Bono Understands the Need for Capitalism, so Now Let’s See if There’s any Hope for Obama

September 26, 2013 by Dan Mitchell

Sometimes you find support for capitalism and small government in some rather unexpected places.

I was surprised, for instance, when I found out that Gene Simmons, the lead singer for Kiss, stated that, “Capitalism is the best thing that ever happened to human beings. The welfare state sounds wonderful but it doesn’t work.”

That’s pretty hard core.

Bad news for Denmark’s Lazy Robert?

Or what about the Finance Minister of Denmark’s left-wing government, who admitted that, “We live in a world of global competition for jobs… That requires a modernization of the welfare state.”

That’s not hard core, to be sure, but it certainly suggests that he understands the need to reduce the burden of government spending.

And my jaw hit the floor when I read that former KGB bigwig Vladimir Putin remarked that, “Many European countries are witnessing a rise of [the] dependency mentality when not working is often much more beneficial than working. This type of mentality endangers not only the economy but also the moral basics of the society.”

I’m not about to take lessons in societal morality from a strongman like Putin, but it’s nonetheless surprising that he recognizes that handouts can turn people into supplicants.

So after reading all these examples, perhaps you won’t be overly shocked to learn that Bono, head of the famous U2 band, is a supporter of capitalism. He’s no Milton Friedman, as you’ll see, but check out this quote from an interview in the Guardian.

Even with his caveats, it’s big news when one of the world’s leading anti-poverty campaigners acknowledges that free markets are the best tool for improving the lives of poor people.

“Please don’t use naughty words like capitalism in my presence”

Bono’s comments sort of remind me of when the former leftist president of Brazil remarked that, “…it was necessary to first build capitalism, then make socialism, we must have something to distribute before doing so.”

Neither Lula nor Bono are libertarians, of course, but at least their views are rooted in reality. Which is more than can be said for many of the people in Washington who have never produced anything and have no idea how markets actually work.

Perhaps even more stunning is the fact that Bono defends tax competition and fiscal sovereignty.

…at the heart of the Irish economy has always been the philosophy of tax competitiveness. Tax competitiveness has taken our country out of poverty. People in the revenue accept that if you engage in that policy then some people are going to go out, and some people are coming in. It has been a successful policy. On the cranky left that is very annoying, I can see that. But tax competitiveness is why Ireland has stayed afloat.

Wow, there’s no ambiguity to that statement. I’d like to think he’s knowledgeable about the benefits of tax competition because he’s watched my videos or read my writings, but the real story is that he lived through and personally experienced the Irish miracle.

He saw his relatively poor country become very successful, in large part because of big improvements in tax policy. And he obviously understands the importance of maintaining Ireland’s low corporate tax rate (which I’ve also argued is very important to keep Ireland from sinking further into statist stagnation).

Let’s close with a couple of additional examples of folks on the left who have confessed some very un-PC thoughts, such as the New York Times columnist who bravely wrote that, “This is painful for a liberal to admit, but conservatives have a point when they suggest that America’s safety net can sometimes entangle people in a soul-crushing dependency. …Most wrenching of all are the parents who think it’s best if a child stays illiterate, because then the family may be able to claim a disability check each month.”

“We’ve learned from you that communism doesn’t work”

Perhaps most amazing is that a high-ranking official from China’s communist government stated that, “If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn out welfare society. I think the labour laws are outdated. The labour laws induce sloth, indolence, rather than hardworking. The incentive system, is totally out of whack.”

Last but not least, surely it’s big news that even Fidel Casto confessed that, “The Cuban model doesn’t even work for us anymore.”

P.S. Sometimes even Obama says reasonable things, such as the time he remarked that “No business wants to invest in a place where the government skims 20 percent off the top.” Or the time he said that it was best to ““let the market work on its own.” Unfortunately, when you read the fine print and look at the context, there’s no indication that the President actually has learned anything about economics.

P.P.S. My favorite examples of liberals crossing the ideological aisle are Justin Cronin and Jeffrey Goldberg, both of whom wrote very powerful anti-gun control columns.

Ronald Reagan – States’ Rights Published on Sep 12, 2012 by LibertyPen In 1967, newly elected California governor Ronald Reagan sat down with William F. Buckley Jr to discuss states’ rights. ___________   President Obama c/o The White House 1600 Pennsylvania Avenue NW Washington, DC 20500 Dear Mr. President, I know that you receive 20,000 […]

Ronald Reagan Describes Milton Friedman Uploaded by CommonSenseCap on Oct 2, 2011 _________   President Obama c/o The White House 1600 Pennsylvania Avenue NW Washington, DC 20500 Dear Mr. President, I know that you receive 20,000 letters a day and that you actually read 10 of them every day. I really do respect you for […]

The Moral Case for Free Enterprise July 10, 2012 by Dan Mitchell A couple of months ago, I discussed a column by Arthur Brooks, in which he explained that libertarians and conservatives need to make a moral argument for capitalism and not just rely on statistics and economic analysis. This is correct, I believe, and I […]

Milton Friedman with his good friend Ronald Reagan. Milton Friedman – Poverty and Equality Uploaded by LibertyPen on Feb 18, 2011 In response to questions, Professor Friedman explains how capitalism is a more effective approach to the alleviation of poverty than is socialism. _________________ Milton Friedman had to put up with someone yelling during his […]

Ronald Reagan – States’ Rights Published on Sep 12, 2012 by LibertyPen In 1967, newly elected California governor Ronald Reagan sat down with William F. Buckley Jr to discuss states’ rights. ___________ People should pay attention to the writings of Milton Friedman did. Ronald Reagan owes a lot of his success to the beliefs of […]

Ronald Reagan Describes Milton Friedman Uploaded by CommonSenseCap on Oct 2, 2011 _________ Stephen Moore in the Wall Street Journal rightly noted: In the 1960s, Friedman famously explained that “there’s no such thing as a free lunch.” If the government spends a dollar, that dollar has to come from producers and workers in the private […]

Milton Friedman – Poverty and Equality Uploaded by LibertyPen on Feb 18, 2011 In response to questions, Professor Friedman explains how capitalism is a more effective approach to the alleviation of poverty than is socialism. _________________ Milton Friedman had to put up with someone yelling during his speech in the clip above but he handles […]

Ayn Rand on the Purpose of Life In this short clip below you will hear that Rand Paul read several books by Ayn Rand and later read several books that she liked. Take a look below as Ayn Rand answers a religious question about meaning in life. I have written on Milton Friedman’s religious views earlier […]

  Ayn Rand Mike Wallace Interview 1959 part 2 Was Ayn Rand Right? Article ID: JAF1324 By: Jay W. Richards Synopsis In response to the critics of capitalism, many conservative Christians turn to philosopher Ayn Rand for ammunition. Rand was a staunch defender of capitalism, but also an anti-Christian atheist who argued that capitalism was […]

I must say that I have lots of respect for Reason Magazine and for their admiration of Milton Friedman. However, I do disagree with one phrase below. At the end of this post I will tell you what sentence it is. Uploaded by ReasonTV on Jul 28, 2011 There’s no way to appreciate fully the […]

Funny Cartoon about Washington’s “Spending Cut” Charade

May 26, 2012 by Dan Mitchell

Last year, I made fun of the Washington Post for biased reporting when they used the world “slash” to describe a budget proposal that would have trimmed $6 billion out of a giant $3,800 billion budget.

I wrote that this was the budgetary equivalent of “going on a diet by leaving a couple of french fries in the bottom of the bag after bingeing on three Big Mac meals at McDonald’s.” A couple of other bloggers then had some fun by doing the exact calculations of what this would mean.

Now we have a cartoon version of Washington budgeting, authored by Gary Varvel.

Keep in mind, though, that this cartoon actually is inaccurate because it implicitly accepts the dishonest Washington definition of a budget cut (having spending grow, but not as fast as previously planned).

Every budget plan, even the very admirable proposals put forth by Sen. Rand Paul and the House Republican Study Committee, merely restrains the growth of federal spending.

So the cartoon should show Uncle Same with some clippers, simply seeking to keep the weed from growing even faster.

And if we replaced Uncle Sam with Barack Obama, instead of scissors or clippers, he’d be holding fertilizer.