Econmic Myths

If you tell people they don't have enough money, they will usually agree. Reports like these always make the front pages of money magazines and websites:

Harder to handle widening income gap in recession - Apr. 9, 2008: "NEW YORK (CNNMoney.com) -- Poor and middle-class families are entering the recession in a precarious situation due in part to declining or stagnant income growth, a study released Wednesday has found."

Here is a video that briefly addresses the fallacy:



A longer podcast with Thomas Sowell discussing more economic myths is here