The thing is, it's not completely wrong :-). (Except for the fact that that belief itself certainly isn't irrational in any useful sense.)
Well, if I'm going to use this, I might as well ask for a little additional help, because I only have three credits of macroeconomics under my belt, and while I'm familiar with some of the meanings of the terms individually I'm not quite certain I understand what each of them means in this contexts.
I have found this most wonderful (if fairly lengthy) article, and thought you would enjoy having it brought to your attention.
It is so good, I think we should include it among the references in the "Politics is the Mind Killer" wiki page. But, before that, I submit it to you, and ask you: is there anything in this article that would warrant its exclusion from this site? I mean, besides the fact that it is about politics, and written by a notorious Social-democrat (And is that in itself grounds for exclusion?).