Video: The GOP's "Seven Biggest Economic Lies"

Economist, professor, and former Clinton labor secretary Robert Reich has created a 2 minute and 30 second video (below) of what he calls an "effort to rebut the seven biggest whoppers now being told by those who want to take America backwards."

Reich adds: "Demagogues through history have known that big lies, repeated often enough,  start being believed, unless they’re rebutted. These seven economic whoppers are just plain wrong. Make sure you know the truth, and spread it on."

Reich debunks the following "lies" in his video:

1.Tax cuts for the rich trickle down to everyone else.

2. Higher taxes on the rich would hurt the economy and slow job growth.

3. Shrinking government generates more jobs.

4, Cutting the budget deficit now is more important than boosting the economy.

5. Medicare and Medicaid are the major drivers of budget deficits.

6. Social Security is a Ponzi scheme.

7. It’s unfair that lower-income Americans don’t pay income tax


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