One of the big lies: the state of the economy

There are a few distortions of reality that qualify as big lies. Sowell describes one, the big lie about the economy and how it was, and is, used for political purposes.

The media have hyped current economic problems to the point where you might think we were heading for a replay of the Great Depression of the 1930s. They have been dying to use the word “recession” but there is a clear definition of recession – two consecutive quarters of negative growth – and we have yet to reach that.

If the meaning of words can be changed to suit political convenience, then discussions become an exercise in futility.

The big lie is presented as an axiom and used to explain all sorts of things, whether these things are real or not. Look around and see how many are excusing something “because of the terrible economy.”

One of the problems with this is that of the placebo effect. What people think and say often drives their direction and creates their destination.

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