04/04/2017

Ben Shapiro Takes Bernie Sanders To School With Lesson In Economics And Reality

Chris Enlo, The Blaze

Conservative commentator Ben Shapiro took Sen. Bernie Sanders (I-Vt.) to school on Twitter over the weekend after the self-described democratic-socialist senator tweeted about “income inequality.”

“38 years ago, the top 0.1% owned about 7% of our nation’s wealth. Today, that same 0.1% owns 22% of the wealth,” Sanders tweeted Saturday afternoon.

But facts may stand in the way of Sanders’ tweet. According to Shapiro, every American is more wealthy than they were 38 years ago, or in 1979. In addition, Shapiro noted that the upper middle class has grown since then.

“In 1979, life expectancy was 7 years shorter, and upper middle class was 12% of US (today 30%). We’re all richer,” Shapiro tweeted back at Sanders.

But Shapiro wasn’t done. When one Twitter user disagreed with Shapiro and said America isn’t richer and that median income has declined over the last four decades, Shapiro hit back strong.

“Except for how we have cellphones, computers, air conditioning, larger living spaces on average, you’re right,” he wrote.

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Keynesian Economics and the Great Depression

Hillsdale College economics professor Gary Wolfram discusses Keynesian economics and the factors that pulled the national economy out of the Great Depression. The story of World War II shows that government spending may produce activity, but not the prosperity of a truly healthy economy.

 

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Shadow Stats Snapshot


ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
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    Shadow Stats: 22.5%
  • Inflation:
    March Year-to-Year: 2.38% (CPI-U*)
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*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]