Politicians mess with the economy. They create tens of thousands of pages of burdensome regulations every year. They pass "stimulus" bills that they promise will reduce unemployment. They pass a health care law that's more than a thousand pages, and give "waivers" to politically connected unions and corporations.
As Hayek taught us, it is a fatal conceit to try to micromanage our 14 trillion dollar economy even if you are an economic genius. Are politicians too ignorant to know that? May be. Politics is a popularity contest. The person who shakes the most hands, kisses the most babies, and looks good making the most extravagant promises, wins. They don't have to know anything about economics.
That's reflected in who wins. A new report by the Employment Policies Institute finds that out of all senators and congressmen, just 22% have any type of degree in business or economics. More than half have degrees in humanities or law. Nancy Pelosi majored in political science. Senate leaders Mitch McConnell and Harry Reid both majored in political science and then got law degrees.
Maybe that helps explain the out-of-control spending: