Archive for the ‘Economics’ Category

Sentator Ben Nelson is a Fricking Nitwit

Tuesday, December 8th, 2009

It’s been bad enough that Senator Ben Nelson (D-NE) wants to throw in with the Republicans and disallow health care plans from offering abortion coverage, to the point of torpedoing the entire health care reform effort.

Now, we get his brilliant idea that, instead of borrowing or taxing to finance the war in Afghanistan, we can sell “War Bonds” instead!

I mean, really, do they ever think before they do stuff like this? Is reality ever a concern to these clowns? Are they huffing WD-40 on the right side of the Senate floor?

The right of center wing of the legislature sure is a bunch of losers. This guy, too.

Dubai

Saturday, December 5th, 2009

Looks like Dubai is headed for the poorhouse, but they’ll get no sympathy from me: here’s why.

This has been an underreported story for years.

Why the MSM Sucks

Friday, December 4th, 2009

The worst thing about the so-called “mainstream media” is not that it skews consistently to the right or left (I don’t think that, on average, it is particularly ideological, Fox News notwithstanding) but rather that is it so bad.

Bad, as in lazy, credulous, insipid, unchallenging, and overall just tragically mediocre.

Here’s an example. An economist from the Reuters news agency opines that a progressive tax structure, presumably as opposed to a flat tax rate, increases income inequality. Here’s the logic, with my thoughts in parentheses:

  1. If there’s inequality, then a greater share of income accrues to the rich. (Of course, this is axiomatic.)
  2. In such a case, all else being equal, tax revenues will increase because tax rates are higher for the rich in a progressive structure. (No shit.)
  3. Therefore, the government will prefer inequality. (As if government is both sentient and monolithic.)
  4. Therefore there will be more inequality. (Now government is omnipotent as well!)

Really, that’s the argument. For fun, you might try counting the logical fallacies in this line of thinking but it seems easier to just chalk this up to sheer ineptitude (or, I suppose, malevolence) on the part of the author.

Of course, it’s a logical fallacy itself to argue that just because the proponent of an argument is an idiot, the argument is false — but in this case the argument is actually false. In the past 40 years, income inequality has steadily risen while tax progressivity has fallen. So not only is this authors logic flawed, the conclusion is completely opposite the facts. My guess is that this came about as a cheap and lazy way to come up with a provokative and counterintuitive angle without doing any actual work, but this is of course speculation on my part.

And these fine folks from the fourth estate are the people we trust to keep us aware and informed.