A good, and timely, article in today's New York Times on the slew of complete myths regarding our present day economy. Courtesy of well-known (in economics circles) Harvard professor Gregory Mankiw: The article itself is well worth reading completely, but to summarize here are the myths: 1) American Manufacturing has disappeared. Not so: US manufacturers produce 47% more today than they did twenty years ago. 2) Bad Trade Deals are whats hurting the Economy. Again, just not so. They present challenges to displaced workers, but overall the economy as a whole gains from them. 3) The Economy is Rigged. Nope. Wealthy people try to protect their interests. Sometimes they succeed, sometimes they fail. 4) The Rich don't Pay much in Taxes Nope. The wealthiest 1% pays about 33% in Federal income taxes. The middle-class pays roughly 13%. 5) Tax Cuts will cause stupendous growth. No. They might create some growth - but not nearly enough to offset the loss of revenue. 6) The next President can fix everything. Not a chance. At best, the policies and actions of the President might slowly improve things for some people. At worst (as in sparking a trade war or financial panic) they could make things very bad very quickly.