Dr. Thomas Sowell is cited here, debunking the “one percent” myth, and we have finally found a pop culture reference for the enduring class fallacy. In the 1979 movie, Breaking Away, the townie played by Dennis Quaid laments that, while he is an aging loser – the college kids are forever young!
That’s right, the local college is populated by an enduring class of attractive, carefree kids, who are always aged 18 to 22. It’s easy to see why he resents them.
Next up, we have this gloom and doom piece from the NBER. The author lops 0.5% off American GDP growth because it accrues to – you guessed it – the one percent. Said portion doesn’t count because it’s not going to real Americans. Never mind the conventional socialist idea that GDP roams around loose, to be “captured” by the rich. This is bad math because it voids his use of the historical figures. The author must now back out tainted GDP from all his other calculations.
Finally, just to make three, we have Charles Hugh Smith’s excellent series on pooled risk in America. In part two, he debunks the popular delusion that the state has an infinite capacity to mutualize risk – and by extension, debt. No one should have such a delusion, though, because the population sharing the risk is the same population that is exposed.
The proper denomination for national risk, or national debt, is per capita. America may be a large pool, but we have no more risk tolerance per capita than, say, Germany. In any case, Jeremiah doubts that the spongers and enablers actually have this delusion. They are just going to stuff their pockets until the dollar collapses. Get it in yuan, boys.