"My" (I certainly didn't vote for her; just because lots of other people did, that doesn't create any ownership for me over her) State Senator Hillary Rodham Clinton writes:
- While the bill focuses on
transportation, Mrs. Clinton is selling it as economic stimulation.
Every $1 billion in highway construction creates 46,500 jobs, she
said. "This is a jobs bill."
Her statement is true and false. She is correct in saying that it's a jobs bill. She is incorrect in saying that when the government spends money, that creates jobs. In fact, it's likely that it destroys jobs. The money that the government spends didn't come from nowhere. It came from taxpayers, who now have less to spend on whatever they wanted to buy. Those purchases would have created jobs as well, and everyone would have gotten what they wanted most. Instead, if a highway is constructed, some people will get what they want, and some people will not.
If you want to have a high Economist Intelligence Quotient (EIQ), you have to avoid these pedestrian errors. When you get really basic things like this wrong, as Hillary did, then you're starting from zero, as she is.