Debunking Economic Absurdities

Section which is dedicated to exploring and explaining some absurd claims

Walmart Vs Costco

April 10, 2013
By

With minimum wage in the news, Costco got a lot of attention for paying their employees $17 per hour, while Walmart only pays about $9 per hour. Costco immediately became a progressive darling, and you started hearing calls to raise the minimum wage to $15 an hour. The justification for this being, to insure that low skill workers can earn a living wage. I will give some credit to the left, they are very good at inventing new terms, I mean, who can be against a living wage right? Of course living wage just means a government mandated minimum wage,…

Read more »

Pundit Krugman is wrong on minimum wage, while economist Krugman is right?

February 18, 2013
By
spank krug

  How you may ask, can Objectobot, practically a nobody, criticize and ridicule a decorated economist like Krugman in his own field.  Krugman is a recognized expert in economics, why should you trust anything Objectobot has to say.  I don’t expect you to trust Objectobot, just listen to the arguments an decide for yourself.  As far as to why I believe Objectobot can easily tangle with anything Krugman has to say?  It is because Krugman, has long ago, gave up any superior knowledge, expertise, or logical thinking abilities he may have had.  He has lowered his commentary to a level where an undergraduate with just economics 101 under his belt…

Read more »

United States Homicide Rate vs Gun Ownership by State

December 19, 2012
By
us_rate2

There is literally 0 correlation between how many people own firearms, and the homicide rate with firearms, or overall homicide rate as below graphs and correlation coefficients illustrate. This means that any policy that seeks to decrease or increase gun ownership within the population will have absolutely no affect on the murder rate within the same population. But this should be common sense. We should know that violent behavior, or any behavior for that matter is not dictated by inanimate objects. 16 oz cups do not make people fat, pencils do not miss spell words, and guns do not cause…

Read more »

Murder Rate Vs Gun Ownership by Country

December 17, 2012
By
table1

The source for the data are tables provided  by wikipedia Murder Rate: http://en.wikipedia.org/wiki/List_of_countries_by_intentional_homicide_rate Gun Ownership:  http://en.wikipedia.org/wiki/Number_of_guns_per_capita_by_country First we look at all the countries.  The correlation coefficient between gun ownership per person and murder rate per person is  -0.19963579.  A negative coefficient implies that as gun ownership increases, murder rate decreases.  However, the correlation coefficient is to low to imply any correlation at all, so we conclude there is no correlation between how many guns is owned in a geographical area and the murder rate in that area.       Another way to look at it       Ok, but there is a lot of…

Read more »

Now they tell us. 73% of all new jobs created in the past 5 months have been government jobs

December 11, 2012
By
jobs5

Now they tell us. 73% of all new jobs created in the past 5 months have been government jobs. As Adam Sandler would say, “Things that could of been brought to our attention yesterday!” So all the good employment news you have been hearing has been orchestrated at the expense of the tax payers. Who needs a super pac, or donations for that matter when you can hand out jobs using your political power. So no Mr. President the private sector is not fine. An no Paul Krugman, the economy is not stalling because of robotics automation, or lack of…

Read more »

No evidence that shows higher top marginal taxes increase revenue.

December 7, 2012
By
ADavies-marginal-income-tax-rates-5-PDF

As the below graphic quickly illustrates there is no evidence that supports that higher taxes on the rich would return more revenue for the government and in turn reduce the deficits.  In 1954 we had a top marginal tax of 91% and collected about $2,600 per person.  In 1984 the top tax rate was 50% and we collected $5,700 per person.                                                       As if Obama and democrats care about revenue.  As Obama displayed in…

Read more »

Debunking Krugman

June 9, 2012
By
KURGDOUNCE

Are you tired of Krugman’s economic magic tricks? I know I am.  Krugman recently again reiterated that an economy is not the same as a family and therefore doesn’t have to worry about spending or debt.  Krugman says that comparing the economy’s finances to a family’s is a bad metaphore he heard while debating supporters of David Cameron.  I think Krugman’s choice of debate opponent says a lot about the competence of his arguments.  As any magic trick there is always some means of diverting the audience’s attention as not to reveal true essence of the trick.  To achieve this Krugman…

Read more »

Reagan vs Obama net change in government spending Graph De-bunked and Exposed as a Fraud

March 20, 2012
By
gov-spending-full

The below graph was posted on Moveon.org website and has gone viral. It claims that the net change in government spending under Reagan was higher then under Obama. The problem is that this graph is a total fraud. If Moveon.org had an sense of shame, it would remove this from their website. People are being deluded into thinking this is correct. This is being passed around under the name of ending economic myths. The whole situation is very disgraceful.   The Reality The data for this graph was obtained from Bureau of Economic Analytics. The link to the data here.…

Read more »