… is from page 315 of Thomas Sowell’s 2002 collection, Controversial Essays:
One of the scariest things about our times is how easy it is to scare people and start a political stampede. There are people who could be upset if they were told that half of all Americans earn less than the median income – though of course that is the way median income is defined.
DBx: So true. State the most innocuous fact in a tone that suggests economic decline and hordes of people will be motivated by their resulting fear to demand that the government ‘do something’ about the alleged problem.
– “The United States has run an annual trade deficit every single year since 1976! Gasp!”
– “The U.S. has a trade deficit with Canada! Horror!”
– “The U.S. has a trade deficit with China! Beware!”
– “Imports destroy some jobs! Omigod!”
– “Manufacturing jobs are fewer today than they were when NAFTA was implemented and when China joined the WTO! Intolerable!”
– “The share of American workers employed in manufacturing is falling! Whatever are we to do?!”
– “America’s share of global exports is declining! Oh no!”
– “Foreign governments sometimes subsidize their countries’ exports! How dare they!”
– “No country on earth follows a policy of pure free trade! It’s true!”
– “Households with only one income earner cannot afford to purchase as much as can households with two income earners! Say it ain’t so!” (This one is a favorite of Oren Cass, even though he words this complaint in ways that mask its essence.)
Each of the above complaints is of an utterly innocuous economic reality that calls for no government intervention, yet each is used to justify government intervention.
