Thomas Sowell wrote a book entitled Economic Facts and Fallacies. The book explains how economic fallacies appear, re-appear, and will again appear in the future [more economic fallacies are being generated all the time]. That many economic fallacies are generated for political reason. That an economic fallacy makes for good politics. (1)
Surely Sowell never imagined that one individual could pack so many fallacies into one eight minute video segment. However, Richard Trumka, quasi-economist at large, captain economic fallacy himself, has managed to created an eight minute action packed adventure into economic fallacy land!
Yes ladies and gentleman, Richard Trumka, named to Obama's Economic Advisory Council in 2009 (that worked out well) and recently named to Obama's Jobs and Competitive Commission (can't wait for the results) has set a new Olympic record for the the most economic fallacies in eight minutes. (2) (3) (4)
Take eight minutes and watch this wonderful video. You'll laugh, you'll cry, you'll kiss economic theory goodbye!
You see, collective bargaining by public sector workers has absolutely nothing to do with state budget woes and impending bankruptcy. You will find a definition of collective bargaining that is a whooper. How many times can you use the phrase "middle class" in an eight minutes class warfare video? Yes, an increase in collective bargaining creates/increases productivity and creates jobs! And New Jersey's budget problem is merely a myth!
More?!? Sure! Collective bargaining is the only path to the middle class life. Tax increases create jobs! And collective bargaining is the path to the U.S. again becoming the world leader in manufacturing [Ops! We are the current world leader in manufacturing....never mind the facts]. That the collective bargaining dispute/walk out/protests by public sector workers in Wisconsin are all about protecting the middle class elsewhere.
Yes, in one eight minute video Trumka has attempted to set back economic theory 3000 years!
"Sometimes I've believed as many as six impossible things before breakfast." -The White Queen from Alice in Wonderland