Things I learned about economics in 1994:
- Good news is bad news. When the economy booms, when consumers spend money, when the unemployment rate declines, the stock market will catch cold and the bond market will catch pneumonia. The markets are obsessive about inflation.- A chicken cut into pieces costs more than a whole chicken.
- People over 60 usually are richer than people under 30, but people under 30 can't get cut-rate tickets to go to the movies.
- Social Security will not run out of money in the next century, despite all the moaning and groaning by young workers that "my benefits won't be there when I retire."
- Big-time college sports are a form of show business, which is why football and basketball coaches earn more than college presidents.
Scripps Howard News Service