Many people (including myself in times past) have often complained that “economics is not taught in the schools.” But that’s a false assertion. Economics IS taught in today’s schools — taught in a very selective, all pervasive manner in just about EVERY class — not just in some economics class.

What is “taught” today throughout the education process by economically illiterate teachers is that: 1. Businesses make huge profits. Excessive profits. Downrightevilprofits. 2. Businesses can “afford” to pay more — more taxes, more mandated labor costs, more whatever. 3. CONCLUSION: Businesses need to pay their “fair share” — whichalwaysmeans MORE.

Of course, the MSM AND the movie/TV shows preach the same gospel. Facts be damned. So we really should not be surprised it how little most people know about business, costs and profits.

A 2015 survey found thatpeople think that businesses make about 36% profit on every dollar of sales.The real profit margin is 6.5% to 7.5%. Roughly 7 cents of every sales dollar… Read More