9 votes

Have you seen this Obama commercial?!?

http://youtu.be/6ItYEyig3yM

This is downright scary. How can the president of the United States have such a disregard of BASIC economics?...I'm talking first couple of chapters of any econ 101 book.

Bragging his support on protectionist tariffs, solely on the grounds that the foreign supplier produces the product more efficiently?!?

He's claiming the tariffs to be good for the inefficient domestic tire producers...maybe. But what about the producers of all other goods which might be purchased by those Chinese tire producers? More importantly, what about the domestic consumers who now face artificially high prices and can now afford fewer goods?

And if this is really good policy, why just target certain goods...why not huge tariffs on all goods? Furthermore, why stop with national tariffs...why not state and local tariffs? Let's put huge tariffs on Florida oranges and Iowa corn, so the other states can create more jobs producing those things poorly. Think of the jobs!

Speechless.

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off topic

where is ron paul in this?
is this now the daily romney?
is this now the daily obama?
false choice politics needs to go away!!

"We can't solve problems by using the same kind of thinking we used when we created them."
Albert Einstein

As mentioned by Von below...

The purpose of the post is to promote free-market economic understanding via exposing one of the many economic fallacies that are prevalent in this years election. Understanding the free-markets and the mess caused when governments step in might be Ron Paul's single most prominent message.

BTW, there are lots of other economic misunderstandings run-a-muck in the election. We should all be aware of them and refute them when they come up:

-viewing labor and work as the goal, rather than the means to the goal of a higher quality of life which comes from the productivity of that labor
-attempting to equalize the pieces of pie, rather than expand the pie
-viewing consumption/demand/spending as the foundation of a strong economy, rather than production and efficiency improvements through technology
-being "tough" on trading partners, as if whatever is good for the partner must be bad for you (the zero-sum fallacy)
-the idea that the public taking less wealth from a person (a tax-cut) is somehow a transfer of wealth from the public to that person

I'm sure there's more...

Google:

- Ludwig von Mises

- Murray Rothbard

- Friedrich Hayek

Start reading. That should get you started.

Then you might understand why this post was totally relevant.