Exposing the madness wehind current economic thought

Sunday, July 28, 2013

Obama keeps getting it wrong.

Obama in his speech on the economy at Knox College in Galesburg, Ill.:

"The link between higher productivity and people's wages and salaries was severed – the income of the top 1 percent nearly quadrupled from 1979 to 2007, while the typical family's barely budged."

Robert Wenzel sets him straight:

The link with productivity wasn't severed, government simply laid down laws that benefited crony capitalists and made productivity gains much more difficult. Where the free market was allowed to grow, productivity gains were spectacular. See flat screen television, smart phones, the Internet and lap top computers.