Wednesday, October 3, 2012

Twelve election myths

The following are twelve important election myths involved in the 2012 election, with their Twitter hashtags so you can follow up on our account @Lex_Rex . Readers are encouraged to spread them widely, perhaps by retweeting them to your friends and followers:

#Electmyth1 "The next president can end unemployment." No he can't. The most government can do will take 30 years to pay off. No quick fixes

#Electmyth2 "Government deserves credit or blame for the current economy." Wrong. It is a parasite that does produce some but consumes more.
Beware giving credit to the rooster crowing for the rising of the sun. Government does not "run" the economy, but can break it. This is a kind of logical fallacy called post hoc ergo propter hoc, also called the Rooster Syndrome.

#Electmyth3 "We can grow fast enough to avoid the debt crash." Wrong. Debt is growing too fast for any plausible growth to overtake it.

#Electmyth4 "Printing money will reduce unemployment." Wrong for everyone but bankers. Will encourage investing in bonds more than in jobs.

#Electmyth5 "Government can always pay its debts by printing money." Not when people stop lending to it because the return can only be loss.

#Electmyth6 "Investors need lower taxes to create jobs." Wrong. They already have enough for that. But government borrowing sucks it all up.

#Electmyth7 "More government spending can create jobs." Except for R&D, not jobs that add to national wealth, but only cause overconsumption

#Electmyth8 "We can provide enough medical care for everyone." No. Medical care is a scarce resource that will be rationed in some way.

#Electmyth9 "Fiat currency is safe and better." No. It is debt backed by nothing. One great Ponzi scheme that must crash eventually.

#Electmyth10 "We can avoid a global crash." 30 years too late for that. Now we must prepare for coming out on the other side intact.

#Electmyth11 "It is always better to compromise to get something done than to insist on a position." Wrong. Sometimes a compromise is worse.

#Electmyth12 "There is a solution that is politically acceptable." Sometimes not. Debt problem has no politically acceptable solution.

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