In many cases the people that lead our Nation are not business minded. Most have never managed a convenience store let alone a major corporation. When it comes to managing the country’s wealth and financial future our leaders often turn to the “experts”, to economists.
The problem with this however might be that Economists are Socialists. According to one of their own, Peter G. Klein of the Ludwig von Mises Institute reports, based on a series of studies and surveys, academia is predominately liberal. As he refers to in his article; you may have heard the jokes about liberalism on college campuses:
According to a study conducted for the Carnegie Institute in 1989, it was found that only 27% of all faculty reported they are politically conservative. Breaking down the numbers, a full 70% of professors in the liberal arts reported themselves as liberal or moderately liberal.
In 2004 Christopher Cardiff and Daniel Klein examined the political affiliations of professors in 11 California universities. They found an average Liberal:Conservative ratio of 5:1, ranging from 9:1 at Berkeley to 1:1 at Pepperdine. The humanities average 10:1. This data shows definitively that American academia is quite liberal.
Also captured from Peter G. Klein’s musings is the fact that most economists believe in the concept of redistribution of wealth:
Another survey, reported in the Southern Economic Journal, reveals that “71 percent of American economists believe the distribution of income in the US should be more equal, and 81 percent feel that the redistribution of income is a legitimate role for government.”
What I find most interesting about all these studies and statistics the irony found in an article by the Wall Street Journal earlier this month. In the article Secrets of the Economist’s Trade: First, Purchase a Piggy Bank; they share a completely different vision of the economist.
It appears when discussing the challenges of our National economy; redistribution is a good idea, until it comes to their own money. Economist , it appears, are trained to be quite frugal, some might even attain the level of extreme frugalist.
Several examples provided include acts such as driving 30 minutes out of the way to purchase groceries with a $5 savings, or purchasing a car in black instead of gray because it was $100 cheaper.
In additional studies by The University of Washington The University of Wisconsin they found that economics major were less likely than students in other fields to donate money and more likely to take advantage of opportunities for a free ride such as paying less than their fair share of a dinner bill among a group of friends.
What really bothers me is that some of these economists are the ones that are advising our President and Congress on how to manage our countries financial future and our tax dollars. They want to keep their own but have no problem taking ours.
It kind of reminds me of my ex-wife. “What’s mine is mine and what’s ours is mine!” (She literally said that and more disconcerting, proved it!)
What’s your take, are you comfortable with the direction our government is taking with our money? There is no doubt there is a lot of wasteful spending, how about some ideas on how to get it under control?
photo by clementpetit2