Bernie Sanders is right: Markets are dumb

The senator from Vermont gets nothing but scorn for his criticisms of the free market. But he's got a point.

Products
(Image credit: Illustration Works/Corbis)

One of the more striking aspects of free market ideology in American politics is how cornucopian magical thinking has become not just acceptable, but ubiquitous and nearly unquestioned.

Consider the reaction to a seemingly commonsensical observation that presidential contender Bernie Sanders made on Tuesday. "The whole size of the economy and the GDP doesn't matter if people continue to work longer hours for low wages and you have 45 million people living in poverty," Sanders told CNBC. "You don't necessarily need a choice of 23 underarm spray deodorants or of 18 different pairs of sneakers when children are hungry in this country."

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Jeff Spross

Jeff Spross was the economics and business correspondent at TheWeek.com. He was previously a reporter at ThinkProgress.