I couldn't have expressed my frustration with the economic illiteracy of the press and the general population better than does TJIC:
Mostly, this series just makes me sad and tired, the same way
I'd be sad and tired if I saw smart verbal well educated people
spending their time explaining that, no, Jews don't have horns, and
it's a bad idea to drown your neighbors to see if they are witches.
The sheer wasted effort combating idiocy and ignorance, when
these talented people could be doing so much more, if not for the
resting levels of stupidity and ignorance cloaked with self-righteous
anger that permeate the population.
The only proviso I would add is that for those of our political class, I suspect the ignorance may be more willful than actual, since a clear understanding of economics in the general populace might stand in the way of gaining personal power. I expressed related sentiments here:
Economics is a science. Willful ignorance or emotional
rejection of the well-known precepts of this science is at least as bad
as a fundamentalist Christian's willful ignorance of evolution science
(for which the Left so often criticizes their opposition). In
fact, economic ignorance is much worse, since most people can come to
perfectly valid conclusions about most public policy issues with a
flawed knowledge of the origin of the species but no one can with a
flawed understanding of economics.