s refusal to participate in the Lybian war. The guy said when you propose something to Ms Merkel you have always the impression she takes out a calculator to find out “how much will this one cost us”.
Yes we should abstain from exporting happiness, democracy and election plays worldwide.
Georg
If more politicians actually calculated the cost of their actions, they’d make better decisions, Georg. For example, it’s costing the U.S. $7 million per soldier per year to put “boots on the ground” in Afghanistan. I don’t think we’re getting our money’s worth.