The Mediaís Top 10
Economic Myths of 2005
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It was difficult to wade through the economic news of 2005. Gloom
and doom overwhelmed any rational examination of the U.S. economy.
Journalists were so obsessed with their negative outlooks that they
set aside reason and reported one fantasy after another. The Free
Market Project compiled the 10 worst:
should follow French fashion in business
Media Myth: Franceís short
work week, benefits and loads of vacation time made it a workersí
9. We must
raise taxes to cope with ballooning deficits
Media Myth: Spending for
hurricane recovery and Iraq is driving the U.S. deficit out of
control. The only answer is to raise taxes to pay for it all.
warming is causing stronger hurricanes
Media Myth: Thanks to the U.S.
rejection of the Kyoto treaty, global warming is on the rise and
warmer oceans are spawning deadlier hurricanes than ever.
7. America is
cheap with its foreign aid
Media Myth: At least our
good-hearted celebrities understand that compared to other nations,
America doesnít give much to help the worldís poor.
Katrina will send the economy into a tailspin
Media Myth: With homes and
businesses destroyed and the nationís oil supply hit, the United
States will surely hemorrhage jobs and head toward a huge downturn
in Katrinaís wake.
5. The housing
bubble is about to burst
Media Myth: The housing
market, white-hot for so long, is about to go bust and take you and
your homeís value with it.
are dying to be fat
Media Myth: America is
suffering from an obesity epidemic, so weíve got to keep everyone
away from foods and beverages with calories. This has become the
nationís No. 1 health problem and weíre dying at the rate of 400,000
are choosing between food and fuel
Media Myth: Rising energy
prices mean there wonít be much in little Timmyís stocking this
Christmas. Mom and dad canít heat their home and buy food, so other
business sectors are going to get Scrooged.
profitable companies are up to no good
Media Myth: Big money-makers
like the oil and drug industries should be sharing the wealth. Oil
companies were profiting off othersí misfortunes Ė laughing all the
way to the bank while you got squeezed at the pump. And Wal-Martís
business practices were just as bad.
1. The U.S.
economy is hopeless
Media Myth: There are plenty
of reasons to doubt the economy. Gas prices; housing bubble; auto
workers losing jobsÖ the evidence is everywhere.
the myths! To get the truth, go to