Smith Faculty Opinion Article

John Haslem By Dr. John A. Haslem, Professor Emeritus of Finance
E-MAIL WEB SITE

The 30 Seconds Outlook
June 15, 2011

“I've learned that facts are often irrelevant in politics.”
— Anon. blogger, Seeking Alpha, June 2011 

For those of us who cannot fathom why Obama doesn’t come to the table with serious and sound proposals to reduce both the deficit and spending on entitlements, an anonymous blogger provides the answer and it has nothing to do with economics or the deficit limit.

“. . . [P]olitical pundits and special interests more often rely on emotion and fear mongering to facilitate their objectives. It isn't about making sound and rational choices, but about tipping the political scales toward what one wants and believes. The whole process is driven by a myopic view of the world that often leads to poor choices and illogical actions, but so long as those who want something get it, they view it as a win.

. . . For these people, all you need to do is express a narrow a view of the world and events in it that fits with their limited ability to understand anything but their own perspective. Tell them what they want to feel, not what they need to know. That's how politics works today. Truth lacks the emotional connection relative to what ‘sounds good’ and truth has a way of getting in the way when it conflicts what you ‘want to believe’.”

The blogger paints a grim picture for Obama providing solutions to the budget problems. The solution thus lies in a countervailing power that advocates economically sound options wrapped in an emotionally appealing package to voters, not to what politicians “want to believe.”  

John A. Haslem