Thomas Sowell

4. Foreign aid helps poor countries become more prosperous. (Only if you don't look at the evidence.)

5. The rich are getting richer and the poor are getting poorer. (It all depends on whether you are talking about flesh and blood human beings or statistical brackets.)

"Economic Facts and Fallacies" is not just a demolition derby. It also brings out some facts that seldom get much attention in the media.

1. The poverty rate among black married couples has been in single digits since 1994.

2. The average income of the elderly is several times their earnings, and their wealth is far higher than among younger people.

3. Just as blacks are turned down for mortgage loans more often than whites, so whites are turned down more often than Asian Americans. (What does that do to racism as an all-purpose explanation?)

In any event, here are two books from which people with no background in economics can learn to protect themselves from the economic fallacies which abound in an election year.


Thomas Sowell

Thomas Sowell is a senior fellow at the Hoover Institute and author of The Housing Boom and Bust.

Creators Syndicate