Milton Friedman on Phil Donahue Show in 1980 provides a direct and to-the-point defense of capitalism and free trade. He explains how governmental regulations, no matter how well-intended, are inevitably infiltrated by business interests which use governmental power to stifle competition.
The disagreement is over the solutions — on what spending to cut; what taxes to raise (basically none ever, according to Boozman); whether or not to enact a balanced budget amendment (Boozman says yes; Pryor no); and on what policies would promote the kind of economic growth that would make this a little easier.
In Feb of 1983 Milton Friedman wrote the article “Washington:Less Red Ink (An argument that the balanced-budget amendent would be a rare merging of public and private interests),” and here is a portion of that article:
Here, for their consideration, are my answers to the principal objections to the proposed amendment that I have come across, other than those that arise from a desire to have a still-bigger government:
**3. The amendment is substantive, not procedural and the Constitution should be limited to procedural matters. The fate of the Prohibition amendment is a cautionary tale that should give us pause in enacting substantive amendments.**
If this amendment is substantive, so is the income-tax (sixteenth) amendment and so are many specific provisions of the Constitution. The income-tax amendment does not specify the rate of tax. It leaves that to Congress. Similarly, this amendment does not specify the size of the budget. It simply outlines a procedure for approving it: the same as now exists if total legislated outlays do not exceed an amount determined by prior events (the prior budget and the prior growth in national income); and by a majority of 60 percent if total legislated outlays do exceed that amount. The requirement of a supernormal majority is neither substantive nor undemocratic nor unprecedented. Witness the two-thirds majority necessary to override a presidential veto or to approve a treaty.
The prohibition amendment was incompatible with the basic aim of the Constitution, because it was not directed at limiting government. On the contrary, it limited the people and freed government to control them. The balanced-budget-tax-limitation amendment is thoroughly compatible with the basic role of the Constitution, because it seeks to improve the ability of the public to limit government.
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At a Fashion Show
Lady Diana and Prince Charles.
The Daily Hatch 