John Stossel: Popular economic beliefs often nonsense
Those are samples of popular nonsense peddled today.
Leftist economist Thomas Piketty’s book “Capital in the Twenty-First Century” has been No. 1 on best-seller lists for weeks (with 400 pages of statistics, I assume “Capital” is bought more often than it is read). Piketty argues that investments grow faster than wages and so the rich get richer far faster than everyone else. He says we should impose a wealth tax and 80 percent taxes on rich people’s incomes.
But focusing on this disparity ignores the fact that over time, the rich and poor are not the same people. Oprah Winfrey once was on welfare. Walmart founder Sam Walton was a farmhand. When markets are free, poor people can move out of their income group. In America, income mobility, which matters more than income inequality, has not really diminished.
I’ve had hundreds of employees whom I paid nothing: student interns. Unpaid internships were allowed for years, because it was understood that interns learn by working. My interns learned a lot. Many went on to successful careers in journalism. One won a Pulitzer Prize. Many said they learned more working for me than at college (despite $50,000 tuition). They benefited and I benefited. Win-win.
Geez, who wants that? Of course I got an advantage from my interns. That’s why I employed them!
READER COMMENTS: 0
- State Sen. David Boutin apologizes for lapse in judgment - 17
- New victim protections passed by Legislature celebrated - 0
- Gov. Hassan asks agency heads for conservative budgets - 2
- Hassan runs first ad as GOP claims more irregularities - 0
- Interim IT, NH tourism heads approved - 0
- Manchester lawyer urged to seek District 16 Senate seat - 0
- NH July revenues prompt spending warning - 0
- Gov. Hassan set to nominate acting IT, state tourism chiefs - 0
- Gov. Hassan to nominate acting IT, tourism chiefs - 1
READER COMMENTS: 1
- Police mum on reported shooting in Manchester - 0
- Manchester men charged with drive-by shooting in Nashua - 0
- Multiple reports say deal reached for Arthur T. to buy Market Basket - 0
- Fisher Cats get behind early, fall to Senators - 0
- Sox downed on pinch-hit homer - 0
- Sister of accused Boston marathon bombers arrested after bomb threat - 0
- Authorities mum about reports of shooting in Manchester - 0
- Bruins agree to long-term agreement with Providence - 0
- Stewart probe goes on - 0
Reports: Market Basket doomsday plan would shutter 61 of 71 stores if deal not struck soon
GOP for legal pot? Hemignway's high help
Where is Shaheen? Hiding from you
Ohio's Rob Portman: GOP can win back Senate