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Myths We Live By

disruptive technologist Wrote: Aug 02, 2012 8:11 PM
The US Olympic Committee works on a budget. Their primary purpose to support the athletes. Paying more for uniforms means less support for athletes. Since the Senate has not passed a budget in years, it is not surprising that Senator Reed has no understanding how the budget process actually works.

The Olympics have gone smoothly despite -- gasp! -- America's team wearing clothing made in China at the opening ceremony.

"I'm so upset," said Senate Majority Leader Harry Reid. "Take all the uniforms, put them in a big pile, and burn them. ... We have people in the textile industry who are desperate for jobs."

Here, Reid demonstrates economic cluelessness. It seems logical that Americans lose if American clothing is made overseas. But that's nonsense. First, it's no surprise the uniforms were made in China. Most clothing is. That's fine. It saves money. We invest the savings in other things,...