As U.S. elections approach, sweeping generalizations have a certain allure that often energizes the frustrated and captivates the hopeful.
As the Manhattan Institute’s Brian Riedl noted recently, “Social Security and Medicare are projected by the CBO to spend $156 trillion in benefits but collect only $87 trillion in payroll taxes and premiums. This $69 trillion cash shortfall will have to be financed by budget deficits which will, in turn, be responsible for $47 trillion of interest costs on the national debt.” Who will lend the U.S.
Politicians are also masters of making complex societal problems appear as if they can be solved easily with a single piece of legislation. For instance, voters should beware of politicians promising to improve social media and online retailing by hammering Big Tech with antitrust lawsuits, as if these companies represent true monopolies.
Finally, be careful as politicians skillfully play the populist card, painting a picture of “us” against “them” and tapping into deep-seated fears and frustrations. For instance, beware of the claim that many economic problems stem from foreign competition and can easily be solved by applying a blanket 10% tariff across all imports. These tariffs are supposed to encourage firms to source their inputs domestically and to incentivize consumers to buy American.
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