Stossel 2016 01 22 Econ Myths 2015 WS SDTV x264-XAiO

John F. Stossel is an American consumer reporter, investigative journalist, author, libertarian columnist, and former co-anchor for the ABC News show 20/20. In this show he looks at consumer-focused topics, such as civil liberties, the business of health care, and free trade

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~~ Honestly I'm not sure what happened to the end of this episode. Lots of weird borders. The borders are present on my DVR. Pretty sure it's on Fox's side but don't worry it's perfect watchable. ~~

On our show tonight Stossel is covering economic myths. Do our candidates believe in economic myths? Well, some of them, yes. Many believe that a minimum wage will not kill jobs, that trade actually helps other countries at our expense, that prices are just set by rich people at whim and those rich people get rich by taking from the poor. All of these myths will be addressed by DON BOUDREAUX and our occasional devil's advocate Stossel. After talking to Don for a for a few minutes they move to include ELLIS HENICAN in the conversation initially starting with the "stimulus" and Bernie Sanders's support of it but later moving on to a variety of topics. The debate that results is a bit fiery. Good stuff.

ERIN SHANNON of a Washington State think tank called the Washington Policy Center is here to talk about the 15 dollar minimum wage enacted in Seattle. She knows people aren't thinking about the unforeseen consequences of such a high raise in the minimum wage.. the worst of which is people losing their jobs entirely.

BRIAN BRENBERG is here to talk about a myth peddled by Donald Trump and his unlikely bedfellow Bernie Sanders. Trade does not hurt us - in fact it helps us greatly. As Brenberg says, "Trade is a win-win situation."

RAND PAUL is here in studio to talk about our 'Regulation Nation'. Stossel highlights the very sad story of Jack & Jill Baron who's land was being flooded. A government owned drainage ditch nearby was covered with logs so Jack asked government to fix it. Their local government said, "If you can clean the ditch, go ahead a do it." The federal government soon came along and charged them with a felony for damaging a 'wetland'. The Barons fought it all the way to trial. A jury cleared them. That still wasn't enough to get the federal government off their backs. The feds went after the Barons under civil law forcing them off their own property and into a modified trailer. In the end the federal government backed off when the Barons gave them 3/4ths of their property. Rand Paul says that if you think this is the exception to the rule that you would be wrong. He covered more egregious story in his book "Government Bullies". They cover many other topics I don't want to take the time to detail.

STEVE MOORE from the infamous Heritage Foundation is here to cover tax myths - first up. Warren Buffet pays less in taxes than his secretary. Next up - if you tax the rich that will bring about more equality. Stossel then takes a few questions from social media. Do higher tax rates actually equal more revenue or does the Laffer Curve have something to say about that?

Stossel's take.

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