Milton Friedman was right about Obama’s misguided view of stimulus many years ago

Milton Friedman was right about Obama’s misguided view of stimulus many years ago

Milton Friedman knew it a long time ago that President Obama was wrong when he blamed the ATM for unemployment. Take a look at this video clip below. He exposes the falacy that ignoring the principle of efficency will help create jobs. This is the misguided view that Obama has that led him to the failed stimulus two years ago too.

Sen. Ron Johnson (R-WI) spent 31 years in manufacturing before his election to Congress last November. He’s not letting that experience go to waste.

Johnson is out with a new video this morning to coincide with President Obama’s visit to Carnegie Mellon University in Pittsburgh to promote manufacturing. He criticizes Obama’s recent comments blaming inventions like the ATM for unemployment.

“This is a depressing display of economic ignorance,” Johnson says. He adds: “Technological innovations create jobs. They drive our economy forward, by helping workers be more productive. That raises everyone’s living standards.”

Johnson recounts a story of Milton Friedman’s visit to China. Upon seeing Chinese workers digging with shovels, he asked, “Why not use bulldozers?”. Freidman was told that workers using shovels would create more jobs. He replied, “Then why not use spoons, instead of shovels?”

Heritage is currently seeking stories from business owners who have encountered government regulations that harm business. If you would like to share your story, please send an email to scribe@heritage.org

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