How So-called Experts Mislead Us about



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PART ONE: WHO ARE THE ECONOMIC EXPERTS?
1. Krugman, Paul R., Pop Internationalism (Cambridge, MA: MIT Press, 1996), pp.9-18 [originally in Peace Economics, Peace Science, and Public Policy, Winter 1995].

2. Ibid., pp.79-80.

3. Ibid., p.48 [originally in April 1994 Scientific American].

4. Ibid., p.29 [originally in July/August 1994 Foreign Affairs].

5. Ibid., pp.11ff [originally in March/ April 1994 Foreign Affairs].

6. Cavanaugh, Francis X., The Truth about the National Debt (Boston: Harvard Business School Press, 1996, p. 119).

7. “The Science of Political Economy,” pp. 203-208, quoted in George, Henry, Jr., Henry George (New York: Chelsea House, 1981) [orig. publ. in 1900 by Doubleday & McClure Co., N.Y. under the title: The Life of Henry George].

8. Downs, Anthony, An Economic Theory of Democracy (New York: Harper & Brothers, 1957), quoted in: Robert Kuttner, Everything for Sale: The Virtues and Limits of Markets (New York: Alfred A. Knopf, 1997), pp.332-335.

9. Eisner, Robert, The Misunderstood Economy: What Counts and How to Count It (Boston: Harvard Business School Press, 1994) pp.22-23.

10. Ibid., pp.30-31.

11. “Is the US Making Progress? Unlike the GDP, a New Measure Says ‘No’” by Marc Breslow, Dollars & Sense, Mar./Apr. 1996.

12. Statistical Abstract of the United States 1998, Table No. 692.

13. U.S. Bureau of Labor Statistics in its January 1993 report on Employment and Earnings.

14. Statistical Abstract of the United States, 1995, Table No. 732 (converted to 1982-84 constant dollars).

15. U.S. Dept. of Labor, Bureau of Labor Statistics, “Handbook of Labor Statistics,” Bulletin 2340, Aug. 1989, and Statistical Abstract of the U.S., 1997, Table 671, plus corresponding tables of prior issues.

16. Source: Statistical Abstract of the U.S., 1998, Table No. 537.

17. Johnson, Haynes, Sleepwalking Through History: America in the Reagan Years (New York: W. W. Norton & Co., 1991) p.130.

18. Greider, William, “The Education of David Stockman,” The Atlantic (Dec. 1981), p.44.

19. Blinder, Alan S., Hard Heads, Soft Hearts: Tough Minded Economics for a Just Society, New York (Addison Wesley), 1987 pp.90ff.

20. Johnson, Haynes, Divided We Fall; Gambling with History in the Nineties (New York: W.W.Norton & Co., 1994.

21. Statistical Abstract of the U.S., 1995, Table No. 733.

22. Johnson, Haynes, op. cit. (1991), pp.436ff.

23. Statistical Abstract of the United States, 1995, Table No. 699.

24. Slavin, Stephen L., Introduction to Economics (Second Edition), (Homewood, IL: Irwin, 1991) p.343.

25. Blinder, Alan S., op. cit, pp.98ff.

26. Johnson, Haynes, op. cit. (1991) pp.109ff.

27. Greider, William, op. cit.

28. Blinder, Alan S., op. cit., pp.21ff.

29. Thurow, Lester, Head to Head: The Coming Economic Battle Among Japan, Europe, and America, (New York: Wm. Morrow & Co., 1992) pp.266ff.

30. Johnson, Haynes, op. cit. (1991) pp.373ff.

31. Johnson, Haynes, op. cit. (1991) pp.377ff.

32. Johnson, Haynes, op. cit. (1991) pp.130.

33. Phillips, Kevin, The Politics of Rich and Poor (New York: Random House, 1990), p.88: CHART 3—Changing 1980s Federal Budget Priorities; Source: Center on Budget and Policy Priorities.

34. Blinder, op. cit, p.101.

35. Blinder, op. cit., pp.101-102.

36. Reich, Robert B., Locked in the Cabinet (New York: Alfred A. Knopf, 1997), pp.9ff.

37. “Can't Touch This? The Pentagon's Budget Fortress” by Karen M. Paget, The American Prospect, Fall 1995.

38. Reich, op. cit., p.264.

39. Quirk, Wm. J. and R. Randall Bridwell, Abandoned: The Betrayal of the American Middle Class Since World War II, (Lanham, MD: Madison Books, 1992), p.362.

40. William Raspberry’s column, Greensboro (NC) News & Record, Feb. 12, 1996.

41. “Social Security Gimmickry” by Edwin Yoder, Washington Post Writers Group, in Greensboro (NC) News & Record, Mar. 30, 1995.

42. 1994 Information Please Almanac, pp. 64-65. Source: Dept. of the Treasury, Financial Management Service.

43. Riddell, Tom, Shackelford and Stamos, Economics: A Tool for Understanding Society (4th edition), (New York: Addison Wesley, 1991), pp. 361 ff.

44. Quirk and Bridwell, op. cit., pp.136ff.

45. Cavanaugh, Francis X., The Truth about the National Debt: Five Myths and One Reality (Boston: Harvard Business School Press, 1996), p.58.

46. Reich, op. cit., p.28.

47. Mishan, E. J., 21 Popular Economic Fallacies, (New York: Praeger Publishers, 1969)

48. Cavanaugh, op. cit., p.35.

49. Thurow, Lester C., The Future of Capitalism: How Today's Economic Forces Shape Tomorrow's World (New York: William Morrow and Company, Inc., 1996), p.97.

50. Quirk and Bridwell, op. cit., pp.136ff.

51. Cavanaugh, op. cit., p.108.

52. “Social Security doesn't need fixing” by Robert Reno, Newsday, in Greensboro (NC) News & Record, Feb. 11, 1997.

53. Cavanaugh, op. cit., p.101.

54. Eisner, op. cit., pp.143-144.

55. Gross, Martin L., The Government Racket; Washington Waste from A to Z (New York: Bantam Books, 1992).

56. Reich, op. cit, pp.208ff (headed: 1994 Nov. 22, Washington).

57. Multinational Monitor, December 1995, “Interview: A Rich Man Wants to Share the Wealth.”

PART TWO: NONSENSE ABOUT TAXES

AND INCOME DISTRIBUTION
1. Phillips, Kevin, The Politics of Rich and Poor, New York (Random House), 1990, p.xi (Foreword).

2. Statistical Abstract of the United States 1995 (Tables 518 and 761) and 1974 (Table 361),

3. Bartlett, Bruce, Reaganomics: Supply Side Economics In Action (Westport, Conn.: Arlington House, 1981), pp.116ff. [Bartlett was on the staff of the Joint Economic Committee of the US Congress, previously assistant to Sen. Jepsen of Iowa, and before that to Congressman Jack Kemp of N.Y. when he helped draft the Kemp Roth tax bill.]

4. Carter, Jimmy, Keeping Faith: Memoirs of a President (New York: Bantam Books, 1982).

5. Phillips, Kevin, op. cit. (1990), pp.77ff.

6. Survey by ABC News/Washington Post, Jan. 11-16, 1985, Public Opinion, Feb. Mar. 1985, p.23, quoted in Martin, Cathie J., Shifting the Burden: The Struggle over Growth and Corporate Taxation, (Chicago: University of Chicago Press, 1991), p.167.

7. Blinder, Alan S., Hard Heads, Soft Hearts: Tough-Minded Economics for a Just Society, (New York: Addison Wesley, 1987), pp.96-97.

8. Blinder, op. cit., pp.160ff.

9. Blinder, op. cit., pp.160ff.

10. “The Bad New Tax Law” by Henning Gutmann, The New York Review of Books, Feb. 12, 1987, in Swartz, Thomas and Bonello, Taking Sides: Clashing Controversial Economic Issues (4th edition), (Guilford, Conn.: Dushkin Publishing, 1988), p.206.

11. Quirk, Wm. J. and R. Randall Bridwell, Abandoned: The Betrayal of the American Middle Class Since World War II, (Lanham, MD: Madison Books, 1992), pp.125ff.

12. Quirk and Bridwell, op. cit., pp.125ff.

13. Martin, Cathie J., Shifting the Burden: The Struggle over Growth and Corporate Taxation, Chicago (U. of Chicago Press), 1991, pp.170ff. [Note refers to Laura Sanders, “Personalized Taxes,” Forbes, June 1, 1987, p.84, re Cabbage Patch]

14. Phillips, Kevin, op. cit.,p.xii (Foreword).

15. Quirk and Bridwell, op. cit., pp.125ff.

16. Associated Press, Aug. 17, 1997.

17. Quirk and Bridwell, op. cit., pp.112ff (and see Table 4.2).

18. Quirk and Bridwell, op. cit., pp.191ff.

19. Quirk and Bridwell, op. cit., pp.114ff.

20. 1995 U.S. Statistical Abstract, Table 474.

21. Phillips, Kevin, Boiling Point: Democrats, Republicans, and the Decline of Middle Class Prosperity (New York: Random House, 1993), p.46.

22. Eisner, Robert, The Misunderstood Economy: What Counts and How to Count It (Boston: Harvard Business School Press, 1994), p.203.

23. McConnell, Campbell R., Economics: Ninth Edition, 1984, p.98.

24. Eisner, Robert, op. cit., pp.51-58. [Footnote references his The Total Incomes System of Accounts (Chicago: University of Chicago Press, 1989), etc.]

25. Associated Press, July 10, 1998.

26. Carville, James, We're Right, They're Wrong: A Handbook for Spirited Progressives (New York, Random House, 1996), p.37.

27. Fiscal 1995 figures from 1997 World Almanac, p.129:

Individ. inc. tax $590,157 million

Corp. inc. tax 157,088 million

Total $747,245 million

28. “Devil in the Details: The Corporate Downtrodden” by Jesse Angelo, The American Prospect, Fall 1995.

29. Multinational Monitor, January/February 1996, “When Corporations Rule the World: An Interview with David Korten,” author of the book by that name.

30. FDR message on tax revision, June 19, 1935, quoted in Morris, Richard B. (ed.), Encyclopedia of American History (New York: Harper & Bros., 1953), pp.352-3.

31. Phillips, Kevin, op. cit. (1993), pp.191ff.

32. “The Farmer on the Dole”, by Stephen Chapman, Harper’s magazine, October 1982, in Swartz, Thomas and Bonello, op. cit.

33. “Understanding the Flat Tax” by John Stamm and Sulelyken Walker, Dollars and Sense, May/Jun. 1996.

34. “Handle estate tax in context of comprehensive tax reform” by James Glassman of the Washington Post in the Greensboro (NC) News & Record, May 4, 1997.

35. “Interview: A Rich Man Wants to Share the Wealth,” Multinational Monitor, December 1995

36. “Tightfisted at the top” by James Glassman, Washington Post, in Greensboro (NC) News & Record, Dec. 18, 1996.

37. Ibid.

38. “Dole's loan to Gingrich smells fishy,” reprinted in High Point (NC) Enterprise, Apr. 24, 1997, p.5A.

39. United Nations Human Development Report for 1994, quoted by Richard Reeves, Universal Press Syndicate, Greensboro (NC) News & Record, Sept. 12, 1994.

40. Page, Benjamin I., Who Gets What from Government (Berkeley, CA: University of California Press, 1983), pp.10-11. [Note credits Dorothy S. Projector and Gertrude S. Weiss, Survey of Financial Characteristics of Consumers (Washington, DC: Federal Reserve System, Aug.1966) and Edward E. Budd (ed.) Inequality and Poverty, (New York: Norton, 1967), pp. xxi xxiv.]

41. New York Times, Apr. 17, 1995.

42. 1998 World Almanac, p.388: Census Bureau figures.

43. Freeman, Richard B., ed., Working Under Different Rules (NY: Russell Sage Foundation, 1994), pp.12-13.

44. “CEO wage scale subject of debate” by Ronald E. Yates, Knight Ridder News Service, Mar. 10, 1996.

45. Dollars and Sense, Jan./Feb. 1996. Book Review: “Chaos or Community?” by Holly Sklar (Reviewed by Matthew O'Malley).

46. 1996 average from editorial in Mar. 1998 Multinational Monitor. 1997 Business Week ratio quoted in “Average families lose ground” by John Omicinski, Gannett News Service, Aug. 22, 1997.

47. Editorial, Multinational Monitor, Mar. 1998.

48. Korten, David C, When Corporations Rule the World (West Hartford, CT: Kumarian Press, 1995), pp.104ff.

49. “A Maximum Wage: How Much is Enough?” by Bryan Snyder, Dollars and Sense, Jul./Aug. 1995.

50. “CEO Disease: Egotism Can Breed Corporate Disaster--and the Malady is Spreading,” Business Week, Apr. 1, 1991, pp.52-60, quoted in Korten, op. cit., pp.104ff.

51. Quoted in “How to succeed in business by failing” by Rosemary Roberts, in Greensboro (NC) News & Record, July 23, 1997.

52. Thurow, Lester C., The Future of Capitalism: How Today’s Economic Forces Shape Tomorrow's World (New York: William Morrow and Company, Inc., 1996), pp.242-243

53. “Greedy capitalism isn't the appropriate replacement for communism” by Jim Wright, Fort Worth Star-Telegram, Feb. 18, 1997.

54. Greider, William, One World Ready or Not: The Manic Logic of Global Capitalism (New York: Simon & Schuster, 1997), p.48.

55. David Vail, “The Past and Future of Swedish Social Democracy: a Reply to Kenneth Hermele,” Monthly Review, Oct. 1993, 224-31. 56. Korten, David C, op. cit.




Part Three: Propaganda Of The Privateers
1. Statistical Abstract of the United States, 1995.

2. Personal bankruptcies in 1996 totalled 1,125,006 according to computer analysis by Gannett News Service of data of the Administrative Office of U.S. Courts, as reported in High Point (NC) Enterprise, Mar. 30, 1997.

3. Quirk, William J. and R. Randall Bridwell, Abandoned: The Betrayal of the American Middle Class Since World War II, (Lanham, MD: Madison Books, 1992), pp.15ff.

4. Korten, David C, When Corporations Rule the World (West Hartford, CT: Kumarian Press, 1995), pp.104ff.

5. Figures for 1980 from 1993 Statistical Abstract of the United States, Table 467. Figures for 1992 from 1995 Statistical Abstract of the United States, Table 475.

6. Korten, op. cit., pp.128ff, quoting “The Boom Belt: There's No Speed Limit on Growth along the South's I 85,” Business Week, Sept. 27, 1993, pp. 98-104.

7. “States harm themselves...by trading taxes for jobs” by Bill Bishop, Associate Editor, Lexington (KY) Herald Leader), Knight Ridder, Greensboro (NC) News & Record, Feb. 7, 1995.

8. Wolman, William, and Anne Colamosca, The Judas Economy: The Triumph of Capital and the Betrayal of Work (New York: Addison Wesley, 1997), pp.211ff.

9. “The Age of Consolidation,” Business Week, Oct. 14, 1991, pp.86-94, quoted in Korten, op. cit., pp.219ff.

10. Carter, Jimmy, Keeping Faith: Memoirs of a President (New York: Bantam Books), 1982, pp.88ff.

11. Johnson, Haynes, Sleepwalking Through History: America in the Reagan Years (New York: W. W. Norton & Co., 1991), pp.225ff.

12. Johnson, op. cit., pp.141ff.

13. Rendall, Steven, The Way Things Aren't: Rush Limbaugh's Reign of Error, (New York: The New Press/W.W.Norton & Co., 1995).

14. “Minow's long campaign to improve TV for kids” by Susan L. Crowley, AARP Bulletin, May 1998, v.39,n.5, pp.20-16.

15. Johnson, op. cit., pp.228ff.

16. “Anti environmental Blitzkrieg: The GOP's War on the Earth” by Cam Duncan, Dollars and Sense, Mar./Apr. 1996.

17. Jan. 1998 letter from Earthjustice Legal Defense Fund.

18. “NAFTA's Environmental Side Show” by Andrew Wheat, Multinational Monitor, Jan./Feb. 1996

19. “Securing the Market for Fraud” by Russell Mokhiber, Multinational Monitor, Jan./Feb. 1997.

20. “The 1995 Lobbying Hall of Shame” by Ken Silverstein, Multinational Monitor, Jan./Feb. 1996.

21. The Washington Spectator, May 1, 1998, p.4.

22. “Area code glitch blocks some calls,” Greensboro (NC) News & Record, Jan. 7, l998, p.1.

23. Associated Press, Dec. 18, 1997.

24. “Electricity consumers need a way to get their message to Congress” by Marilyn Geewax, Atlanta Constitution, in Greensboro (NC) News & Record, Apr.27, 1997.

25. 1998 Statistical Abstract of the United States, Tables 722 and 499.

26. Brown, C. Stone, Criminal Injustice: Confronting the Prison Crisis (Cambridge, MA: South End Press, 1996).

27. “Supermarket Buyout Mania,” Dollars and Sense, Nov./Dec. 1996.

28. “CEO Disease: Egotism Can Breed Corporate Disaster  and the Malady is Spreading,” Business Week, Apr. 1, 1991, pp.52-60.

29. Sparrow, Malcolm K., License to Steal: Why Fraud Plagues America's Health Care System (Boulder, Colo.: Westview Press/a division of Harper Collins Publishers, 1996), p.68.

31. Brockway, George P., Economists Can Be Bad for Your Health: Second Thoughts on the Dismal Science (New York: W.W. Norton & Co., 1995), p.89.

32. The Gift Relationship, (London: George Allen & Unwin, 1970), quoted in: Kuttner, Robert, Everything for Sale: The Virtues and Limits of Markets (New York: Alfred A. Knopf, 1997), 65ff.

33. “EAI Schools' Test Scores Fall Short” by Gary Gately, Baltimore Sun, Oct. 18, 1995; “New Report Questions Cost of School Management Firm,” Star Tribune, June 7, 1995; “EAI Schools Fail to Match Citywide Attendance Gains” by Gary Gately and JoAnne Daemmrich, Baltimore Sun, Oct. 29, 1995; and “Privatization Suffers Blow with EAI Loss” by M. William Salganik, Baltimore Sun, Dec. 2, 1995.

34. “Privatized Lives” by Elizabeth Gleick, Time, Nov. 13, 1995; “The Business of School Reform” by John Larrabee, USA Today, June 7, 1995; and “EAI: Trying to Make the Grade” by Rick Green, Hartford Courant, June 25, 1995.

35. Bond, Patrick, op. cit.

36. High Point (NC) Enterprise, Aug. 8, 1997.

37. “Raid of the Privateers: Saving Their Assets: How to Stop Plunder at Blue Cross and Other Nonprofits” by Judith E. Bell, The American Prospect, May June 1996.

38. “After Solidarity” by Robert Kuttner, The American Prospect, May June 1996.

39. Bell, op. cit.

40. Bond, op. cit.

41. “Mailing Mania: Privatization Fever Grips the Postal Service” by Sarah Ryan, Dollars and Sense, Jan./Feb. 1995.

42. Ibid.

43. “After Solidarity” by Robert Kuttner, The American Prospect, May June 1996.

44. Phillips, Kevin, Arrogant Capital (Boston: Little, Brown and Company, 1994) pp.100ff.

45. Brockway, op. cit. (1995), pp.57ff.

46. “Raid of the Privateers: The Biggest Deal: Lobbying to Take Social Security Private” by Robert Dreyfuss, The American Prospect, May June 1996.

47. “Chile's “Miracle” Fades in Rearview Mirror,” book review of Chile's Free Market Miracle: A Second Look by Joseph Collins and John Lear, Multinational Monitor, Nov. 1995.

48. “The Chile Con: Privatizing Social Security in South America” by Stephen J. Kay, The American Prospect, Jul. Aug. 1997.

49. “The Foreign Privatization Machine” by Trudi Jo Davis, Secure Retirement, Nov./Dec. 1998, p.12.

50. “The corrupt and greedy rule Russia today,” by Paul Tooher, High Point (NC) Enterprise, Jan. 7, 1998, p.4A.

51. Associated Press, Mar. 7, 1998.

52. “Managed care has fattened hospitals,” Greensboro (NC) News & Record, Feb. 23, 1996, p.D1.

53. “Paper pushers don't improve medical care,” editorial, Philadelphia Daily News, reprinted in Greensboro (NC) News & Record, Feb. 23, 1996.

54. Thurow, Lester, Head to Head: The Coming Economic Battle Among Japan, Europe, and America, New York (Wm. Morrow & Co., 1992), pp.268ff.

55. Associated Press, Feb. 15, 1997.

56. “The Tall and the Short of It” by Barry Bogin, Discover, Feb. 1998.

57. Associated Press, Mar. 17, 1993.

58. Wall Street Journal, Feb. 11, 1994.

59. Slavin, Stephen L., Introduction to Economics (Second Edition), (Homewood, IL: Irwin, 1991), pp.164ff.

60. “The Crusade That's Killing Prosperity” by Lester Thurow, The American Prospect, Mar. Apr. 1996.

61. “Jobs vs. Wages: The Phony Trade Off” by Phineas Baxandall, Dollars and Sense, Jul./Aug. 1996.

62. Brockway, George P., Economics: What Went Wrong, and Why, and Some Things to Do About It, (New York: Harper & Row, 1985) pp.144-5.

63. Reich, Robert B., Locked in the Cabinet (New York: Alfred A. Knopf, 1997), pp.178ff, headed “May 24, 1994.”

64. Eisner, Robert, The Misunderstood Economy: What Counts and How to Count It (Boston: Harvard Business School Press, 1994), pp.108-109, pp.184-185.

65. “Orwell's Poor and Ours” by Robert C. Lieberman, The American Prospect, Winter 1996.

66. Chase, Stuart, The Economy of Abundance (Port Washington, N.Y.: Kennikat Press, 1934, reissued 1971), pp.10ff.

67. Chase, op. cit., pp.138ff.

68. Brockway, op. cit. (1995), p.154.

69. Brockway, op. cit. (1985), pp.154-155.

70. Carter, Jimmy, Keeping Faith: Memoirs of a President (New York: Bantam Books), 1982, pp.73ff.

71. “The Crusade That's Killing Prosperity” by Lester Thurow, The American Prospect, Mar. Apr. 1996.

72. Reich, op. cit., p.65.

73. Galbraith, John Kenneth, The Affluent Society, Third Edition, Revised (Boston: Houghton Mifflin Co., 1976), pp.255ff.

74. Florida, Richard & Martin Kenney, The Breakthrough Illusion: Corporate America's Failure to Move from Innovation to Mass Production (Basic Books), 1990.

75. Johnson, op. cit. (1991)

76. Florida & Kenney, op. cit., pp.126ff.

77. “Another Gold Medal for the U.S.” by Steven Hill, Dollars and Sense, May/Jun. 1996.

78. Kuttner, Robert, Everything for Sale: The Virtues and Limits of Markets (New York: Alfred A. Knopf, 1997), pp.340ff.

79. Kuttner, op. cit., pp.309-312.

80. “Chile's “Miracle” Fades in Rearview Mirror,” book review of Chile's Free Market Miracle: A Second Look by Joseph Collins and John Lear, Multinational Monitor, Nov. 1995.

PART FOUR: THE AWESOME POWER OF BANKERS


1. Friedman, Milton, Bright Promises, Dismal Performance; An Economist's Protest, (New York: Harcourt, 1983), pp.65ff.

2. Thurow, Lester C., The Future of Capitalism: How Today’s Economic Forces Shape Tomorrow's World (New York: William Morrow and Company, Inc., 1996), p.191.

5. “Divorcing Central Banks and Politics: Independence Helps in Inflation Fight” by Richard W. Stevenson, The New York Times, May 7, 1997, p.C6.

6. Brockway (1985), op. cit., pp.199ff.

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