Category Archives: Milton Friedman

Dan Mitchell’s article on Chili and video clip on Milton Friedman’s influence

July 20, 2012 – 8:59 am

Milton Friedman and Chile – The Power of Choice

Uploaded by on May 13, 2011

In this excerpt from Free To Choose Network’s “The Power of Choice (2006)”, we set the record straight on Milton Friedman’s dealings with Chile — including training the Chicago Boys and his meeting with Augusto Pinochet. Was the tremendous prosperity unleashed after the Chicago Boys reforms worth the free-market therapy Friedman suggested? You be the judge. But when doing so, just remember the policies leading up to liberalization (land seizures, industry nationalizations and price controls).

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Milton Friedman got the ball rolling in Chili a long time ago. Take a look at the video above.

One of the reasons why this blog is called International Liberty is that the world is a laboratory, with some nations (such as France) showing why statism is a mistake, other jurisdictions (such as Hong Kong) showing that freedom is a key to prosperity, and other countries (such as Sweden) having good and bad features.

It’s time to include Chile in the list of nations with generally good policies. That nation’s transition from statism and dictatorship to freedom and prosperity must rank as one of the most positive developments over the past 30 years.

Here’s some of what I wrote with Julia Morriss for the Daily Caller. Let’s start with the bad news.

Thirty years ago, Chile was a basket case. A socialist government in the 1970s had crippled the economy and destabilized society, leading to civil unrest and a military coup. Given the dismal situation, it’s no surprise that Chile’s economy was moribund and other Latin American countries, such as Mexico, Venezuela, and Argentina, had about twice as much per-capita economic output.

Realizing that change was necessary, the nation began to adopt pro-market reforms. Many people in the policy world are at least vaguely familiar with the system of personal retirement accounts that was introduced in the early 1980s, but we explain in the article that pension reform was just the beginning.

Let’s look at how Chile became the Latin Tiger. Pension reform is the best-known economic reform in Chile. Ever since the early 1980s, workers have been allowed to put 10 percent of their income into a personal retirement account. This system, implemented by José Piñera, has been remarkably successful, reducing the burden of taxes and spending and increasing saving and investment, while also producing a 50-100 percent increase in retirement benefits. Chile is now a nation of capitalists. But it takes a lot more than entitlement reform, however impressive, to turn a nation into an economic success story. What made Chile special was across-the-board economic liberalization.

We then show the data (on a scale of 1-10) from the Fraser Institute’s Economic Freedom of the World, which confirm significant pro-market reforms in just about all facets of economic policy over the past three decades.

But have these reforms made a difference for the Chilean people? The answer seems to be a firm yes.

This has meant good things for all segments of the population. The number of people below the poverty line dropped from 40 percent to 20 percent between 1985 and 1997 and then to 15.1 percent in 2009. Public debt is now under 10 percent of GDP and after 1983 GDP grew an average of 4.6 percent per year. But growth isn’t a random event. Chile has prospered because the burden of government has declined. Chile is now ranked number one for freedom in its region and number seven in the world, even ahead of the United States.

But I think the most important piece of evidence (building on the powerful comparison in this chart) is in the second table we included with the article.

Chile’s per-capita GDP has increased by about 130 percent, while other major Latin American nations have experienced much more modest growth (or, in the tragic case of Venezuela, almost no growth).

Perhaps not as impressive as the performance of Hong Kong and Singapore, but that’s to be expected since they regularly rank as the world’s two most pro-market jurisdictions.

But that’s not to take the limelight away from Chile. That nation’s reforms are impressive – particularly considering the grim developments of the 1970s. So our takeaway is rather obvious.

The lesson from Chile is that free markets and small government are a recipe for prosperity. The key for other developing nations is to figure out how to achieve these benefits without first suffering through a period of socialist tyranny and military dictatorship.

Heck, if other developing nations learn the right lessons from Chile, maybe we can even educate policy makers in America about the benefits of restraining Leviathan.

P.S. One thing that Julia and I forgot to include in the article is that Chile has reformed its education system with vouchers, similar to the good reforms in Sweden and the Netherlands.

Dan Mitchell’s video on Social Security mentions Chili:

Uploaded by on Jan 10, 2011

There are two crises facing Social Security. First the program has a gigantic unfunded liability, largely thanks to demographics. Second, the program is a very bad deal for younger workers, making them pay record amounts of tax in exchange for comparatively meager benefits. This video explains how personal accounts can solve both problems, and also notes that nations as varied as Australia, Chile, Sweden, and Hong Kong have implemented this pro-growth reform. http://www.freedomandprosperity.org

By Everette Hatcher III | Also posted in Cato Institute, Taxes, Vouchers | Tagged , | Comments (0)

“Friedman Friday” :“A Nobel Laureate on the American Economy” VTR: 5/31/77 Transcript and video clip (Part 5)

July 20, 2012 – 6:43 am

Milton Friedman on the American Economy (5 of 6)

 

Uploaded by on Aug 9, 2009

THE OPEN MIND
Host: Richard D. Heffner
Guest: Milton Friedman
Title: A Nobel Laureate on the American Economy VTR: 5/31/77
_____________________________________

Below is a transcipt from a portion of an interview that Milton Friedman gave on 5-31-77:

Friedman: But as a matter of practical experience, no complicated society can be run solely on the command principle. It’s just impossible. And therefore, in one sense, the market is essential; there’s no way of avoiding it. Now, you don’t mean it in that sense. You mean another sense. In what sense is it written that the free market is desirable?

HEFFNER: Well, desirable, I didn’t really mean that. NO, I meant in the first instance where is it written that this concept, which I thought was comparatively modern, of the free marketplace…

FRIEDMAN: Well, in the modern version of it it really dates back to Adam Smith in 1776, which is just 200 years. There are precursors to that of course. But as…

HEFFNER: How did we survive? How did we get there?

FRIEDMAN: Well, but you know, ideas, you know about the Frenchman who discovered at the age of 70 that he had been talking prose all his life. Because we can give words to things doesn’t mean that those things didn’t exist before we gave words to them. The free market has been around for thousands and thousands of years. The theory of a free market in a systematic organized way dates back to Adam Smith in 1776. But the free market doesn’t.

HEFFNER: so the answer to the question of where it is written is really in Adam Smith, The Wealth of Nations?

FRIEDMAN: Yes, that’s the first major source. There have been lots since. But that’s still a book worth reading.

HEFFNER: Indeed. You know, I was thinking about, before we began to do this program, I was thinking about where is it written. And I was considering going back to a very ancient civilization, mostly in terms of the reports that we have that you may in your visits to Israel advise the new Israeli government in terms of its economic problems. And I wanted to ask you a question. I wanted to ask you a question about a remark that I had heard you make in connection with this story about the role you might play in relation to the new Israeli government. You said something like this – and to the degree that I’m distorting your words or your thoughts, please correct me – “It is somewhat strange that socialism is supposed to find so many friends, and capitalism so many enemies among Jews when perhaps some people might think that the essence of the Jewish tradition is so alien to socialism and so akin to capitalism.” And I wondered, to the extent that you meant much of that, what you meant by it?

FRIEDMAN: Well, I think I mean, I would endorse certainly that statement as you put it, while going onto say it needs some elaboration in some respects. Let me see if I can put it to you in a sort of a different way. My first visit to Israel was made about 15 years ago. I was there for about three months as a visitor at the Hebrew University in Jerusalem. And after I left Israel, I summarized my impressions by saying that I thought that the best way to understand Israel was to recognize that two Jewish traditions were at war with one another in Israel. One of them was a very recent tradition, a tradition of 100, 150 years old. That’s the tradition of socialism. That’s the tradition you referred to in your initial comments, that it is true that on the whole the Jewish intellectuals have been strongly pro-socialist. And that’s contributed disproportionately to the socialist literature. That was the one tradition. The other tradition, I said, was a tradition that was at least 2,000 years old. It was a tradition that had arisen during the Diaspora and as a result of the Diaspora. It was a tradition of how you get around government regulations, how you find chinks in controls, how you find those areas in which the free market operates and make the most of them. It was that tradition which had enabled the Jews to survive during centuries of persecution by the constituted authorities. Once in a while there would be a monarch who would intervene in favor of the Jews. But almost always that was because there had been a Jew who had accumulated enough money through the free market, through capitalism, to have loaned money to the monarch and have him in his debt. The story in the Bible of Esther is not a very usual story. That isn’t usually the way it occurs. Most of the time the Jews have survived despite the opposition of the powers that be, not because of them. And this ancient tradition of 2,000 years is still very much alive in Israel. And what I said at that time was that fortunately for Israel the ancient tradition is strongly renewable.

Now, let me go back to that in a modern context. I believe that there are few people in the world who have benefitted as much from capitalism and free enterprise as the Jews. Suppose you ask yourself in what countries it is that the Jews have been able to survive and thrive. They’ve been able to survive and thrive primarily in those countries that have had capitalism and free enterprise. They haven’t been able to survive and thrive in the socialist utopias of Russia or of Poland. They haven’t been able to, they weren’t able to survive and thrive in the national socialist state of Nazi Germany. They have been able to survive and thrive in places like Great Britain, in Germany when it was capitalist before Hitler, in France which is largely capitalist, and the United States. And more important, in what parts of those economies have they done best? In those parts where government has had the least role to play. You do not find in the United states that the Jews have done very well in large-scale manufacturing or in commercial banking, because those are areas which are very closely intertwined with government. In banking you need a governmental franchise. And there is probably no industry in the United States in which there are fewer Jews, surprising as it may seem, in major positions of responsibility than in the commercial banking industry. Where have they thrived? In the industries which have been most competitive, where there’s been the least monopoly, private or public: retaining, which was open to all; in new industries, in Hollywood. Why? Because it was a new, brand new industry. There were no settled positions of privilege or of power, no government involvement.

So, Jews have done best – and other minorities. I’m not only speaking of Jews. If you look at the Japanese in the United States, if you look at the blacks in the United States, in every case they have done best in those areas where you have had the greatest degree of competition; and they have done worst in those areas where you have had the most monopoly and the most governmental link to government. So on the one hand, there are no people in the world who have benefitted so much from capitalism as the Jews. Look at Israel. Suppose socialism had triumphed in the world. How would Israel have gotten support? Did Israel get support in its early and difficult days from the governments of the world? Or from people? And from what people? From the Jews who had managed to make a little bit of a competence for themselves and accumulated a little funds in the capitalist bastions of the world.

So, the Jews have benefitted enormously from capitalism. And yet on the other side – and that’s the issue you raise – here you have the paradox that the Jews have been among those who have contributed much to undermine the intellectual foundations of capitalism.

HEFFNER: Is this a dichotomy that exists in contemporary Israel too?

FRIEDMAN: Of course. Of course. It has existed.

HEFFNER: Then how will you make a contribution?

FRIEDMAN: Oh, well, you know how it is. I will make a contribution. I would be delighted to if I could. But you know, people ask for advice from people who they know will give them the advice they want to hear. Well, there’s no shortage of good economists in Israel. They are very good economists. They know what to do. And in fact, the economists in Israel have not been in favor of governmental policies in Israel. It’s like it has been in the United States, where the economists have been opposed uniformly to many governmental policies, such as the price-fixing policies I was talking about, such as rent control. Similarly, the economists in Israel have been almost unanimously opposed to some, many governmental controls and regulations. What’s happened in Israel is that you now have a new party that came into power. … It’s a party that proclaims it’s belief in private enterprise. It proclaims its desire to reduce the size of government and to give greater opportunities to individuals. Their objectives are excellent. I hope they achieve them. I’m not wholly confident that they will, in fact. I have many doubts about whether they will succeed. And a reason why they have asked me if I would advise them is because they know that I believe in a free economy and that their policy is my policy. And insofar as I can give any assistance, I am delighted to, both because of my general desire to see freedom prosper, and also because I have a very strong personal sympathy and interest in Israel. I am Jewish by origin and culture. I share their values and their belief. I share the admiration which many have had for the miracles that have occurred in Israel. So if I can make any contribution to a more effective policy for preserving Israel, Israel’s freedom and strength, I would certainly be delighted to do so.

By Everette Hatcher III | Comments (0)

Milton Friedman videos and transcripts Part 6

July 19, 2012 – 3:00 pm

Milton Friedman videos and transcripts Part 6

On my blog www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching for Milton Friedman also.

Related posts:

Milton Friedman videos and transcripts Part 3

Milton Friedman videos and transcripts Part 3 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

Milton Friedman videos and transcripts Part 2

Milton Friedman videos and transcripts Part 2 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

Milton Friedman videos and transcripts Part 1

Milton Friedman videos and transcripts Part 1 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

“Friedman Friday” (“Free to Choose” episode 1 – Power of the Market. part 4 of 7)

The fundamental principal of the free society is voluntary cooperation. The economic market, buying and selling, is one example. But it’s only one example. Voluntary cooperation is far broader than that. To take an example that at first sight seems about as far away as you can get __ the language we speak; the words […]

Milton Friedman: GM and other failing businesses should have been allowed to fail

Businesses should be allowed to fail if they lose money. It is amazing to me that GM was not allowed to go out of business and the same is true for any other business that is losing money.   Uploaded by PenguinProseMedia on Dec 28, 2009. I got this following part off of youtube: In […]

“Friedman Friday” (“Free to Choose” episode 1 – Power of the Market. part 3 of 7)

  _________________________   Pt3  Nowadays there’s a considerable amount of traffic at this border. People cross a little more freely than they use to. Many people from Hong Kong trade in China and the market has helped bring the two countries closer together, but the barriers between them are still very real. On this side […]

“Friedman Friday” (“Free to Choose” episode 1 – Power of the Market. part 2 of 7)

  Aside from its harbor, the only other important resource of Hong Kong is people __ over 4_ million of them. Like America a century ago, Hong Kong in the past few decades has been a haven for people who sought the freedom to make the most of their own abilities. Many of them are […]

Should Steve Jobs been ashamed of the sweat shops he used in China? (Part 1)

This is a very easy issue for me. Milton Friedman noted in 1973:  Sweatshops and child labor were conditions that resulted more from poverty than from laissez-faire economics. Wretched working conditions still exist in nations with all sorts of enlightened social legislation but where poverty is still extreme. We in the United States no longer […]

“Friedman Friday” (“Free to Choose” episode 1 – Power of the Market. part 1of 7)

“FREE TO CHOOSE” 1: The Power of the Market (Milton Friedman) Free to Choose ^ | 1980 | Milton Friedman Posted on Monday, July 17, 2006 4:20:46 PM by Choose Ye This Day FREE TO CHOOSE: The Power of the Market Friedman: Once all of this was a swamp, covered with forest. The Canarce Indians […]

An open letter to President Obama

 Milton Friedman’s Free to Choose (1980), episode 1 – Power of the Market. part 1 January 29, 2012 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 […]

“Friedman Friday” (“Free to Choose” episode 3 – Anatomy of a Crisis. part 7of 7)

TEMIN: We don’t think the big capital arose before the government did? VON HOFFMAN: Listen, what are we doing here? I mean __ defending big government is like defending death and taxes. When was the last time you met anybody that was in favor of big government? FRIEDMAN: Today, today I met Bob Lekachman, I […]

“Friedman Friday” (“Free to Choose” episode 3 – Anatomy of a Crisis. part 6of 7)

worked pretty well for a whole generation. Now anything that works well for a whole generation isn’t entirely bad. From the fact __ from that fact, and the undeniable fact that things are working poorly now, are we to conclude that the Keynesian sort of mixed regulation was wrong __ FRIEDMAN: Yes. LEKACHMAN: __ or […]

“Friedman Friday” (“Free to Choose” episode 3 – Anatomy of a Crisis. part 5 of 7)

MCKENZIE: Ah, well, that’s not on our agenda actually. (Laughter) VOICE OFF SCREEN: Why not? MCKENZIE: I boldly repeat the question, though, the expectation having been __ having been raised in the public mind, can you reverse this process where government is expected to produce the happy result? LEKACHMAN: Oh, no way. And it would […]

By Everette Hatcher III | Comments (0)

Milton Friedman videos and transcripts Part 5

July 19, 2012 – 2:54 pm

Milton Friedman videos and transcripts Part 5

On my blog www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching for Milton Friedman also.

Related posts:

Milton Friedman videos and transcripts Part 3

Milton Friedman videos and transcripts Part 3 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

Milton Friedman videos and transcripts Part 2

Milton Friedman videos and transcripts Part 2 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

Milton Friedman videos and transcripts Part 1

Milton Friedman videos and transcripts Part 1 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

Milton Friedman: Jewish tradition is so akin to capitalism but many Jews are socialists, what a paradox (Part 1)

Milton Friedman on the American Economy (5 of 6)   Uploaded by donotswallow on Aug 9, 2009 THE OPEN MIND Host: Richard D. Heffner Guest: Milton Friedman Title: A Nobel Laureate on the American Economy VTR: 5/31/77 _____________________________________ Below is a transcipt from a portion of an interview that Milton Friedman gave on 5-31-77 that […]

Milton Friedman:“A Nobel Laureate on the American Economy” VTR: 5/31/77 Transcript and video clip (Part 6)

Milton Friedman on the American Economy (6 of 6)   Uploaded by donotswallow on Aug 9, 2009 THE OPEN MIND Host: Richard D. Heffner Guest: Milton Friedman Title: A Nobel Laureate on the American Economy VTR: 5/31/77 _____________________________________ Below is a transcipt from a portion of an interview that Milton Friedman gave on 5-31-77: Friedman: […]

Milton Friedman:“A Nobel Laureate on the American Economy” VTR: 5/31/77 Transcript and video clip (Part 5)

Milton Friedman on the American Economy (5 of 6)   Uploaded by donotswallow on Aug 9, 2009 THE OPEN MIND Host: Richard D. Heffner Guest: Milton Friedman Title: A Nobel Laureate on the American Economy VTR: 5/31/77 _____________________________________ Below is a transcipt from a portion of an interview that Milton Friedman gave on 5-31-77: Friedman: […]

“Friedman Friday” (“Free to Choose” episode 1 – Power of the Market. part 6 of 7)

PETERSON: Well, let me ask you how you would cope with this problem, Dr. Friedman. The people decided that they wanted cool air, and there was tremendous need, and so we built a huge industry, the air conditioning industry, hundreds of thousands of jobs, tremendous earnings opportunities and nearly all of us now have air […]

Milton Friedman:“A Nobel Laureate on the American Economy” VTR: 5/31/77 Transcript and video clip (Part 4)

Milton Friedman on the American Economy (4 of 6)   Uploaded by donotswallow on Aug 9, 2009 THE OPEN MIND Host: Richard D. Heffner Guest: Milton Friedman Title: A Nobel Laureate on the American Economy VTR: 5/31/77 _____________________________________ Below is a transcipt from a portion of an interview that Milton Friedman gave on 5-31-77: Friedman: […]

Milton Friedman:“A Nobel Laureate on the American Economy” VTR: 5/31/77 Transcript and video clip (Part 3)

Milton Friedman on the American Economy (3 of 6) Uploaded by donotswallow on Aug 9, 2009 THE OPEN MIND Host: Richard D. Heffner Guest: Milton Friedman Title: A Nobel Laureate on the American Economy VTR: 5/31/77 _____________________________________ Below is a transcipt from a portion of an interview that Milton Friedman gave on 5-31-77: Friedman: Now […]

Milton Friedman:“A Nobel Laureate on the American Economy” VTR: 5/31/77 Transcript and video clip (Part 2)

Milton Friedman on the American Economy (2 of 6) Uploaded by donotswallow on Aug 9, 2009 THE OPEN MIND Host: Richard D. Heffner Guest: Milton Friedman Title: A Nobel Laureate on the American Economy VTR: 5/31/77 _____________________________________ Below is a transcipt from a portion of an interview that Milton Friedman gave on 5-31-77: Friedman: General […]

Milton Friedman:“A Nobel Laureate on the American Economy” VTR: 5/31/77 Transcript and video clip (Part 1)

Milton Friedman on the American Economy (1 of 6) Uploaded by donotswallow on Aug 9, 2009 THE OPEN MIND Host: Richard D. Heffner Guest: Milton Friedman Title: A Nobel Laureate on the American Economy VTR: 5/31/77 _____________________________________ Below is a transcipt from a portion of an interview that Milton Friedman gave on 5-31-77: THE OPEN […]

Discussion on Equality from Milton Friedman and Bradley Gitz

Milton Friedman – Redistribution of Wealth Uploaded by LibertyPen on Feb 12, 2010 Milton Friedman clears up misconceptions about wealth redistribution, in general, and inheritance tax, in particular. http://www.LibertyPen.com __________________ Check out this excellent article below on equality from today’s Arkansas Democrat-Gazette (paywall): What is equality? By Bradley Gitz This article was published today at 3:00 […]

“Friedman Friday” (“Free to Choose” episode 1 – Power of the Market. part 5 of 7)

Part 5 Milton Friedman: I do not believe it’s proper to put the situation in terms of industrialist versus government. On the contrary, one of the reasons why I am in favor of less government is because when you have more government industrialists take it over, and the two together form a coalition against the ordinary […]

By Everette Hatcher III | Comments (0)

Milton Friedman videos and transcripts Part 4

July 19, 2012 – 6:39 am

Milton Friedman videos and transcripts Part 4

On my blog www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching for Milton Friedman also.

Related posts:

Milton Friedman videos and transcripts Part 3

Milton Friedman videos and transcripts Part 3 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

Milton Friedman videos and transcripts Part 2

Milton Friedman videos and transcripts Part 2 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

Milton Friedman videos and transcripts Part 1

Milton Friedman videos and transcripts Part 1 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

We can no longer afford the welfare state (Part 1)

Milton Friedman – The Negative Income Tax Published on May 11, 2012 by LibertyPen In this 1968 interview, Milton Friedman explained the negative income tax, a proposal that at minimum would save taxpayers the 72 percent of our current welfare budget spent on administration. http://www.LibertyPen.com Source: Firing Line with William F Buckley Jr. ________________ Milton […]

Open letter to President Obama (Part 78)

Milton Friedman – Redistribution of Wealth Uploaded by LibertyPen on Feb 12, 2010 Milton Friedman clears up misconceptions about wealth redistribution, in general, and inheritance tax, in particular. http://www.LibertyPen.com __________________ 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 […]

What does created equal mean according to Milton Friedman? “Friedman Friday”

What does created equal mean according to Milton Friedman? In his article “A test for first among equals,” Arkansas News Bureau, September 30, 2011, Matthew Pate asserted: Among the most familiar passages in the Declaration of Independence is the section reading, “We hold these truths to be self-evident, that all men are created equal, that […]

Debate on Milton Friedman’s cure for inflation “Friedman Friday”

If you would like to see the first three episodes on inflation in Milton Friedman’s film series “Free to Choose” then go to a previous post I did. Ep. 9 – How to Cure Inflation [4/7]. Milton Friedman’s Free to Choose (1980) Uploaded by investbligurucom on Jun 16, 2010 While many people have a fairly […]

Milton Friedman on the FDA

Milton Friedman – Health Care in a Free Market Milton is so good at addressing these issues. It Just Ain’t So | Arthur E. Foulkes Milton Friedman Is to Blame for Unsafe Food? Krugman’s Cry Understates the Market’s Ability to Provide Food-Quality Assurance October 2007 • Volume: 57 • Issue: 8 re is a “food […]

Milton Friedman – Solutions to Market Failures

Below is a very good video along with some commentary that I got off the internet: One of the most prominent economists of the 20th century was the late Milton Friedman, an ardent free market supporter who remained skeptical of government’s ability to correct market failures through interventionist policies. I found the talk below interesting. […]

Milton Friedman – The Proper Role of Government

Milton Friedman – The Proper Role of Government Milton Friedman did a great job of explaining things in a simple way. Capitalism and Freedom(1962) To the free man, the country is the collection of individuals who compose it, not something over and above them.He is proud of a common heritage and loyal to common traditions. […]

“Friedman Friday” (“Free to Choose” episode 1 – Power of the Market. part 7 of 7)

  Michael Harrington:  If you don’t have the expertise, the knowledge technology today, you’re out of the debate. And I think that we have to democratize information and government as well as the economy and society. FRIEDMAN: I am sorry to say Michael Harrington’s solution is not a solution to it. He wants minority rule, I […]

Milton Friedman: Jewish tradition is so akin to capitalism but many Jews are socialists, what a paradox (Part 3)

Milton Friedman on the American Economy (5 of 6)   Uploaded by donotswallow on Aug 9, 2009 THE OPEN MIND Host: Richard D. Heffner Guest: Milton Friedman Title: A Nobel Laureate on the American Economy VTR: 5/31/77 __________________ Below is a part of the series on an article by Milton Friedman called “Capitalism and the […]

Milton Friedman: Jewish tradition is so akin to capitalism but many Jews are socialists, what a paradox (Part 2)

Milton Friedman on the American Economy (5 of 6)   Uploaded by donotswallow on Aug 9, 2009 THE OPEN MIND Host: Richard D. Heffner Guest: Milton Friedman Title: A Nobel Laureate on the American Economy VTR: 5/31/77 __________________ Below is a part of the series on an article by Milton Friedman called “Capitalism and the […]

By Everette Hatcher III | Comments (0)

Milton Friedman videos and transcripts Part 3

July 18, 2012 – 1:34 pm

Milton Friedman videos and transcripts Part 3

On my blog www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching for Milton Friedman also.

Related posts:

Milton Friedman videos and transcripts Part 3

Milton Friedman videos and transcripts Part 3 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

Milton Friedman videos and transcripts Part 2

Milton Friedman videos and transcripts Part 2 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

Milton Friedman videos and transcripts Part 1

Milton Friedman videos and transcripts Part 1 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

Charlie Collins and Milton Friedman versus John Brummett on taxes and job growth

Milton Friedman served as economic advisor for two American Presidents – Richard Nixon and Ronald Reagan. Although Friedman was inevitably drawn into the national political spotlight, he never held public office. Milton Friedman’s Free to Choose (1980), episode 1 – Power of the Market. part 1 I know that Charlie Collins is a big Milton […]

“The Failure of Socialism” episode of Free to Choose in 1990 by Milton Friedman (Part 2)

Milton Friedman: Free To Choose – The Failure Of Socialism With Ronald Reagan (Full) Published on Mar 19, 2012 by NoNationalityNeeded Milton Friedman’s writings affected me greatly when I first discovered them and I wanted to share with you. Abstract: Ronald Reagan introduces this program, and traces a line from Adam Smith’s “The Wealth of […]

“The Failure of Socialism” episode of Free to Choose in 1990 by Milton Friedman (Part 1)

Milton Friedman: Free To Choose – The Failure Of Socialism With Ronald Reagan (Full) Published on Mar 19, 2012 by NoNationalityNeeded Milton Friedman’s writings affected me greatly when I first discovered them and I wanted to share with you. We must not head down the path of socialism like Greece has done. Abstract: Ronald Reagan […]

Milton Friedman addressed the belief that inflation can cure unemployment, implicit in the Obama administration’s spending blowout “Friedman Friday”

Ep. 9 – How to Cure Inflation [1/7]. Milton Friedman’s Free to Choose (1980) Cochrane’s Kinky Curves Posted by Jim Powell The doctrine that inflation can cure unemployment, implicit in the Obama administration’s spending blowout, goes way back. The modern version originated with William Phillips, a New Zealand-born economist who, in 1958, wrote a paper […]

Open letter to President Obama (Part 85)

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 trying to get a pulse on what is going on out here. It seems […]

Milton Friedman discusses Reagan and Reagan discusses Friedman “Friedman Friday”

Uploaded by YAFTV on Aug 19, 2009 Nobel Laureate Dr. Milton Friedman discusses the principles of Ronald Reagan during this talk for students at Young America’s Foundation’s 25th annual National Conservative Student Conference MILTON FRIEDMAN ON RONALD REAGAN In Friday’s WSJ, Milton Friedman reflectedon Ronald Reagan’s legacy. (The link should work for a few more […]

Milton Friedman: The free market price system promotes cooperation and harmony among those with no common interest

Milton Friedman’s illustration of a pencil makes the point in a clear way. Milton Friedman – Lesson of the Pencil Uploaded by LibertyPen on Nov 13, 2009 Milton Friedman uses a pencil to illustrate how the free market price system promotes cooperation and harmony among those with no common interest. _____________ November 21, 2006 Milton […]

We can no longer afford the welfare state (Part 7)

Ep. 4 – From Cradle to Grave [7/7]. Milton Friedman’s Free to Choose (1980) With the national debt increasing faster than ever we must make the hard decisions to balance the budget now. If we wait another decade to balance the budget then we will surely risk our economic collapse. The first step is to […]

We can no longer afford the welfare state (Part 6)

Ep. 4 – From Cradle to Grave [6/7]. Milton Friedman’s Free to Choose (1980) With the national debt increasing faster than ever we must make the hard decisions to balance the budget now. If we wait another decade to balance the budget then we will surely risk our economic collapse. The first step is to […]

We can no longer afford the welfare state (Part 5)

Ep. 4 – From Cradle to Grave [5/7]. Milton Friedman’s Free to Choose (1980) With the national debt increasing faster than ever we must make the hard decisions to balance the budget now. If we wait another decade to balance the budget then we will surely risk our economic collapse. The first step is to […]

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Milton Friedman videos and transcripts Part 2

July 18, 2012 – 9:00 am

Milton Friedman videos and transcripts Part 2

On my blog www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching for Milton Friedman also.

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Milton Friedman videos and transcripts Part 3

Milton Friedman videos and transcripts Part 3 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

Milton Friedman videos and transcripts Part 2

Milton Friedman videos and transcripts Part 2 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

Milton Friedman videos and transcripts Part 1

Milton Friedman videos and transcripts Part 1 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

“The Power of the Market” episode of Free to Choose in 1990 by Milton Friedman (Part 1)

Milton Friedman The Power of the Market 1-5 How can we have personal freedom without economic freedom? That is why I don’t understand why socialists who value individual freedoms want to take away our economic freedoms.  I wanted to share this info below with you from Milton Friedman who has influenced me greatly over the […]

Milton Friedman’s best 10 quotes

Milton Friedman – Public Housing Uploaded by LibertyPen on May 6, 2011 Professor Friedman looks at the destination of another road paved with good intentions. _______________ 10 great quotes from Milton Friedman below: Nov 29, 2011 10 Of The Best Economics Quotes From Milton Friedman John Hawkins John Hawkins is a professional blogger who runs […]

Myth:Conservative Herbert Hoover responsible for Depression?

Myth:Conservative Herbert Hoover responsible for Depression When I grew up I always heard that the conservative Herbert Hoover was responsible for the depression. Is that true? The Hoover Myth Marches On Posted by David Boaz In the New York Times today,  columnist Joseph Nocera quotes a book published in 1940 on Herbert Hoover and the Great Depression: […]

“The Failure of Socialism” episode of Free to Choose in 1990 by Milton Friedman (Part 5)

Milton Friedman: Free To Choose – The Failure Of Socialism With Ronald Reagan (Full) Published on Mar 19, 2012 by NoNationalityNeeded Milton Friedman’s writings affected me greatly when I first discovered them and I wanted to share with you. Abstract: Ronald Reagan introduces this program, and traces a line from Adam Smith’s “The Wealth of […]

Case Study on Chelsea Clinton:Can equality of results be acheived best by punishing those who were born rich? “Friedman Friday”

Milton Friedman – Redistribution of Wealth Uploaded by LibertyPen on Feb 12, 2010 Milton Friedman clears up misconceptions about wealth redistribution, in general, and inheritance tax, in particular. http://www.LibertyPen.com _______________________________ Many times in the past our government has tried to even the playing field but the rich and poor will always be with us as […]

“The Failure of Socialism” episode of Free to Choose in 1990 by Milton Friedman (Part 4)

Milton Friedman: Free To Choose – The Failure Of Socialism With Ronald Reagan (Full) Published on Mar 19, 2012 by NoNationalityNeeded Milton Friedman’s writings affected me greatly when I first discovered them and I wanted to share with you. Abstract: Ronald Reagan introduces this program, and traces a line from Adam Smith’s “The Wealth of […]

Milton Friedman on school voucher system

Max Brantley of the Arkansas Times Blog reports today that Mitt Romney is for school vouchers. I am glad to hear that. Over and over we hear that the reason private schools are better is because they don’t have to keep the troubling making kids. It reminds me of this short film that I saw many […]

“The Failure of Socialism” episode of Free to Choose in 1990 by Milton Friedman (Part 3)

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Max Brantley gives Republicans credit for once

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Milton Friedman’s solution to limiting poverty “Friedman Friday”

Milton Friedman’s solution to limiting poverty Liberals just don’t get it. They should listen to Milton Friedman (who is quoted in this video below concerning the best way to limit poverty). New Video Shows the War on Poverty Is a Failure Posted by Daniel J. Mitchell The Center for Freedom and Prosperity has released another […]

By Everette Hatcher III | Comments (0)

Milton Friedman videos and transcripts Part 1

July 18, 2012 – 12:30 am

Milton Friedman videos and transcripts Part 1

On my blog www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching for Milton Friedman also.

Milton Friedman videos and transcripts Part 3

Milton Friedman videos and transcripts Part 3 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

Milton Friedman videos and transcripts Part 2

Milton Friedman videos and transcripts Part 2 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

Milton Friedman videos and transcripts Part 1

Milton Friedman videos and transcripts Part 1 On my blog http://www.thedailyhatch.org I have an extensive list of posts that have both videos and transcripts of MiltonFriedman’s interviews and speeches. Here below is just small list of those and more can be accessed by clicking on “Milton Friedman” on the side of this page or searching […]

 

Friedman Friday” :“A Nobel Laureate on the American Economy” VTR: 5/31/77 Transcript and video clip (Part 4)

Milton Friedman on the American Economy (4 of 6)   Uploaded by donotswallow on Aug 9, 2009 THE OPEN MIND Host: Richard D. Heffner Guest: Milton Friedman Title: A Nobel Laureate on the American Economy VTR: 5/31/77 _____________________________________ Below is a transcipt from a portion of an interview that Milton Friedman gave on 5-31-77: Friedman: […]

Obama promotes food stamps but Milton Friedman had a better suggestion

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Obama’s solution to our healthcare problems: MORE FEDERAL OVERSIGHT!!!

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By Everette Hatcher III | Comments (0)

“Friedman Friday” :“A Nobel Laureate on the American Economy” VTR: 5/31/77 Transcript and video clip (Part 4)

July 13, 2012 – 6:39 am

Milton Friedman on the American Economy (4 of 6)

 

Uploaded by on Aug 9, 2009

THE OPEN MIND
Host: Richard D. Heffner
Guest: Milton Friedman
Title: A Nobel Laureate on the American Economy VTR: 5/31/77
_____________________________________

Below is a transcipt from a portion of an interview that Milton Friedman gave on 5-31-77:

Friedman: “What’s good for General Motors is good for the United Sates and vice versa,” in that famous phrase of Mr. Wilson’s. So I don’t think you can distinguish between these two. I think that politicians and people, everybody, businessmen, politicians, scholars, we’re all seeking to pursue our own interests. We don’t have to interpret it as narrowly. My interests are in ideas as much as they are in dollars and cents or something else. But we’re all seeking to pursue our own interests. Politicians, their interests are closely connected with getting reelected. And therefore they will put primary emphasis on what will get me votes next time.

HEFFNER: Well, I was thinking of an analogy. I was thinking of drawing this comparison with the medical scientists; economic scientist and medical scientists. Medical scientists presumably will disagree minimally about what all other factors…

FRIEDMAN: Not at all. Not at all.

HEFFNER: On certain things they may disagree minimally in terms of the technical means that they should employ to deal with, to treat a patient. But in terms of considering the patients, in terms of considering their needs that are more than technical, they may disagree. And quite honestly, as to the approach to take, wouldn’t it be fair to say that this is as much a consideration as what you consider political, a political consideration among economists, which I would relate to how is my party going to be elected more readily the next time around?

FRIEDMAN: Well, I don’t either want to rule out completely that narrow interpretation, nor rule it in completely. I think economists are human beings like everybody else. Many of them do establish party loyalties. What’s more important, many have very strong private interests that are associated with which party is in power.

HEFFNER: Like what?

FRIEDMAN: Like what jogs they have. Like what prestige they have. Like what outside income they will be able to earn. You know, it was not a joke only, for years that the Brookings Institution in Washington was a home away from home for out-of-power Democratic economists. It’s not a joke now that the American Enterprise Institute is serving a similar function for out-of-power Republican economists. Surely these are not trivial and negligible. But they are not the only thing, I agree with you.

HEFFNER: You don’t really think that determinations of public policy or contributions by major economists in terms of the determination of public policy, that in those determinations one’s job in the next administration has played a major role; or do you?

FRIEDMAN: You know, you want to make it black and white. Human beings are distinguished from animals much more by the ability to rationalize than by the ability to reason. Sincerity is a much overrated virtue. It’s possible for anybody to be sincere about anything. I’m not questioning the sincerity or the motives of anybody. I’m only saying a human being is affected by those things that affect his image.

HEFFNER: Are your economic policies affected in that way?

FRIEDMAN: Of course they must have been. I can’t deny that they could have been.

HEFFNER: No, no, I’m not talking about could have been.

FRIEDMAN: Or that they have been. Or that they have been. I mean, we never know ourselves. And the man who says, “I am objective,” you k now that can’t be the case. We’re all of us imperfect human beings. We’re all of us going to be affected by these things. I’m not saying anybody else is any more or less affected than I am. Some people are less affected; some people are more. I would say on the whole you’ve got to look at it in a more complex and sophisticated way. Most people develop beliefs and ideas. Those beliefs and ideas in turn determine what policies they approve, what directions they move. That in turn reacts on them and affects their beliefs and ideas. And the whole thing is a kind of biological process of creating a complex structure that can/t be dissected into the simple black-and-white category. He is in favor of this policy because if he is in favor of that policy he will get this and this job. You can’t say that. That’s not true. I’m not saying that of anybody.

HEFFNER: Okay. I wondered about that because the question of self-interest did come up, and I was shocked by it.

FRIEDMAN: Well, you see, the economists… Take the economics profession as a whole. Because I think it’s very interesting from this point of view. The economists have a very schizophrenic situation. Our discipline of economics, as a science, predisposes all economists to be in favor of a market system, of a free market. Because that’s our business. We come to understand how a market operates. It’s a much more sensitive and sophisticated instrument than may appear on the surface or that the ordinary man in the street believes it. So every economist has a predisposition to be in favor of a market system. On the other hand, the major growth area for jobs for economists has arisen out of government regulation. So the special interests of economists is to be in favor of government regulation. How do you reconcile this? Again, don’t misunderstand me. I’m not saying anyone is doing this in a Machiavellian way. I’m just describing the unobserved forces that are at work on it. Well, the way in which many economists have implicitly reconciled it is by being in favor of the free market in general, and opposed to the free market in particular. “And this area is a special case that needs regulation, this area is a special case.” You know, the same thing happens to businessmen. Every businessman is in favor of private enterprise.

HEFFNER: Except in his…

FRIEDMAN: Except for himself. And he isn’t – let me emphasize – in both cases, he isn’t being Machiavellian. He isn’t being insincere. He isn’t being devious. He sincerely believes. He knows his own case. And he sincerely is persuaded that his own case is special and that it’s in the national interest to treat it differently than other cases.

HEFFNER: But this concept of the marketplace, has it always been with us?

FRIEDMAN: Yes. Oh, every society is primarily run by the marketplace. But there are many kinds of marketplaces. The political marketplace…

HEFFNER: And aren’t you talking about a particular kind?

FRIEDMAN: I’m talking… But even the particular kind, yes, there are two main kinds of marketplaces. The economic marketplace in which you buy and sell, which has much broader relevance than you might a first suppose. And the political marketplace in which decisions are made by votes or by authority through political position by command.

HEFFNER: I understand. But I just wondered whether this basic agreement that you referred to among economists, all of whom relate to the economic marketplace, I was about to ask where is it written…

FRIEDMAN: (Laughter)

HEFFNER: …where is it written that the concept of the marketplace shall prevail? Isn’t this a rather modern concept? And if it is, why must we tie ourselves to it as tightly as you would have us do, as tightly as you suggest all economists would have us?

FRIEDMAN: Well, let’s answer that in two different ways. You say, “Why must we tie to it?” Because the fact of the matter is that there is no alternative mechanism that has so far been devised which will enable large and complex societies to exist. Consider what seems like the most extreme exception: the Soviet Union. It’s not, in the first instance you would say that’s not a market economy. And yet, the main organization of resources in the Soviet Union is through the marketplace and not through government command. And this is true in all sorts of ways. Anybody who read Hedric Smith’s fascinating book on the Russians will discover that if something goes wrong with you electricity in your house, you don’t call a state office and have them send somebody. You get a government employee on his spare time to come in and fix it for you.

HEFFNER: The same thing is true here, if you can.

FRIEDMAN: Of course, of course. Well, no, if you can here, you hire somebody. But in Russia supposedly you ought to get a state official, governmental official. It’s all done by government agencies. It’s not here, yet.

Go on. Take food. Something like 25, 30, 35 percent of the people in the Soviet Union are required to produce a food. They permit small private plots. Those plots account for two to three percent of the arable land of the Soviet Union. They produce a third of the food in private markets and distributed through markets. If you have, if you look at the way in which labor is organized, the buyers are governmental agencies. But people are attracted to one job or another by the job or by the pay that is offered to them. Fundamentally, the Soviet Union is a market economy, but it’s distorted market economy because the extraordinarily great role of government forces the market into channels which are not efficient and not effective. And so much of its power is wasted in simply overcoming the bureaucratic mess of the government. That’s why the Soviet Union has such a low standard of life. So it’s interesting, on a matter of theory. Well, I don’t like that word. ON a matter of sort of abstract ideal, you can conceptualize a command economy in which the market plays no role. It’s an army. A general gives an order to a colonel, a colonel to a major, a major to a captain, and so on down the line. Or you can visualize a voluntary exchange economy, a pure market economy in which everything is conducted by voluntary agreement among individuals’ purchase and sale.

By Everette Hatcher III | Comments (0)

Obama promotes food stamps but Milton Friedman had a better suggestion

July 8, 2012 – 6:04 am

Milton Friedman’s negative income tax explained by Friedman in 1968:

We need to cut back on the Food Stamp program and not try to increase it. What really upsets me is that when the government gets involved in welfare there is a welfare trap created for those who become dependent on the program. Once they go out and get a job then they are stripped away from the welfare program and that encourages them to avoid working and sit on the couch. (Milton Friedman’s negative income tax is a good solution.)

Now we have the government running ads trying to get people to join this type of lifestyle. I think it is the most cruel thing you can do to a struggling poor person. Working is the only way a person can climb up the ladder and falling in the welfare trap hurts the poor’s chance of succeeding in the future.

Obama’s Using Our Tax Dollars to Leverage More Food Stamp Dependency

June 26, 2012 by Dan Mitchell

In past posts, I’ve groused about food stamp abuse, including people using them to buy luxury coffee at Starbucks and to purchase steaks and lobster. I’ve complained about college kids scamming the program, the “Octo-Mom” mooching off the program, and the Obama Administration rewarding states that sign up more food stamp recipients.

Well, the Obama White House is doubling down on creating more dependency, spending tax dollars to increase the number of people on food stamps.

Here are some of disturbing details from a CNN report.

More than one in seven Americans are on food stamps, but the federal government wants even more people to sign up for the safety net program. The U.S. Department of Agriculture has been running radio ads for the past four months encouraging those eligible to enroll. …The department is spending between $2.5 million and $3 million on paid spots, and free public service announcements are also airing. The campaign can be heard in California, Texas, North Carolina, South Carolina, Ohio, and the New York metro area. …President Bush launched a recruitment campaign, which pushed average participation up by 63% during his eight years in office. The USDA began airing paid radio spots in 2004. President Obama’s stimulus act made it easier for childless, jobless adults to qualify for the program and increased the monthly benefit by about 15% through 2013.

Last year, I semi-defended Newt Gingrich when he was attacked for calling Obama the “Food Stamp” President. Citing this chart, I wrote that, “It certainly looks like America is becoming a food stamp nation.”

But my bigger point is that welfare is bad for both taxpayers and the people who get trapped into relying on big government.

The ideal approach, as explained in this video, is to get the federal government out of the business of redistributing income. We are far more likely to get better results if we let states experiment with different approaches.

House Republicans, to their credit, already want to do this with Medicaid. So why not block grant all social welfare programs?

The icing on the cake is that no longer would the federal government be running ads to lure people into dependency.

Related posts:

We can no longer afford the welfare state (Part 7)

Ep. 4 – From Cradle to Grave [7/7]. Milton Friedman’s Free to Choose (1980) With the national debt increasing faster than ever we must make the hard decisions to balance the budget now. If we wait another decade to balance the budget then we will surely risk our economic collapse. The first step is to […]

We can no longer afford the welfare state (Part 6)

Ep. 4 – From Cradle to Grave [6/7]. Milton Friedman’s Free to Choose (1980) With the national debt increasing faster than ever we must make the hard decisions to balance the budget now. If we wait another decade to balance the budget then we will surely risk our economic collapse. The first step is to […]

We can no longer afford the welfare state (Part 5)

Ep. 4 – From Cradle to Grave [5/7]. Milton Friedman’s Free to Choose (1980) With the national debt increasing faster than ever we must make the hard decisions to balance the budget now. If we wait another decade to balance the budget then we will surely risk our economic collapse. The first step is to […]

We can no longer afford the welfare state (Part 4)

 Ep. 4 – From Cradle to Grave [4/7]. Milton Friedman’s Free to Choose (1980) With the national debt increasing faster than ever we must make the hard decisions to balance the budget now. If we wait another decade to balance the budget then we will surely risk our economic collapse. The first step is to […]

We can no longer afford the welfare state (Part 3)

Ep. 4 – From Cradle to Grave [3/7]. Milton Friedman’s Free to Choose (1980) With the national debt increasing faster than ever we must make the hard decisions to balance the budget now. If we wait another decade to balance the budget then we will surely risk our economic collapse. The first step is to […]

We can no longer afford the welfare state (Part 2)

With the national debt increasing faster than ever we must make the hard decisions to balance the budget now. If we wait another decade to balance the budget then we will surely risk our economic collapse. The first step is to remove all welfare programs and replace them with the negative income tax program that […]

We can no longer afford the welfare state (Part 1)

Milton Friedman – The Negative Income Tax Published on May 11, 2012 by LibertyPen In this 1968 interview, Milton Friedman explained the negative income tax, a proposal that at minimum would save taxpayers the 72 percent of our current welfare budget spent on administration. http://www.LibertyPen.com Source: Firing Line with William F Buckley Jr. ________________ Milton […]

By Everette Hatcher III | Also posted in President Obama, spending out of control | Comments (0)