Liberals flunk basic economics questions

The Wall Street Journal has a very interesting Op-ed today. Daniel B. Klein and Zogby researcher Zeljka Buturovic conducted a survey of almost 5,000 adults to test the understanding of basic economic principles. They broke down the results by ideology (progressive to libertarian) and the results show that lefties don’t know diddly-squat about economics. 

The Wall Street Journal: 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.

Zogby researcher Zeljka Buturovic and I considered the 4,835 respondents' (all American adults) answers to eight survey questions about basic economics. We also asked the respondents about their political leanings: progressive/very liberal; liberal; moderate; conservative; very conservative; and libertarian.

Rather than focusing on whether respondents answered a question correctly, we instead looked at whether they answered incorrectly. A response was counted as incorrect only if it was flatly unenlightened.

How did the six ideological groups do overall? Here they are, best to worst, with an average number of incorrect responses from 0 to 8: Very conservative, 1.30; Libertarian, 1.38; Conservative, 1.67; Moderate, 3.67; Liberal, 4.69; Progressive/very liberal, 5.26.

To be sure, none of the eight questions specifically challenge the political sensibilities of conservatives and libertarians. Still, not all of the eight questions are tied directly to left-wing concerns about inequality and redistribution. In particular, the questions about mandatory licensing, the standard of living, the definition of monopoly, and free trade do not specifically challenge leftist sensibilities.

Yet on every question the left did much worse. On the monopoly question, the portion of progressive/very liberals answering incorrectly (31%) was more than twice that of conservatives (13%) and more than four times that of libertarians (7%). On the question about living standards, the portion of progressive/very liberals answering incorrectly (61%) was more than four times that of conservatives (13%) and almost three times that of libertarians (21%).

Klein and Buturovic did not really have to spend too much time on this study.  Just by looking at Congress’ performance since 2006, pretty much tells the tale. The Democrats’ “Spend Your Way Out of Debt” plan is a complete disaster and is pretty proof positive that the left doesn’t know jack s—t about economics.

If I had to guess why liberals did so poorly, I would say it is because many of them are taught to always see the world through nuance, rather than clear-cut divisions of right and wrong.  While there is nothing wrong with this approach for the social and political realms, economics offers far less room for nuance. For example, borrowing tons of money you cannot afford to pay back, never ever, ever leads to a happy ending no matter how you look at it.

Via: Memeorandum

Via: The Wall Street Journal

Colin Powell: Transformation Complete

Colin Powell has come a long way from the days when he gave authoritative presentations of Desert Storm. Back then Powell was a no nonsense, facts and figures, black conservative general. He was the type of black conservative that liberals would have had a very hard time smearing. He could have easily grabbed the GOP nomination and perhaps became the first Black president almost 20 years before Obama. He could have inspired a generation of young black conservatives. My how things have changed.

Today Colin Powell is parroting empty leftwing talking points to the GOP on how to make themselves into the Democrat Lite Party. He hits on all the standard "problems" that the Democrats keep telling the GOP they have to change; Rush and Coulter are mean and nasty, McCain and Palin are too polarizing, people want big government, and of course the GOP needs to move to the center. Never mind that the GOP really did move to the left with the nomination of John McCain and Powell still voted for Obama!

I don't really fault Powell for voting for Obama. I imagine that any black man at Powell's age (conservative or not) must have had a real and understandable yearning to see the first black president of the United States in their lifetime. What I do fault Powell for is not having the balls to be up front about it. Back in 2003 Powell said he remained "a strong proponent of affirmative action." Yet, we are to believe that a strong proponent of affirmative action, would pass up voting for the first black president if all things were equal. Methinks not!

I think Powell's move to the left has more to do with his own personal desire to be included, than the GOP needing to be more inclusive. Being a black conservative is not an easy thing to do. I know all too well how the party of "tolerance & inclusiveness" morphs into hyper bigots when dealing with black conservatives. I also know how fellow blacks are even more vitriolic to brothers or sisters who dares to wonder off the liberal plantation. As bad as that is for someone like me, it is exponentially worse for those black conservatives living in the public eye. For black conservatives who are public figures, they need skin like tank armor. Perhaps, after all these years, Powell's armor has just gotten a little too heavy to carry.