New To Me II

It might be old news to you, but it’s new to me:

I had no idea that teacher absence is a huge problem in much of the “developing world”.

There’s interesting new data on income distribution:

Ask almost any Democratic politician the most important economic facts about income distribution in America, and you are almost certain to hear the following three points: (1) incomes have fallen substantially over the past ten years; (2) labor’s share of income has fallen significantly behind the pace of new productivity and innovation; and (3) income distribution has worsened dramatically over the past generation and over the past decade in particular, with people at the top getting a bigger fraction of total personal income.

Many Democrats believe that these three points are the economic equivalent of the “gospel truth.” When politicians see truth, legislation is not far away. Thus, members of Congress have proposed new taxes redistributing income from richer to poorer Americans, new middle-class entitlements such as a public health care program, and the Employee Free Choice Act, which attempts to increase unionization by effectively taking away secret ballots in union elections.

A new economic study reveals that each of the three points of the politicians’ economic “gospel truth” is grossly exaggerated and perhaps entirely wrong.

I have no idea when this was done, but I’ve just discovered The Ten Pillars of Economic Wisdom. If only our politicians could remember these points.


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