Who is better informed about the policy choices facing the country—liberals, conservatives or libertarians? According to a Zogby International survey that I write about in the May issue of Econ Journal Watch, the answer is unequivocal: The left flunks Econ 101.

 

Consider one of the economic propositions in the December 2008 poll: "Restrictions on housing development make housing less affordable." People were asked if they: 1) strongly agree; 2) somewhat agree; 3) somewhat disagree; 4) strongly disagree; 5) are not sure.

 

Basic economics acknowledges that whatever redeeming features a restriction may have, it increases the cost of production and exchange, making goods and services less affordable. There may be exceptions to the general case, but they would be atypical.

 

Therefore, we counted as incorrect responses of "somewhat disagree" and "strongly disagree." This treatment gives leeway for those who think the question is ambiguous or half right and half wrong. They would likely answer "not sure," which we do not count as incorrect.

 

In this case, percentage of conservatives answering incorrectly was 22.3%, very conservative 17.6% and libertarians 15.7%. But the percentage of progressive/very liberals answering incorrectly was 67.6% and liberals 60.1%. The pattern was not an anomaly.

 

Self-identified liberals and Democrats do badly on questions of basic economics.

Based on our budget deficit, I think it is pretty clear no one in Washington understands ecnomics. Clearly the Republicans don't because they destroyed our budget and blew the deficit to high heaven in their 8 years. And clearly the current administration of Democrats is no better as they have done nothing but continue to show complete disregard for the deficit. The only time this government seemed to know what it was doing economically was when Clinton was president with a Republican Congress. So maybe if we can get a Republican Congress with Obama, history will repeat itself.

In recent years, neither the left nor the right have been successful at managing money. For all I disapproved with Clinton, the man did seem to grasp that you can't spend more than you make. I have to give him props on that. GWB & Barry O have been clueless in regards to economics.

Based on our budget deficit, I think it is pretty clear no one in Washington understands ecnomics. Clearly the Republicans don't because they destroyed our budget and blew the deficit to high heaven in their 8 years. And clearly the current administration of Democrats is no better as they have done nothing but continue to show complete disregard for the deficit. The only time this government seemed to know what it was doing economically was when Clinton was president with a Republican Congress. So maybe if we can get a Republican Congress with Obama, history will repeat itself.

 

Good point. But at least many R's will admit they now made mistakes on allowing huge federal spending in the past. I don't hear or read of many D's stating that huge federal spending is wrong. I have more confidence in the R's getting our deficit under control by reducing spending, as opposed to raising taxes, than I do in the D's. Hopefully the R's will soon regain control of the federal govt and hopefully they will learn from their past mistakes.

Good point. But at least many R's will admit they now made mistakes on allowing huge federal spending in the past. I don't hear or read of many D's stating that huge federal spending is wrong. I have more confidence in the R's getting our deficit under control by reducing spending, as opposed to raising taxes, than I do in the D's. Hopefully the R's will soon regain control of the federal govt and hopefully they will learn from their past mistakes.

 

Like you I think the R's might have a better concept but the only reason some GOP are admitting mistakes is because they are no longer the majority. It's easier to confess you blew it when you no longer control the process. (FWIW, the same is true on the other side of the aisle)

MOST ALL politicians understand economics. Just look in their wallets, bank accounts, or hidden bank accounts. They have no clue how a normal lower to lower middle class family lives from day to day and the worries that go along with taking care of their familes.

In recent years, neither the left nor the right have been successful at managing money. For all I disapproved with Clinton, the man did seem to grasp that you can't spend more than you make. I have to give him props on that. GWB & Barry O have been clueless in regards to economics.

 

I think it was a republican Congress that passed that spend-as-you-go policy for Clinton to sign into law. Don't give Clinton ALL the credit as he was forced to not spend more than you make.

How many chances do the R's get to prove they aren't -- in practice -- just like Democrats?

Folks, these questions weren't asked to politicians.

I think it was a republican Congress that passed that spend-as-you-go policy for Clinton to sign into law. Don't give Clinton ALL the credit as he was forced to not spend more than you make.

 

Good point.

Folks, these questions weren't asked to politicians.

 

Correct. However, they're the ones calling the shots. Not the Joe Schmos of the world.

Correct. However, they're the ones calling the shots. Not the Joe Schmos of the world.

 

 

Amen! I was raised by a couple of liberal Democrats who know how to squeeze blood out of a turnip. They may not know the fancy-schmancy economic terms and concepts everyone likes to trot out as their superior grasp of economics. But any parents who can raise 4 kids on less than $20K a year, own their own home and send 2 of the kids through 12 years of private school know a thing or two about economics, IMO.

Based on our budget deficit, I think it is pretty clear no one in Washington understands ecnomics. Clearly the Republicans don't because they destroyed our budget and blew the deficit to high heaven in their 8 years. And clearly the current administration of Democrats is no better as they have done nothing but continue to show complete disregard for the deficit. The only time this government seemed to know what it was doing economically was when Clinton was president with a Republican Congress. So maybe if we can get a Republican Congress with Obama, history will repeat itself.

 

Your first sentence is all the proof we need for smaller , really small, government at the federal level.

MOST ALL politicians understand economics. Just look in their wallets, bank accounts, or hidden bank accounts. They have no clue how a normal lower to lower middle class family lives from day to day and the worries that go along with taking care of their familes.

 

Best post on this thread IMO.

Correct. However, they're the ones calling the shots. Not the Joe Schmos of the world.

The most important part is it's the Joe Schmos that vote them in.