Wednesday morning reading of the local Deseret News is one of the highlights of my week. That is the day that Walter Williams’ weekly column appears in the editorial pages. Mr. Williams is a professor of economics at George Mason University. He is one of the most honest and insightful writers in today’s media. If you haven’t had a chance to read his material, I highly recommend him. (Walter E. Williams )
His most recent column put words to my own convictions that the majority of the media and today’s politicians are rewarded for keeping the people scared. Everything that happens is a crisis and if we don’t change leaders, it will only get worse. It is virtually impossible to see anything good in the current administration, economy or environment; the sky is indeed falling.
I am particularly disappointed in the media for hyping the poor state of our economy because anyway I look at it, I am better off today than I have ever been before. My circle of peers may not be huge, but they appear to likewise be prospering. But we focus on the cost of gas, the “failing” money markets, and numerous other threats that the media and politicians dream up to scare us and convince us to elect someone else. The noise can be overwhelming.
Mr. Williams, quoting from Dr. W. Michael Cox and Richard Alm, of the Federal Reserve Bank of Dallas, in an article titled "How Are We Doing?" (The American , July/August 2008) gave the following examples:
- Today, the average worker must work two hours to pay for 10
gallons of gas vs. 1950 over two hours - That same worker must work 1.7 hours to pay for a basket of groceries that in 1950
took a worker 4 hours of work to pay for - Average workers today only work 1,531 hours per year versus 1,903 in 1950
- Life expectancy today is 78, in 1950 it was 67
- In 1980, inflation was 14% and unemployment 7.5% resulting in a “misery index” of 21.5; today inflation is 5% and unemployment 6.1% for an index of 11.1
If Mr. Williams were running for political office, he would be booed off the podium because “we know times are hard.” But the facts don’t bear out the conclusion that the media serve up for our consumption. I agree with Mr. Williams, we are better off today than at anytime in history. Our system works and I am grateful for it. Reality doesn't suck, it sustains!
