Great myths, misinformation and lies

There is a student loan crisis

The average balance and monthly loan payment amount are hardly indication of a crisis. Was a college education not an investment? Have millions of Americans not paid their loans and college bills?

Medicare for All can be paid for through savings in administrative costs.

No it can’t because government does not pay those administrative costs. The idea that aggregate spending will be lower because of M4A is simply not true.

Inequality is a destructive force

Inequality is a state of existence and has been since the beginning. Inequality of opportunity is a destructive force. Inequality used to influence unfairly to the disadvantage of others is destructive. However, inequality of wealthy is not a destructive force. In fact, great wealth in the modern age is the result of activities and developments benefiting human beings.

Insurance companies are the cause of high health care costs

No they aren’t. Profit margins for health insurance companies are about the same as for regulated utilities. However, the very existence of insurance is a factor because it insulates patients from most health care expenses.

CEO pay is a factor taking pay of average workers

All I can say is do the math. Take the base pay and total compensation of a S&P 500 CEO and divide each and the combined total by the number of employees and see the negligible impact if all the CEO pay was given to workers. And then of course, you could look at the actual pay for all CEOs. the average CEO pay is far less than $1 million and more like $400,000. You see the numbers politicians throw around for CEOs is limited to the largest corporations where most workers ARE NOT employed.

The richest country in the world . . .

There is no such thing as a rich country, the wealth is held by its citizens. For any country to provide more benefits it must tax it’s citizens. Politicians seem to miss that fact – or choose to mislead us.

Americans can’t afford to save or accumulate an emergency fund

Many surveys claim Americans can’t come up with even modest amounts of cash in an emergency. That’s nonsense. About 11% of Americans live in poverty. Double that and assume 20% struggle to save. That still gives 80% or so of Americans no excuse for not having an emergency fund. The real problem is spending and living within one’s means.

Tax laws favor the rich

Tax laws are written by Congress. They are designed to support citizens and business, they try to affect behavior or pay for benefits Americans want. And, they are influenced by lobbyists trying to gain benefits, but that is not limited to the wealthy or corporations.

Tax laws apply to everyone. To say a certain law favors the rich because there may be greater savings the higher ones income is ludicrous. Of course the more one owes in taxes, the greater possible benefit for things such as tax-advantaged retirement savings. If taxes are reduced of course those paying the most in taxes, gain the most. Many tax credits and deductions favor the average taxpayer.


  1. I agree with you. Unfortunately, the ill-informed and the mis-informed won’t read your post, and the major news media outlets will most certainly not tell them these basic facts.


  2. I have never believed the surveys on lack of emergency funds by most Americans. As you state only about 20% or so couldn’t come up with the funds. Most people have access to cash even though they might not designate a separate account as “emergency fund”.

    The college loan fiasco is also overstated because some folks borrowed and didn’t earn a degree and now they find a few college credits aren’t worth much on the job market. Also the humanities and social science crowd is looking to get some help because their salaries are lower but that is on them.

    Liked by 1 person

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