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Category — Obama

“The Lesson” Applied to President Obama’s State of the Union Speech Last Night

“[D]emagogues and bad economists are presenting half-truths. They are speaking only of the immediate effect of a proposed policy or its effect upon a single group…. [The correction is] showing that the proposed policy would also have longer and less desirable effects, or that it could benefit one group only at the expense of all other groups.”

- Henry Hazlitt, Economics in One Lesson, p. 6.

There are many analyses of the President’s address to the nation last night. As last year, Obama has opened himself up to ridicule and parody (see what MasterResource did).

For this year, in what could well be his last such speech, MasterResource presents timeless logic to unmask the fallacies spewed by our quick-fix, anti-market commander-in-chief.

“Green jobs’? The government-created ones for industrial windpower and for on-grid solar power?

Enter Henry Hazlitt, whose Economics in One Lesson, first published in 1946 and last revised in 1988 (Hazlitt died in 1993), exposes the fallacy of government-as-jobs-creator.

This excerpt is from chapter 1, “The Lesson,” of Hazlitt’s classic of 2oth century economic literature.

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Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, mathematics, or medicine — the special pleading of selfish interests. [Read more →]

January 25, 2012   4 Comments