Francis Schaeffer pictured below in 1971 at L Abri
_
_
Dr. Francis Schaeffer at L’Abri Conference, Urbana, 1981
_
–
I can’t seem to face up to the facts I’m tense and nervous and I can’t relax I can’t sleep, ’cause my bed’s on fire Don’t touch me, I’m a real live wirePsycho killer, qu’est-ce que c’est? Fa, fa, fa, fa, fa, fa, fa, far better Run, run, run, run, run, run away Oh-ho-ho Psycho killer, qu’est-ce que c’est? Fa, fa, fa, fa, fa, fa, fa, far better Run, run, run, run, run, run away Oh-ho-ho-ho, aye-yi-yi-yi-yi, oohYou start a conversation, you can’t even finish it You’re talking a lot, but you’re not saying anything When I have nothing to say, my lips are sealed Say something once, why say it again?Psycho killer, qu’est-ce que c’est? Fa, fa, fa, fa, fa, fa, fa, far better Run, run, run, run, run, run away Oh-ho-ho Psycho killer, qu’est-ce que c’est? Fa, fa, fa, fa, fa, fa, fa, far better Run, run, run, run, run, run away Oh-ho-ho-ho, aye-yi-yi-yi-yiCe que j’ai fait ce soir-là Ce qu’elle a dit ce soir-là Réalisant mon espoir Je me lance vers la gloire Okay Yeah, yeah, yeah, yeah, yeah, yeah Yeah, yeah, yeah, yeah, yeah, yeah We are vain and we are blind I hate people when they’re not politePsycho killer, qu’est-ce que c’est? Fa, fa, fa, fa, fa, fa, fa, far better Run, run, run, run, run, run away Oh-ho-ho Psycho killer, qu’est-ce que c’est? Fa, fa, fa, fa, fa, fa, fa, far better Run, run, run, run, run, run away Oh-ho-ho-ho, aye-yi-yi-yi-yi, oohSource: MusixmatchSongwriters: TINA WEYMOUTH / CHRISTOPHER FRANTZ / DAVID BRYNE
[Verse 2] Hold tight, wait ’til the party’s over Hold tight, we’re in for nasty weather There has got to be a way Burning down the house
[Chorus 1] Here’s your ticket, pack your bag, it’s time for jumping overboard The transportation is here Close enough but not too far, maybe you know where you are Fighting fire with fire, ah!
[Verse 3] All wet, here, you might need a raincoat Shakedown, dreams walking in broad daylight Three hundred sixty-five degrees Burning down the house
[Chorus 2] It was once upon a place, sometimes I listen to myself Gonna come in first place People on their way to work say, “Baby, what did you expect?” Gonna burst into flame, ah!
Although the Talking Heads were a part of the original CBGB’s lineup in the mid-1970’s, they are most commonly associated with the transition between Punk and New Wave. By offering an alternative/artsy sound incorporating polyrhythmic, African drumming styles, synthesized rhythm and blues melodies, with quirky lyrics and vocals they stood apart from other punk bands that had a more stripped-down sound.
Lead vocalist and guitarist David Byrne (1952), drummer Chris Franz (1951), and bassist and keyboard player Tina Weymouth (1950), first formed in 1974 as a trio called The Artistics while attending the Rhode Island School of Design as art students. Within the year the band had decided to relocate to New York City, and as fate would have it ended up in an apartment just blocks away from the emerging CBGB’s.
Their big break came in 1975 after opening there for the Ramones. They were almost immediately offered a contract with Sire Records but continued to develop their sound playing regularly at the emerging club before adding the fourth member, Jerry Harrison (1949), on keyboards, to record their debut album “1977,” named for the year in which it was recorded.
In 1978, they began to work with the legendary producer Brian Eno, and at that time their work was characterized by extensive musical experimentation with both acoustic and electronic instruments. With their more clean-cut, preppie look, and their a-political, less nihilistic but more sarcastic lyrics, the Talking Heads separated themselves from the other Punk bands and foreshadowed the New Wave bands who followed in the 1980’s.
Talking Heads successfully made the transition between Punk and New Wavein the 1980s by adding funk, world music, African percussion and an emphasis on electronic instruments. During the eleven years that they recorded, Talking Heads became a critically acclaimed band, and achieved some commercial success with several pop hits, before breaking up in 1991.
Byrne went on to a very successful solo career that heavily promoted world music, particularly Latin and Cuban genres. He is also a respected photographer, filmmaker, and directed most of the Talking Heads videos.
Page author: A.E.
FRANCIS SCHAEFFER comments on punk rock:
They come to us, they have gone to the end of this logically and they are not living in a romantic setting. They can’t find any meaning to life. It’s the meaning to the black poetry. It’s the meaning of the black plays. It’s the meaning of all this. It’s the meaning of the words “punk rock.”
Francis Schaeffer pictured
Francis Schaeffer taught young people at L Abri in Switzerland in the 1950’s till the 1980’s (pictured below)
—-
—
“They are the natural outcome of a change from a Christian World View to a Humanistic one… The result is a relativistic value system. A lack of a final meaning to life — that’s first. Why does human life have any value at all, if that is all that reality is? Not only are you going to die individually, but the whole human race is going to die, someday. It may not take the falling of the atom bombs, but someday the world will grow too hot, too cold. That’s what we are told on this other final reality, and someday all you people not only will be individually dead, but the whole conscious life on this world will be dead, and nobody will see the birds fly. And there’s no meaning to life.
As you know, I don’t speak academically, shut off in some scholastic cubicle, as it were. I have lots of young people and older ones come to us from the ends of the earth. And as they come to us, they have gone to the end of this logically and they are not living in a romantic setting. They realize what the situation is. They can’t find any meaning to life. It’s the meaning to the black poetry. It’s the meaning of the black plays. It’s the meaning of all this. It’s the meaning of the words “punk rock.” And I must say, that on the basis of what they are being taught in school, that the final reality is only this material thing, they are not wrong. They’re right! On this other basis there is no meaning to life and not only is there no meaning to life, but there is no value system that is fixed, and we find that the law is based then only on a relativistic basis and that law becomes purely arbitrary.
—-
Francis Schaeffer also observed:
The peak of the drug culture of the hippie movement was well symbolized by the movie Woodstock.Woodstock was a rock festival held in northeastern United States in the summer of 1969. The movie about that rock festival was released in the spring of 1970. Many young people thought that Woodstock was the beginning of a newand wonderful age.
Jimi Hendrix (1942–1970) himself was soon to become a symbol of the end. Black, extremely talented, inhumanly exploited, he overdosed in September 1970 and drowned in his own vomit, soon after the claim that the culture of which he was a symbol was a new beginning. In the late sixties the ideological hopes based on drug-taking died.
After Woodstock two events “ended the age of innocence,” to use the expression of Rolling Stone magazine. The first occurred at Altamont, California, where the Rolling Stones put on a festival and hired the Hell’s Angels (for several barrels of beer) to police the grounds. Instead, the Hell’s Angels killed people without any cause, and it was a bad scene indeed. But people thought maybe this was a fluke, maybe it was just California! It took a second event to be convincing. On the Isle of Wight, 450,000 people assembled, and it was totally ugly. A number of people from L’Abri were there, and I know a man closely associated with the rock world who knows the organizer of this festival. Everyone agrees that the situation was just plain hideous.
In his book HOW SHOULD WE THEN LIVE? Francis Schaeffer noted:
This emphasis on hallucinogenic drugs brought with it many rock groups–for example, Cream, Jefferson Airplane, Grateful Dead, Incredible String Band, Pink Floyd, and Jimi Hendrix. Most of their work was from 1965-1958. The Beatles’Sergeant Pepper’s Lonely Hearts Club Band (1967) also fits here. This disc is a total unity, not just an isolated series of individual songs, and for a time it became the rallying cry for young people throughout the world. As a whole, this music was the vehicle to carry the drug culture and the mentality which went with it across frontiers which were almost impassible by other means of communication.
Together with the advent of the “drug Age” was the increased interest in the West in the religious experience of Hinduism and Buddhism. Schaeffer tells us that: “This grasping for a nonrational meaning to life and values is the central reason that these Eastern religions are so popular in the West today.” Drugs and Eastern religions came like a flood into the Western world. They became the way that people chose to find meaning and values in life. By themselves or together, drugs and Eastern religion became the way that people searched inside themselves for ultimate truth.
Along with drugs and Eastern religions there has been a remarkable increase “of the occult appearing as an upper-story hope.” As modern man searches for answers it “many moderns would rather have demons than be left with the idea that everything in the universe is only one big machine.” For many people having the “occult in the upper story of nonreason in the hope of having meaning” is better than leaving the upper story of nonreason empty. For them horror or the macabre are more acceptable than the idea that they are just a machine.
Francis Schaeffer has correctly argued:
The universe was created by an infinite personal God and He brought it into existence by spoken word and made man in His own image. When man tries to reduce [philosophically in a materialistic point of view] himself to less than this [less than being made in the image of God] he will always fail and he will always be willing to make these impossible leaps into the area of nonreason even though they don’t give an answer simply because that isn’t what he is. He himself testifies that this infinite personal God, the God of the Old and New Testament is there.
Instead of making a leap into the area of nonreason the better choice would be to investigate the claims that the Bible is a historically accurate book and that God created the universe and reached out to humankind with the Bible. Below is a piece of that evidence given by Francis Schaeffer concerning the accuracy of the Bible.
TRUTH AND HISTORY (chapter 5 of WHATEVER HAPPENED TO THE HUMAN RACE?, under footnote #94)
We looked earlier at the city of Lachish. Let us return to the same period in Israel’s history when Lachich was besieged and captured by the Assyrian King Sennacherib. The king of Judah at the time was Hezekiah.
Perhaps you remember the story of how Jesus healed a blind man and told him to go and wash in the Pool of Siloam. It is the same place known by King Hezekiah, approximately 700 years earlier. One of the remarkable things about the flow of the Bible is that historical events separated by hundreds of years took place in the same geographic spots, and standing in these places today, we can feel that flow of history about us. The crucial archaeological discovery which relates the Pool of Siloam is the tunnel which lies behind it.
One day in 1880 a small Arab boy was playing with his friend and fell into the pool. When he clambered out, he found a small opening about two feet wide and five feet high. On examination, it turned out to be a tunnel reaching back into the rock. But that was not all. On the side of the tunnel an inscribed stone (now kept in the museum in Istanbul) was discovered, which told how the tunnel had been built originally. The inscription in classical Hebrew reads as follows:
The boring through is completed. And this is the story of the boring: while yet they plied the pick, each toward his fellow, and while there were yet three cubits [4 14 feet] to be bored through, there was heard the voice of one calling to the other that there was a hole in the rock on the right hand and on the left hand. And on the day of the boring through the workers on the tunnel struck each to meet his fellow, pick upon pick. Then the water poured from the source to the Pool 1,200 cubits [about 600 yards] and a 100 cubits was the height of the rock above the heads of the workers in the tunnel.
We know this as Hezekiah’s Tunnel. The Bible tells us how Hezekiah made provision for a better water supply to the city:Now the rest of the acts of Hezekiah and all his might, and how he made the pool and the conduit and brought water into the city, are they not written in the Book of the Chronicles of the Kings of Judah?(II Kings 20:20). We know here three things: the biblical account, the tunnel itself of which the Bible speaks, and the original stone with its inscription in classical Hebrew.
From the Assyrian side, there is additional confirmation of the incidents mentioned in the Bible. There is a clay prism in the British Museum called the Taylor Prism (British Museum, Ref. 91032). It is only fifteen inches high and was discovered in the Assyrian palace at Nineveh. This particular prism dates from about 691 B.C. and tells about Sennacherib’s exploits. A section from the prism reads, “As for Hezekiah, the Jew, who did not submit to my yoke, forty-six of his strong walled cities, as well as small cities in their neighborhood I have besieged and took…himself like a caged bird, I shut up in Jerusalem, his royal city. Earthworks I threw up against him,” Thus, there is a three-way confirmation concerning Hezekiah’s tunnel from the Hebrew side and this amazing confirmation from the Assyrian side.
In my four-part series on inequality (here, here, here, and here), I argue that that it is more important to instead focus on reducing poverty – especially since we know the policies needed to achieve that latter goal.
In this discussion, I contemplate why some folks don’t understand that message.
One reason is that some of them don’t care.
As explained by the Eighth Theorem of Government, they are motivated first and foremost by a desire for bigger government.
And it doesn’t matter whether they are driven by ideology or “public choice.” The bottom line is that helping people climb the economic ladder is – at best – a secondary concern.
But what about the well-meaning folks on the left? Is there a way of convincing them to channel their compassion in a better direction?
As mentioned in the interview, these are the people who generally believe that the economy is a fixed pie. As such when someone like Jeff Bezos is rich, they think it means other people are poor.
So it should be simple to show them that this isn’t true. There is a wealth of data showing how good (or even just decent) policies create more prosperity.
Looking specifically at the United States, we’re much richer today than we were in the past. And that’s true whether you go back 200 years or if you simply compared today’s economy with where America was after World War II.
But here’s what frustrates me. When I share this data with my left-leaning friends, they seem to have some sort of mental block that prevents them from reaching the obvious conclusion.
A few of them will pivot, acknowledge that broad-based growth happens, but then argue that growth is unaffected by policy.
In other words, nations can become more prosperous whether government is big or government is small.
Needless to say, there’s also a wealth of data showing that this isn’t true.
At which point the honest and intelligent folks on the left will explicitly or implicitlyembrace Arthur Okun’s argument that it’s okay to have less growth if there’s more equality.
That’s when I point out that even small differences in growth make a big difference to income levels over just a few decades. Which means poor people ultimately will be richer if there’s more economic liberty.
So if they really care about the well-being of the less fortunate, they should be the biggest advocates of free markets and limited government.
Here’s an oft-used meme illustrating this argument that fairness is only possible with “equality of outcomes.”
I admit this is a clever image, but only in theory.
If you look at the societies that actually have followed Marx’s dictum of “From each according to his ability, to each according to his needs,” you find misery and destitution (nations such as Cuba, North Korea, and Venezuela today, and countries such as Maoist China and the Soviet Union in the past).
In other words, there may be inequality in capitalism, but only in the sense that some people get richer faster than other people get richer.
If we mixed the final two memes, we would get something akin to the right side of this image, which shows equal misery under socialism and unequal prosperity under capitalism (hat tip to Winston Churchill).
The bottom line is that if we care about the well being of the less fortunate, the policy goal should be free markets and limited government.
Which was the entire point of my three-part series (here, here, and here) on poverty and inequality.
P.S. Here’s a story from Sweden about what happens when the ideology of equality produces bizarre choices.
But the main goal of that column was to explain that the internal revenue code already is heavily weighted against investors, entrepreneurs, business owners and other upper-income taxpayers.
And to underscore that point, I shared two charts from Brian Riedl’s chartbook to show that the “rich” are now paying a much larger share of the tax burden – notwithstanding the Reagan tax cuts, Bush tax cuts, and Trump tax cuts – than they were 40 years ago.
Not only that, but the United States has a tax system that is more “progressive” than all other developed nations (all of whom also impose heavy tax burdens on upper-income taxpayers, but differ from the United States in that they also pillage lower-income and middle-class residents).
In other words, Biden’s class-warfare tax plan is bad policy.
Today’s column, by contrast, will point out that his tax increases are impractical. Simply stated, they won’t collect much revenue because people change their behavior when incentives to earn and report income are altered.
This is especially true when looking at upper-income taxpayers who – compared to the rest of us – have much greater ability to change the timing, level, and composition of their income.
This helps to explain why rich people paid five times as much tax to the IRS during the 1980s when Reagan slashed the top tax rate from 70 percent to 28 percent.
When writing about this topic, I normally use the Laffer Curve to help people understand why simplistic assumptions about tax policy are wrong (that you can double tax revenue by doubling tax rates, for instance). And I point out that even folks way on the left, such as Paul Krugman, agree with this common-sense view (though it’s also worth noting that some people on the right discredit the concept by making silly assertions that “all tax cuts pay for themselves”).
But instead of showing the curve again, I want to go back to Brian Riedl’s chartbook and review his data on of revenue changes during the eight years of the Obama Administration.
It shows that Obama technically cut taxes by $822 billion (as further explained in the postscript, most of that occurred when some of the Bush tax cuts were made permanent by the “fiscal cliff” deal in 2012) and raised taxes by $1.32 trillion (most of that occurred as a result of the Obamacare legislation).
If we do the math, that means Obama imposed a cumulative net tax increase of about $510 billion during his eight years in office
But, if you look at the red bar on the chart, you’ll see that the government didn’t wind up with more money because of what the number crunchers refer to as “economic and technical reestimates.”
Indeed, those reestimates resulted in more than $3.1 trillion of lost revenue during the Obama years.
I don’t want the politicians and bureaucrats in Washington to have more tax revenue, but I obviously don’t like it when tax revenues shrink simply because the economy is stagnant and people have less taxable income.
Yet that’s precisely what we got during the Obama years.
To be sure, it would be inaccurate to assert that revenues declined solely because of Obama’s tax increase. There were many other bad policies that also contributed to taxable income falling short of projections.
Heck, maybe there was simply some bad luck as well.
But even if we add lots of caveats, the inescapable conclusion is that it’s not a good idea to adopt policies – such as class-warfare tax rates – that discourage people from earning and reporting taxable income.
The bottom line is that we should hope Biden’s proposed tax increases die a quick death.
P.S. The “fiscal cliff” was the term used to describe the scheduled expiration of the 2001 and 2003 Bush tax cuts. According to the way budget data is measured in Washington, extending some of those provisions counted as a tax cut even though the practical impact was to protect people from a tax increase.
P.P.S. Even though Biden absurdly asserted that paying higher taxes is “patriotic,” it’s worth pointing out that he engaged in very aggressive tax avoidance to protect his family’s money.
The good news, as I wrote earlier this year, is that he probably isn’t serious about some of his worst ideas.
Biden is a statist, but not overly ideological. His support for bigger government is largely a strategy of catering to the various interest groups that dominate the Democratic Party. The good news is that he’s an incrementalist and won’t aggressively push for a horrifying FDR-style agenda if he gets to the White House.
But what if Joe Biden’s health deteriorates and Kamala Harris – sooner or later – winds up in charge?
And it doesn’t appear that being Biden’s choice for Vice President has led her to moderate her views. Consider this campaign ad, where she openly asserted that “equitable treatment means we all end up at the same place.”
The notion that we should strive for equality of outcomes rather than equality of opportunity is horrifying.
For all intents and purposes,Harris has embraced a harsh version of redistributionism where everyone above average is punished and everyone below average is rewarded.
This goes way beyond a safety net and it’s definitely a recipe for economic misery since people on both sides of the equationhave less incentive to be productive.
I’m not the only one to be taken aback by Harris’ dogmatic leftism.
Robby Soave, writing for Reason, is very critical of her radical outlook.
Harris gives voice to a leftist-progressive narrative about the importance of equity—equal outcomes—rather than mere equality before the law. …Harris contrasted equal treatment—all people getting the same thing—with equitable treatment,which means “we all end up at the same place.” …This may seem like a trivial difference, but when it comes to public policy, the difference matters. A government shouldbe obligated to treat all citizens equally, giving them the same access to civil rights and liberties like voting, marriage, religious freedom, and gun ownership. …A mandate to foster equity, though, would give the government power to violate these rights in order to achieve identical social results for all people.
And, in a column for National Review, Brad Polumbo expresses similar reservations about her views.
Whether she embraces the label “socialist” or not, Harris’s stated agenda and Senate record both reveal her to be positioned a long way to the left on matters of economic policy. From health care to the environment to housing, Harris thinks the answer to almost every problem we face is simply more government and more taxpayer money — raising taxes and further indebting future generations in the process.…Harris…supports an astounding $40 trillion in new spending over the next decade. In a sign of just how far left the Democratic Party has shifted on economics, Harris backs more than 20 times as much spending as Hillary Clinton proposed in 2016. …And this is not just a matter of spending. During her failed presidential campaign, Harris supported a federal-government takeover of health care… The senator jumped on the “Green New Deal” bandwagon as well. She co-sponsored the Green New Deal resolution in the Senate that called for a “new national, social, industrial, and economic mobilization on a scale not seen since World War II and the New Deal era.” …she supports enacting price controls on housing across the country. …The left-wing group Progressive Punch analyzed Harris’s voting record and found that she is the fourth-most liberal senator, more liberal even than Massachusetts senator Elizabeth Warren. Similarly, the nonpartisan organization GovTrack.us deemed Harris the furthest-left member of the Senate for the 2019 legislative year. (Spoiler alert: If your voting record is to the left of Bernie Sanders, you might be a socialist.)
To be fair, Harris is simply a politician, so we have no idea what she really believes. Her hard-left agenda might simply be her way of appealing to Democratic voters, much as Republicans who run for president suddenly decide they support big tax cuts and sweeping tax reform.
But whether she’s sincere or insincere, it’s troubling that she actually says it’s the role of government to make sure we all “end up at the same place.”
Let’s close with a video clip from Milton Friedman. At the risk of understatement, he has a different perspective than Ms. Harris.
Since we highlighted Harris’ key quote, let’s also highlight the key quote from Friedman.
Amen.
P.S. It appears Republicans will hold the Senate, which presumably (hopefully?) means that any radical proposals would be dead on arrival, regardless of whether they’re proposed by Biden or Harris.
After Barack Obama took office (and especially after he was reelected), there was a big uptick in the number of rich people who chose to emigrate from the United States.
There are many reasons wealthy people choose to move from one nation to another, but Obama’s embrace of class-warfare tax policy (including FATCA) was seen as a big factor.
Joe Biden’s tax agenda is significantly more punitive than Obama’s, so we may see something similar happen if he wins the 2020 election.
Given the economic importance of innovators, entrepreneurs, and inventors, this would be not be good news for the American economy.
The New York Timesreported late last year that the United States could be shooting itself in the foot by discouraging wealthy residents.
…a different group of Americans say they are considering leaving — people of both parties who would be hit by the wealth tax… Wealthy Americans often leave high-tax states like New York and California for lower-tax ones like Florida and Texas. But renouncing citizenship is a far more permanent, costly and complicated proposition. …“America’s the most attractive destination for capital, entrepreneurs and people wanting to get a great education,” said Reaz H. Jafri, a partner and head of the immigration practice at Withers, an international law firm. “But in today’s world, when you have other economic centers of excellence — like Singapore, Switzerland and London — people don’t view the U.S. as the only place to be.” …now, the price may be right to leave. While the cost of expatriating varies depending on a person’s assets, the wealthiest are betting that if a Democrat wins…, leaving now means a lower exit tax. …The wealthy who are considering renouncing their citizenship fear a wealth tax less than the possibility that the tax on capital gains could be raised to the ordinary income tax rate, effectively doubling what a wealthy person would pay… When Eduardo Saverin, a founder of Facebook…renounced his United States citizenship shortly before the social network went public, …several estimates said that renouncing his citizenship…saved him $700 million in taxes.
Here are some excerpts from a 2017 Bloomberg story.
Australia is luring increasing numbers of global millionaires, helping make it one of the fastest growing wealthy nations in the world… Over the past decade, total wealth held in Australia has risen by 85 percent compared to 30 percent in the U.S. and 28 percent in the U.K… As a result, the average Australian is now significantly wealthier than the average American or Briton. …Given its relatively small population, Australia also makes an appearance on a list of average wealth per person. This one is, however, dominated by small tax havens.
Here’s one of the charts from the story.
As you can see, Australia is doing very well, though the small tax havens like Monaco are world leaders.
I’m mystified, however, that the Cayman Islands isn’t listed.
But I’m digressing.
Let’s get back to our main topic. It’s worth noting that even Greece is seeking to attract rich foreigners.
The new tax law is aimed at attracting fresh revenues into the country’s state coffers – mainly from foreigners as well as Greeks who are taxed abroad – by relocating their tax domicile to Greece, as it tries to woo “high-net-worth individuals” to the Greek tax register.The non-dom model provides for revenues obtained abroad to be taxed at a flat amount… Having these foreigners stay in Greece for at least 183 days a year, as the law requires, will also entail expenditure on accommodation and everyday costs that will be added to the Greek economy. …most eligible foreigners will be able to considerably lighten their tax burden if they relocate to Greece…nevertheless, the amount of 500,000 euros’ worth of investment in Greece required of foreigners and the annual flat tax of 100,000 euros demanded (plus 20,000 euros per family member) may keep many of them away.
The system is too restrictive, but it will make the beleaguered nation an attractive destination for some rich people. After all, they don’t even have to pay a flat tax, just a flat fee.
Italy has enjoyed some success with a similar regime to entice millionaires.
Last but not least, an article published last year has some fascinating details on the where rich people move and why they move.
The world’s wealthiest people are also the most mobile. High net worth individuals (HNWIs) – persons with wealth over US$1 million – may decide to pick up and move for a number of reasons. In some cases they are attracted by jurisdictions with more favorable tax laws… Unlike the middle class, wealthy citizens have the means to pick up and leave when things start to sideways in their home country. An uptick in HNWI migration from a country can often be a signal of negative economic or societal factors influencing a country. …Time-honored locations – such as Switzerland and the Cayman Islands – continue to attract the world’s wealthy, but no country is experiencing HNWI inflows quite like Australia. …The country has a robust economy, and is perceived as being a safe place to raise a family. Even better, Australia has no inheritance tax
Here’s a map from the article.
The good news is that the United States is attracting more millionaires than it’s losing (perhaps because of the EB-5 program).
The bad news is that this ratio could flip after the election. Indeed, it may already be happening even though recent data on expatriation paints a rosy picture.
The bottom line is that the United States should be competing to attract millionaires, not repel them. Assuming, of course, politicians care about jobs and prosperity for the rest of the population.
P.S. American politicians, copying laws normally imposed by the world’s most loathsome regimes, have imposed an “exit tax” so they can grab extra cash from rich people who choose to become citizens elsewhere.
P.P.S. I’ve argued that Australia is a good place to emigrate even for those of us who aren’t rich.
While acknowledging that Social Security and Medicare also are in desperate need of modernization, I wrote that Medicaid reformshould be the first priority.
But I’d be happy if we made progress on any type of entitlement reform, so I don’t think there are right or wrong answers to this kind of question.
We have the same type of question this week. A reader sent an email to ask “Which federal department should be abolished first?”
I guess this is what is meant when people talk about a target-rich environment. We have an abundance of candidates:
Simply stated, there is no legitimate argument for HUD. And I think there would be the least political resistance.
As with the answer to the question about entitlements, this is a judgment call. I’d be happy to be proven wrong if it meant that politicians were aggressively going after another department. Anything that reduces the burden of government spending is a step in the right direction
I identified four heroes from the “Battle of Ideas” video I shared in late August – Friedrich Hayek, Milton Friedman, Ronald Reagan, and Margaret Thatcher. Here’s one of those heroes, Milton Friedman, explaining what’s needed to control big government.
Libertarians and others are often torn about school choice. They may wish to see the government schooling monopoly weakened, but they may resist supporting choice mechanisms, like vouchers and education savings accounts, because they don’t go far enough. Indeed, most current choice programs continue to rely on taxpayer funding of education and don’t address the underlying compulsory nature of elementary and secondary schooling.
Skeptics may also have legitimate fears that taxpayer-funded education choice programs will lead to over-regulation of previously independent and parochial schooling options, making all schooling mirror compulsory mass schooling, with no substantive variation.
Friedman Challenged Compulsory Schooling Laws
Milton Friedman had these same concerns. The Nobel prize-winning economist is widely considered to be the one to popularize the idea of vouchers and school choice beginning with his 1955 paper, “The Role of Government in Education.” His vision continues to be realized through the important work of EdChoice, formerly the Friedman Foundation for Education Choice, that Friedman and his economist wife, Rose, founded in 1996.
July 31 is Milton Friedman’s birthday. He died in 2006 at the age of 94, but his ideas continue to have an impact, particularly in education policy.
Friedman saw vouchers and other choice programs as half-measures. He recognized the larger problems of taxpayer funding and compulsion, but saw vouchers as an important starting point in allowing parents to regain control of their children’s education. In their popular book, Free To Choose, first published in 1980, the Friedmans wrote:
We regard the voucher plan as a partial solution because it affects neither the financing of schooling nor the compulsory attendance laws. We favor going much farther. (p.161)
They continued:
The compulsory attendance laws are the justification for government control over the standards of private schools. But it is far from clear that there is any justification for the compulsory attendance laws themselves. (p. 162)
The Friedmans admitted that their “own views on this have changed over time,” as they realized that “compulsory attendance at schools is not necessary to achieve that minimum standard of literacy and knowledge,” and that “schooling was well-nigh universal in the United States before either compulsory attendance or government financing of schooling existed. Like most laws, compulsory attendance laws have costs as well as benefits. We no longer believe the benefits justify the costs.” (pp. 162-3)
Still, they felt that vouchers would be the essential starting point toward chipping away at monopoly mass schooling by putting parents back in charge. School choice, in other words, would be a necessary but not sufficient policy approach toward addressing the underlying issue of government control of education.
Vouchers as a First Step
In their book, the Friedmans presented the potential outcomes of their proposed voucher plan, which would give parents access to some or all of the average per-pupil expenditures of a child enrolled in public school. They believed that vouchers would help create a more competitive education market, encouraging education entrepreneurship. They felt that parents would be more empowered with greater control over their children’s education and have a stronger desire to contribute some of their own money toward education. They asserted that in many places “the public school has fostered residential stratification, by tying the kind and cost of schooling to residential location” and suggested that voucher programs would lead to increased integration and heterogeneity. (pp. 166-7)
To the critics who said, and still say, that school choice programs would destroy the public schools, the Friedmans replied that these critics fail to
explain why, if the public school system is doing such a splendid job, it needs to fear competition from nongovernmental, competitive schools or, if it isn’t, why anyone should object to its “destruction.” (p. 170)
What I appreciate most about the Friedmans discussion of vouchers and the promise of school choice is their unrelenting support of parents. They believed that parents, not government bureaucrats and intellectuals, know what is best for their children’s education and well-being and are fully capable of choosing wisely for their children—when they have the opportunity to do so.
They wrote:
Parents generally have both greater interest in their children’s schooling and more intimate knowledge of their capacities and needs than anyone else. Social reformers, and educational reformers in particular, often self-righteously take for granted that parents, especially those who are poor and have little education themselves, have little interest in their children’s education and no competence to choose for them. That is a gratuitous insult. Such parents have frequently had limited opportunity to choose. However, U.S. history has demonstrated that, given the opportunity, they have often been willing to sacrifice a great deal, and have done so wisely, for their children’s welfare. (p. 160).
Today, school voucher programs exist in 15 states plus the District of Columbia. These programs have consistently shown that when parents are given the choice to opt-out of an assigned district school, many will take advantage of the opportunity. In Washington, D.C., low-income parents who win a voucher lottery send their children to private schools.
The most recent three-year federal evaluationof voucher program participants found that while student academic achievement was comparable to achievement for non-voucher students remaining in public schools, there were statistically significant improvements in other important areas. For instance, voucher participants had lower rates of chronic absenteeism than the control groups, as well as higher student satisfaction scores. There were also tremendous cost-savings.
In Wisconsin, the Milwaukee Parental Choice Program has served over 28,000 low-income students attending 129 participating private schools.
According to Corey DeAngelis, Director of School Choice at the Reason Foundation and a prolific researcher on the topic, the recent analysis of the D.C. voucher program “reveals that private schools produce the same academic outcomes for only a third of the cost of the public schools. In other words, school choice is a great investment.”
In Wisconsin, the Milwaukee Parental Choice Program was created in 1990 and is the nation’s oldest voucher program. It currently serves over 28,000 low-income students attending 129 participating private schools. Like the D.C. voucher program, data on test scores of Milwaukee voucher students show similar results to public school students, but non-academic results are promising.
Increased Access and Decreased Crime
Recent research found voucher recipients had lower crime rates and lower incidences of unplanned pregnancies in young adulthood. On his birthday, let’s celebrate Milton Friedman’s vision of enabling parents, not government, to be in control of a child’s education.
According to Howard Fuller, an education professor at Marquette University, founder of the Black Alliance for Educational Options, and one of the developers of the Milwaukee voucher program, the key is parent empowerment—particularly for low-income minority families.
In an interview with NPR, Fuller said: “What I’m saying to you is that there are thousands of black children whose lives are much better today because of the Milwaukee parental choice program,” he says. “They were able to access better schools than they would have without a voucher.”
Putting parents back in charge of their child’s education through school choice measures was Milton Friedman’s goal. It was not his ultimate goal, as it would not fully address the funding and compulsion components of government schooling; but it was, and remains, an important first step. As the Friedmans wrote in Free To Choose:
The strong American tradition of voluntary action has provided many excellent examples that demonstrate what can be done when parents have greater choice. (p. 159).
On his birthday, let’s celebrate Milton Friedman’s vision of enabling parents, not government, to be in control of a child’s education.
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
_________________________ 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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
“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 […]
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 […]
Charlie Rose interview of Milton Friedman My favorite economist: Milton Friedman : A Great Champion of Liberty by V. Sundaram Milton Friedman, the Nobel Prize-winning economist who advocated an unfettered free market and had the ear of three US Presidents – Nixon, Ford and Reagan – died last Thursday (16 November, 2006 ) in San Francisco […]
By Everette Hatcher III | Posted in Milton Friedman | Edit | Comments (0)
Stearns Speaks on House Floor in Support of Balanced Budget Amendment Uploaded by RepCliffStearns on Nov 18, 2011 Speaking on House floor in support of Balanced Budget Resolution, 11/18/2011 ___________ Below are some of the main proposals of Milton Friedman. I highly respected his work. David J. Theroux said this about Milton Friedman’s view concerning […]
By Everette Hatcher III | Posted in Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Milton Friedman, President Obama | Edit | Comments (1)
What a great defense of Milton Friedman!!!! Defaming Milton Friedman by Johan Norberg This article appeared in Reason Online on September 26, 2008 PRINT PAGE CITE THIS Sans Serif Serif Share with your friends: ShareThis In the future, if you tell a student or a journalist that you favor free markets and limited government, there is […]
Even worse, he wants to expand the capital gains tax so that it functions as an additional form of death tax.
And that tax would be imposed even if assets aren’t sold. In other words, it would a tax on capital gains that only exist on paper (a nutty idea associated with Sens. Ron Wyden and Elizabeth Warren).
I’m not joking. In an article for National Review, Ryan Ellis explains why Biden’s proposal is so misguided.
The Biden administration proposes that on top of the old death tax, which is assessed on estates, the federal government should add a new tax on the deceased’s last 1040 personal-income-tax return. This new, second tax would apply to tens of millions of Americans. …the year someone died, all of their unrealized capital gains (gains on unsold real estate, family farms and businesses, stocks and other investments, artwork, collectibles, etc.) would be subject to taxation as if the assets in question had been sold that year. …In short, what the Biden administration is proposing is to tax the capital gains on a person’s property when they die, even if the assets that account for those gains haven’t actually been sold. …to make matters worse, the administration also supports raising the top tax rate on long-term capital gains from 23.8 percent to 43.4 percent. When state capital-gains-tax rates are factored in, this would make the combined rate at or above 50 percent in many places — the highest capital-gains-tax rate in the world, and the highest in American history.
This sounds bad (and it is bad).
But there’s more bad news.
…that’s not all. After these unrealized, unsold, phantom gains are subject to the new 50 percent double death tax, there is still the matter of the old death tax to deal with. Imagine a 50 percent death tax followed by a 40 percent death tax on what is left, and you get the idea. Karl Marx called for the confiscation of wealth at death, but even he probably never dreamed this big. …Just like the old death tax, the double death tax would be a dream for the estate-planning industry, armies of actuaries and attorneys, and other tax professionals. But for the average American, it would be a nightmare. The death tax we have is bad enough. A second death tax would be a catastrophic mistake.
Hank Adler and Madison Spach also wrote about this topic last month for the Wall Street Journal.
Here’s some of what they wrote.
Mr. Biden’s American Families Plan would subject many estates worth far less than $11.7 million to a punishing new death tax. The plan would raise the total top rate on capital gains, currently 23.8% for most assets, to 40.8%—higher than the 40% maximum estate tax. It would apply the same tax to unrealized capital gains at death…The American Families Plan would result in negative value at death for many long-held leveraged real-estate assets. …Scenarios in which the new death tax would significantly reduce, nearly eliminate or even totally eliminate the net worth of decedents who invested and held real estate for decades wouldn’t be uncommon. …The American Families Plan would discourage long-term investment. That would be particularly true for those with existing wealth who would begin focusing on cash flow rather than long-term investment. The combination of the new death tax plus existing estate tax rates would change risk-reward ratios.
P.S. Keep in mind that there’s no “indexing,” which means investors often are being taxed on gains that merely reflect inflation.
P.P.S. Rather than increasing the tax burden on capital gains, we should copy Belgium, Chile, Costa Rica, Czech Republic, Hungary, Luxembourg, New Zealand, Singapore, Slovenia, Switzerland, and Turkey. What do they have in common? A capital gains tax rate of zero.
This means Joe Biden and Democrats need to make a choice: What matters most, their desire to make government bigger, or their promise not to impose higher taxes on families making less than $400K per year?
We now have the answer to that question, and I hope nobody is surprised to learn that they picked government over taxpayers.
Here are some excerpts from a report by the New York Times.
Democrats have agreed to include a tax on imports from nations that lack aggressive climate change policies as part of a sweeping $3.5 trillion budget plan… The move to tax imports was made public Wednesday, the same day that the European Union outlined its own proposal for a similar carbon border tax, a novel tool that is designed to protect domestic manufacturing.…skeptics caution that a carbon border tax, which has yet to be implemented by any country, would be difficult to carry out, and could anger trading partners and face a challenge at the World Trade Organization. Unlike the Europeans, who outlined their plan in a 291-page document, Democrats released no details about their tax proposal on Wednesday. Calling it simply a “polluter import fee,” the framework does not explain what would be taxed, at what rate or how much revenue it would expect to generate. …verifying the amount of carbon…produced by foreign manufacturing is tricky, experts say.
It’s always a bad idea to give politicians a new source of revenue.
But it’s a worse idea to give them a new source of revenue that will require bureaucrats to measure the amount of carbon produced by every imported good. As I pointed out a few days ago when discussing the European Union’s version of this protectionist scheme, that’s a huge recipe for cronyism and favoritism.
P.S. I’ll be very curious to see how different international bureaucracies react to these anti-trade proposals. The OECD and IMF, while usually bad on fiscal issues, historically have favored unfettered trade. And the World Trade Organizationexists specifically to protect global commerce. But will these organizations now change their position to curry favor with the nations that control their purse strings?
The theory of “public choice” suggests we shouldn’t be optimistic.
I asked yesterday for readers to weigh in on why they support (or don’t support) the Second Amendment. The poll is getting lots of responses, though some folks have complained that I should have included more answers, such as “To protect the rights of hunters.”
And I even had a few left-wing friends tell me I should have included more options for them, such as “The Second Amendment doesn’t mean military-style weapons” or “The Second Amendment doesn’t guarantee individual gun ownership.”
Speaking of our friends on the left, Vice President Joe Biden is overseeing an Administration effort to concoct new gun laws. In the interests of being helpful, I suggest the Veep’s team look at these four videos.
The good news, as I wrote earlier this year, is that he probably isn’t serious about some of his worst ideas.
Biden is a statist, but not overly ideological. His support for bigger government is largely a strategy of catering to the various interest groups that dominate the Democratic Party. The good news is that he’s an incrementalist and won’t aggressively push for a horrifying FDR-style agenda if he gets to the White House.
But what if Joe Biden’s health deteriorates and Kamala Harris – sooner or later – winds up in charge?
And it doesn’t appear that being Biden’s choice for Vice President has led her to moderate her views. Consider this campaign ad, where she openly asserted that “equitable treatment means we all end up at the same place.”
The notion that we should strive for equality of outcomes rather than equality of opportunity is horrifying.
For all intents and purposes,Harris has embraced a harsh version of redistributionism where everyone above average is punished and everyone below average is rewarded.
This goes way beyond a safety net and it’s definitely a recipe for economic misery since people on both sides of the equationhave less incentive to be productive.
I’m not the only one to be taken aback by Harris’ dogmatic leftism.
Robby Soave, writing for Reason, is very critical of her radical outlook.
Harris gives voice to a leftist-progressive narrative about the importance of equity—equal outcomes—rather than mere equality before the law. …Harris contrasted equal treatment—all people getting the same thing—with equitable treatment,which means “we all end up at the same place.” …This may seem like a trivial difference, but when it comes to public policy, the difference matters. A government shouldbe obligated to treat all citizens equally, giving them the same access to civil rights and liberties like voting, marriage, religious freedom, and gun ownership. …A mandate to foster equity, though, would give the government power to violate these rights in order to achieve identical social results for all people.
And, in a column for National Review, Brad Polumbo expresses similar reservations about her views.
Whether she embraces the label “socialist” or not, Harris’s stated agenda and Senate record both reveal her to be positioned a long way to the left on matters of economic policy. From health care to the environment to housing, Harris thinks the answer to almost every problem we face is simply more government and more taxpayer money — raising taxes and further indebting future generations in the process.…Harris…supports an astounding $40 trillion in new spending over the next decade. In a sign of just how far left the Democratic Party has shifted on economics, Harris backs more than 20 times as much spending as Hillary Clinton proposed in 2016. …And this is not just a matter of spending. During her failed presidential campaign, Harris supported a federal-government takeover of health care… The senator jumped on the “Green New Deal” bandwagon as well. She co-sponsored the Green New Deal resolution in the Senate that called for a “new national, social, industrial, and economic mobilization on a scale not seen since World War II and the New Deal era.” …she supports enacting price controls on housing across the country. …The left-wing group Progressive Punch analyzed Harris’s voting record and found that she is the fourth-most liberal senator, more liberal even than Massachusetts senator Elizabeth Warren. Similarly, the nonpartisan organization GovTrack.us deemed Harris the furthest-left member of the Senate for the 2019 legislative year. (Spoiler alert: If your voting record is to the left of Bernie Sanders, you might be a socialist.)
To be fair, Harris is simply a politician, so we have no idea what she really believes. Her hard-left agenda might simply be her way of appealing to Democratic voters, much as Republicans who run for president suddenly decide they support big tax cuts and sweeping tax reform.
But whether she’s sincere or insincere, it’s troubling that she actually says it’s the role of government to make sure we all “end up at the same place.”
Let’s close with a video clip from Milton Friedman. At the risk of understatement, he has a different perspective than Ms. Harris.
Since we highlighted Harris’ key quote, let’s also highlight the key quote from Friedman.
Amen.
P.S. It appears Republicans will hold the Senate, which presumably (hopefully?) means that any radical proposals would be dead on arrival, regardless of whether they’re proposed by Biden or Harris.
After Barack Obama took office (and especially after he was reelected), there was a big uptick in the number of rich people who chose to emigrate from the United States.
There are many reasons wealthy people choose to move from one nation to another, but Obama’s embrace of class-warfare tax policy (including FATCA) was seen as a big factor.
Joe Biden’s tax agenda is significantly more punitive than Obama’s, so we may see something similar happen if he wins the 2020 election.
Given the economic importance of innovators, entrepreneurs, and inventors, this would be not be good news for the American economy.
The New York Timesreported late last year that the United States could be shooting itself in the foot by discouraging wealthy residents.
…a different group of Americans say they are considering leaving — people of both parties who would be hit by the wealth tax… Wealthy Americans often leave high-tax states like New York and California for lower-tax ones like Florida and Texas. But renouncing citizenship is a far more permanent, costly and complicated proposition. …“America’s the most attractive destination for capital, entrepreneurs and people wanting to get a great education,” said Reaz H. Jafri, a partner and head of the immigration practice at Withers, an international law firm. “But in today’s world, when you have other economic centers of excellence — like Singapore, Switzerland and London — people don’t view the U.S. as the only place to be.” …now, the price may be right to leave. While the cost of expatriating varies depending on a person’s assets, the wealthiest are betting that if a Democrat wins…, leaving now means a lower exit tax. …The wealthy who are considering renouncing their citizenship fear a wealth tax less than the possibility that the tax on capital gains could be raised to the ordinary income tax rate, effectively doubling what a wealthy person would pay… When Eduardo Saverin, a founder of Facebook…renounced his United States citizenship shortly before the social network went public, …several estimates said that renouncing his citizenship…saved him $700 million in taxes.
Here are some excerpts from a 2017 Bloomberg story.
Australia is luring increasing numbers of global millionaires, helping make it one of the fastest growing wealthy nations in the world… Over the past decade, total wealth held in Australia has risen by 85 percent compared to 30 percent in the U.S. and 28 percent in the U.K… As a result, the average Australian is now significantly wealthier than the average American or Briton. …Given its relatively small population, Australia also makes an appearance on a list of average wealth per person. This one is, however, dominated by small tax havens.
Here’s one of the charts from the story.
As you can see, Australia is doing very well, though the small tax havens like Monaco are world leaders.
I’m mystified, however, that the Cayman Islands isn’t listed.
But I’m digressing.
Let’s get back to our main topic. It’s worth noting that even Greece is seeking to attract rich foreigners.
The new tax law is aimed at attracting fresh revenues into the country’s state coffers – mainly from foreigners as well as Greeks who are taxed abroad – by relocating their tax domicile to Greece, as it tries to woo “high-net-worth individuals” to the Greek tax register.The non-dom model provides for revenues obtained abroad to be taxed at a flat amount… Having these foreigners stay in Greece for at least 183 days a year, as the law requires, will also entail expenditure on accommodation and everyday costs that will be added to the Greek economy. …most eligible foreigners will be able to considerably lighten their tax burden if they relocate to Greece…nevertheless, the amount of 500,000 euros’ worth of investment in Greece required of foreigners and the annual flat tax of 100,000 euros demanded (plus 20,000 euros per family member) may keep many of them away.
The system is too restrictive, but it will make the beleaguered nation an attractive destination for some rich people. After all, they don’t even have to pay a flat tax, just a flat fee.
Italy has enjoyed some success with a similar regime to entice millionaires.
Last but not least, an article published last year has some fascinating details on the where rich people move and why they move.
The world’s wealthiest people are also the most mobile. High net worth individuals (HNWIs) – persons with wealth over US$1 million – may decide to pick up and move for a number of reasons. In some cases they are attracted by jurisdictions with more favorable tax laws… Unlike the middle class, wealthy citizens have the means to pick up and leave when things start to sideways in their home country. An uptick in HNWI migration from a country can often be a signal of negative economic or societal factors influencing a country. …Time-honored locations – such as Switzerland and the Cayman Islands – continue to attract the world’s wealthy, but no country is experiencing HNWI inflows quite like Australia. …The country has a robust economy, and is perceived as being a safe place to raise a family. Even better, Australia has no inheritance tax
Here’s a map from the article.
The good news is that the United States is attracting more millionaires than it’s losing (perhaps because of the EB-5 program).
The bad news is that this ratio could flip after the election. Indeed, it may already be happening even though recent data on expatriation paints a rosy picture.
The bottom line is that the United States should be competing to attract millionaires, not repel them. Assuming, of course, politicians care about jobs and prosperity for the rest of the population.
P.S. American politicians, copying laws normally imposed by the world’s most loathsome regimes, have imposed an “exit tax” so they can grab extra cash from rich people who choose to become citizens elsewhere.
P.P.S. I’ve argued that Australia is a good place to emigrate even for those of us who aren’t rich.
While acknowledging that Social Security and Medicare also are in desperate need of modernization, I wrote that Medicaid reformshould be the first priority.
But I’d be happy if we made progress on any type of entitlement reform, so I don’t think there are right or wrong answers to this kind of question.
We have the same type of question this week. A reader sent an email to ask “Which federal department should be abolished first?”
I guess this is what is meant when people talk about a target-rich environment. We have an abundance of candidates:
Simply stated, there is no legitimate argument for HUD. And I think there would be the least political resistance.
As with the answer to the question about entitlements, this is a judgment call. I’d be happy to be proven wrong if it meant that politicians were aggressively going after another department. Anything that reduces the burden of government spending is a step in the right direction
I identified four heroes from the “Battle of Ideas” video I shared in late August – Friedrich Hayek, Milton Friedman, Ronald Reagan, and Margaret Thatcher. Here’s one of those heroes, Milton Friedman, explaining what’s needed to control big government.
Libertarians and others are often torn about school choice. They may wish to see the government schooling monopoly weakened, but they may resist supporting choice mechanisms, like vouchers and education savings accounts, because they don’t go far enough. Indeed, most current choice programs continue to rely on taxpayer funding of education and don’t address the underlying compulsory nature of elementary and secondary schooling.
Skeptics may also have legitimate fears that taxpayer-funded education choice programs will lead to over-regulation of previously independent and parochial schooling options, making all schooling mirror compulsory mass schooling, with no substantive variation.
Friedman Challenged Compulsory Schooling Laws
Milton Friedman had these same concerns. The Nobel prize-winning economist is widely considered to be the one to popularize the idea of vouchers and school choice beginning with his 1955 paper, “The Role of Government in Education.” His vision continues to be realized through the important work of EdChoice, formerly the Friedman Foundation for Education Choice, that Friedman and his economist wife, Rose, founded in 1996.
July 31 is Milton Friedman’s birthday. He died in 2006 at the age of 94, but his ideas continue to have an impact, particularly in education policy.
Friedman saw vouchers and other choice programs as half-measures. He recognized the larger problems of taxpayer funding and compulsion, but saw vouchers as an important starting point in allowing parents to regain control of their children’s education. In their popular book, Free To Choose, first published in 1980, the Friedmans wrote:
We regard the voucher plan as a partial solution because it affects neither the financing of schooling nor the compulsory attendance laws. We favor going much farther. (p.161)
They continued:
The compulsory attendance laws are the justification for government control over the standards of private schools. But it is far from clear that there is any justification for the compulsory attendance laws themselves. (p. 162)
The Friedmans admitted that their “own views on this have changed over time,” as they realized that “compulsory attendance at schools is not necessary to achieve that minimum standard of literacy and knowledge,” and that “schooling was well-nigh universal in the United States before either compulsory attendance or government financing of schooling existed. Like most laws, compulsory attendance laws have costs as well as benefits. We no longer believe the benefits justify the costs.” (pp. 162-3)
Still, they felt that vouchers would be the essential starting point toward chipping away at monopoly mass schooling by putting parents back in charge. School choice, in other words, would be a necessary but not sufficient policy approach toward addressing the underlying issue of government control of education.
Vouchers as a First Step
In their book, the Friedmans presented the potential outcomes of their proposed voucher plan, which would give parents access to some or all of the average per-pupil expenditures of a child enrolled in public school. They believed that vouchers would help create a more competitive education market, encouraging education entrepreneurship. They felt that parents would be more empowered with greater control over their children’s education and have a stronger desire to contribute some of their own money toward education. They asserted that in many places “the public school has fostered residential stratification, by tying the kind and cost of schooling to residential location” and suggested that voucher programs would lead to increased integration and heterogeneity. (pp. 166-7)
To the critics who said, and still say, that school choice programs would destroy the public schools, the Friedmans replied that these critics fail to
explain why, if the public school system is doing such a splendid job, it needs to fear competition from nongovernmental, competitive schools or, if it isn’t, why anyone should object to its “destruction.” (p. 170)
What I appreciate most about the Friedmans discussion of vouchers and the promise of school choice is their unrelenting support of parents. They believed that parents, not government bureaucrats and intellectuals, know what is best for their children’s education and well-being and are fully capable of choosing wisely for their children—when they have the opportunity to do so.
They wrote:
Parents generally have both greater interest in their children’s schooling and more intimate knowledge of their capacities and needs than anyone else. Social reformers, and educational reformers in particular, often self-righteously take for granted that parents, especially those who are poor and have little education themselves, have little interest in their children’s education and no competence to choose for them. That is a gratuitous insult. Such parents have frequently had limited opportunity to choose. However, U.S. history has demonstrated that, given the opportunity, they have often been willing to sacrifice a great deal, and have done so wisely, for their children’s welfare. (p. 160).
Today, school voucher programs exist in 15 states plus the District of Columbia. These programs have consistently shown that when parents are given the choice to opt-out of an assigned district school, many will take advantage of the opportunity. In Washington, D.C., low-income parents who win a voucher lottery send their children to private schools.
The most recent three-year federal evaluationof voucher program participants found that while student academic achievement was comparable to achievement for non-voucher students remaining in public schools, there were statistically significant improvements in other important areas. For instance, voucher participants had lower rates of chronic absenteeism than the control groups, as well as higher student satisfaction scores. There were also tremendous cost-savings.
In Wisconsin, the Milwaukee Parental Choice Program has served over 28,000 low-income students attending 129 participating private schools.
According to Corey DeAngelis, Director of School Choice at the Reason Foundation and a prolific researcher on the topic, the recent analysis of the D.C. voucher program “reveals that private schools produce the same academic outcomes for only a third of the cost of the public schools. In other words, school choice is a great investment.”
In Wisconsin, the Milwaukee Parental Choice Program was created in 1990 and is the nation’s oldest voucher program. It currently serves over 28,000 low-income students attending 129 participating private schools. Like the D.C. voucher program, data on test scores of Milwaukee voucher students show similar results to public school students, but non-academic results are promising.
Increased Access and Decreased Crime
Recent research found voucher recipients had lower crime rates and lower incidences of unplanned pregnancies in young adulthood. On his birthday, let’s celebrate Milton Friedman’s vision of enabling parents, not government, to be in control of a child’s education.
According to Howard Fuller, an education professor at Marquette University, founder of the Black Alliance for Educational Options, and one of the developers of the Milwaukee voucher program, the key is parent empowerment—particularly for low-income minority families.
In an interview with NPR, Fuller said: “What I’m saying to you is that there are thousands of black children whose lives are much better today because of the Milwaukee parental choice program,” he says. “They were able to access better schools than they would have without a voucher.”
Putting parents back in charge of their child’s education through school choice measures was Milton Friedman’s goal. It was not his ultimate goal, as it would not fully address the funding and compulsion components of government schooling; but it was, and remains, an important first step. As the Friedmans wrote in Free To Choose:
The strong American tradition of voluntary action has provided many excellent examples that demonstrate what can be done when parents have greater choice. (p. 159).
On his birthday, let’s celebrate Milton Friedman’s vision of enabling parents, not government, to be in control of a child’s education.
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
_________________________ 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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
“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 […]
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 […]
Charlie Rose interview of Milton Friedman My favorite economist: Milton Friedman : A Great Champion of Liberty by V. Sundaram Milton Friedman, the Nobel Prize-winning economist who advocated an unfettered free market and had the ear of three US Presidents – Nixon, Ford and Reagan – died last Thursday (16 November, 2006 ) in San Francisco […]
By Everette Hatcher III | Posted in Milton Friedman | Edit | Comments (0)
Stearns Speaks on House Floor in Support of Balanced Budget Amendment Uploaded by RepCliffStearns on Nov 18, 2011 Speaking on House floor in support of Balanced Budget Resolution, 11/18/2011 ___________ Below are some of the main proposals of Milton Friedman. I highly respected his work. David J. Theroux said this about Milton Friedman’s view concerning […]
By Everette Hatcher III | Posted in Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Milton Friedman, President Obama | Edit | Comments (1)
What a great defense of Milton Friedman!!!! Defaming Milton Friedman by Johan Norberg This article appeared in Reason Online on September 26, 2008 PRINT PAGE CITE THIS Sans Serif Serif Share with your friends: ShareThis In the future, if you tell a student or a journalist that you favor free markets and limited government, there is […]
Last year, I weighed in on the debate about whether companies should be operated for the benefit of owners (shareholders) or for the broader community (stakeholders).
Unsurprisingly, I sided with Milton Friedman and argued that businesses have a responsibility to maximize profits – assuming, of course, ethical behavior.
Moreover, I cited research showing how this is the approach that actually produces the maximum benefits for the rest of us (i.e., stakeholders).
But some people are not convinced by these insights.
David Gelles of the New York Times has a glowing profile of a former CEO, Hubert Joly, largely because of his apparent hostility to free markets.
Hubert Joly took over Best Buy in 2012… Since stepping down as chief executive in 2019, Mr. Joly has taken up a post teaching at Harvard Business School…In his book, on the speaking circuit and in meetings with other executives, Mr. Joly has taken up a campaign against the capitalist st atus quo. “…on the top of my F.B.I. most wanted list…is Milton Friedman, with his shareholder primacy — the excessive, obsessive focus on profits as the key thing that matters.”
Mr. Joly’s overt disdain for Friedman’s position seems noteworthy.
But it also seems hypocritical.
Why?
Because Joly did exactly what Friedman recommended. He is viewed as a successful CEO because he made changes that had the effect of making shareholders richer.
…the electronics retailer was struggling… Sales and profits were sagging, and the stock price had cratered. …Eschewing the conventional wisdom — that Best Buy should slash wages and cut costs in a bid to jack up profitability — Mr. Joly began investing in the company. He gave workers better perks… The strategy worked, and Best Buy shares soared during his tenure.
So why, then, is Mr. Joly so hostile to Friedman when he followed his approach?
Beats me, but I’m guessing he somehow thinks Friedman’s maxim means that a CEO should “slash wages” and close stores. And that sounds mean and heartless.
But Joly showed that Friedman’s maxim could be fulfilled in a different way. He figured out how to please consumers so that it was possible to expand the business and make workers better off.
Sometimes that happens because a poorly run company contracts (the seemingly heartless process of creative destruction) and sometimes that happens because a well-run company expands.
P.S. There’s one more quote from Mr. Joly that I want to address. As part of his interview with the NYT, he seemingly played the role of a guilt-ridden rich guy.
“I’m on the record saying that the more taxes I pay, the happier I am.”
To be fair, he didn’t actually say that he supported tax increases, either on himself or anyone else. It’s possible that he was really saying that he likes earning more money, which then results in a higher tax bill.
Back in 2016, I created a 2×2 matrix to illustrate the difference between redistributionism (tax Person A and give to Person B) and state planning (politicians and bureaucrats trying to steer the economy, either through direct ownership or industrial policy).
The main point of that column was to show that countries should try to be in the top-left section, where there is less redistribution and less government control.
But I also wanted to help people understand that redistributionism and socialism are not the same thing.
For instance, Sweden (in the bottom-left box) is a capitalist economy with a big welfare state, whereas China (in the top-right box) doesn’t have much redistribution but government has substantial control over economic activity.
From an American perspective, the good news is that the U.S. currently is in the top-left box.
The bad news is that President Biden wants the country in the bottom-left box. So, if we want to be technically accurate, we should not accuse him of socialism.
Instead, as Antony Davies and James Harrigan explained in a column for the Foundation for Economic Education, the real threat to the nation is “transferism.”
Socialism is state control of the means of production. …By contrast, capitalism is simply private ownership of the means of production. …more than four in ten Americans think “some form of socialism” is a good thing. But what is “some form of socialism?” A society is either socialist or it isn’t.The state either owns the means of production or it doesn’t. There is no middle ground. …It appears that what Americans really have in mind when they think about socialism is not an economic system but particular economic outcomes. …they are advocating what we should really call “transferism.” Transferism is a system in which one group of people forces a second group to pay for things that the people believe they, or some third group, should have. Transferism isn’t about controlling the means of production. It is about the forced redistribution of what’s produced.
Davies and Harrigan are correct.
Moreover, they deserve credit for predicting the future since they wrote the column in 2019!
Now let’s consider whether redistributionism (or transferism) is a good idea.
I’ve previously explained that a big welfare state causes economic damage, even if a nation otherwise is very pro-capitalist.
Consider, for instance, the remarkable data showing how Swedish-Americans and Danish-Americans generate much more prosperity than Swedes and Danes who still live in Scandinavia.
Or consider the income data showing how average Americans enjoy much higher living standards than their European counterparts (either in Nordic nations or elsewhere).
What’s worrisome is that Biden wants a much bigger welfare state and he doesn’t seem to understand that European-sized government means anemic European-style economic performance.
This is the message that Bret Stephens shared in one of his recent columns for the New York Times.
He starts by describing Biden’s agenda.
President Biden charts a course toward the largest expansion of government since Lyndon Johnson’s Great Society. After signing a $1.9 trillion Covid-19 relief bill in March and proposing a $1.5 trillion discretionary budget in April (a 16 percent increase from this year, on top of what’s likely to be at least $3 trillion in mandatory spending on programs like Medicare and Medicaid), the president wants $2.3 trillion more for infrastructure and $1.8 trillion for new social programs. That’s $7.5 trillion in discretionary spending. To put the number in perspective, we spent $4.1 trillion in inflation-adjusted dollars over nearly four years to wage and win the Second World War. What will America get for the money?
He then points out the potential consequences.
…before the U.S. takes this leap into a full-blown American social-welfare state, moderates in Congress like Senator Joe Manchin or Representative Jim Costa ought to ask: What’s the catch? …The real catch is that massive government spending has hidden costs that are difficult to capture in numbers alone. Take another look at Europe. Why does R&D spending in the European Union persistently lag that in the U.S. …Why does Europe’s tech start-up scene…so notably lag its competitors…? Perhaps…social safety nets typically come at the expense of risk-taking and economic dynamism. And why is France, which, according to the Organization for Economic Cooperation and Development, spends more on social welfare than any other nation in the developed world, such an unhappy place, with chronically high unemployment, endless labor unrest, a decades-old brain drain, rising political extremism, a wealth tax that failed and a medical system that was on the brink of collapse long before Covid struck? …Beyond the gargantuan cost, Congress should think very hard about the real catch: transforming America into a kinder, gentler place of permanent decline.
Amen.
Biden’s agenda inevitably will erode societal capital, leading to less work (because of lavish freebies such as per-child handouts) and lower levels of entrepreneurship (because of tax penalties on investment and risk-taking).
Indeed, I’ve even pointed out how very small increases in annual growth can lead to big improvements in living standards over just a couple of decades.
But some folks on the left are not very receptive to this argument. They genuinely (but incorrectly) seem to think the economy is a fixed pie (which also explains, at least in part, why they are so focused on redistribution).
So let’s share some hard data in hopes of getting them to understand that more prosperity is possible.
We’ll start will this chart of inflation-adjusted per-capita economic output in the United States, which comes from Oxford University’s Our World in Data.
The obvious takeaway from this data is that Americans are much richer today than they were after World War II. Adjusted for inflation, we’re now about four times richer than our grandparents.
Some of our friends on the left may be thinking these numbers are distorted, that average output has only increased because the rich have gotten so much richer.
Well, it is true that the rich have gotten richer. But it’s also true that the rest of us have become richer as well.
Which is why I shared data earlier this year showing median living standards rather than mean (average) living standards.
Folks on the left may also suspect that the post-1950 data is an anomaly. In other words, maybe I’m guilty of cherry-picking data.
That’s a common practice in the world of policy, so I don’t blame people for being suspicious.
So take a look at this chart, which I also first shared earlier this year. It shows that the increase in living standards has been even more dramatic if you look at changes since 1820.
By the way, none of these observations are new. Back in 1997, Micahel Cox and Richard Alm wrote a must-read article for the Dallas Federal Reserve Bank’s Annual Report.
Here are some of their findings.
What really matters…isn’t what something costs in money; it’s what it costs in time. Making money takes time, so when we shop, we’re really spending time. The real cost of living isn’t measured in dollars and cents but in the hours and minutes we must work to live. …A pair of stockings cost just 25¢ a century ago. This sounds wonderful until we learn that a worker of the era earned only 14.8¢ an hour.So paying for the stockings took 1 hour 41 minutes of work. Today a better pair requires only about 18 minutes of work. …In calculating our cost of living, a good place to start is with the basics—food, shelter and clothing. In terms of time on the job, the cost of a half-gallon of milk fell from 39 minutes in 1919 to 16 minutes in 1950, 10 minutes in 1975 and 7 minutes in 1997. A pound of ground beef steadily declined from 30 minutes in 1919 to 23 minutes in 1950, 11 minutes in 1975 and 6 minutes in 1997. Paying for a dozen oranges required 1 hour 8 minutes of work in 1919. Now it takes less than 10 minutes, half what it did in 1950.
These two visuals from the article are very informative.
First, look at how consumer products went from rare luxuries early in the 20th century to everyday products by the end of the century.
Equally important, these products have become cheaper and cheaper over time.
As illustrated by this second visual from the article.
All the data in the Cox-Alm article is more than 20 years old, so the numbers would be even more impressive today.
Professor Don Boudreaux put these numbers in context a few years ago in a column for the Foundation for Economic Education. Here’s some of what he wrote.
What is the minimum amount of money that you would demand in exchange for your going back to live even as John D. Rockefeller lived in 1916? …Think about it. …If you were a 1916 American billionaire you could, of course, afford prime real-estate. You could afford a home on 5th Avenue or one overlooking the Pacific Ocean… But when you traveled from your Manhattan digs to your west-coast palace, it would take a few days, and if you made that trip during the summer months, you’d likely not have air-conditioning in your private railroad car.…You could neither listen to radio (the first commercial radio broadcast occurred in 1920) nor watch television. …Obviously, you could not download music. …Your telephone was attached to a wall. You could not use it to Skype. …Even the best medical care back then was horrid by today’s standards: it was much more painful and much less effective. …Antibiotics weren’t available. …Dental care wasn’t any better. …You were completely cut off from the cultural richness that globalization has spawned over the past century. …I wouldn’t be remotely tempted to quit the 2016 me so that I could be a one-billion-dollar-richer me in 1916. This fact means that, by 1916 standards, I am today more than a billionaire. It means, at least given my preferences, I am today materially richer than was John D. Rockefeller.
The bottom line is that we have become richer and we can continue to become richer.
But how fast things improve is partly a function of government policy. If we can impose some restraints on the size and scope of government, that will give the private sector some breathing room to grow and prosper.
Some policies will improve with Biden in the White House, most notably trade, but also government spending (not because Biden is good, but rather because Republicans will go back to pretending to be fiscally conservative).
But some policies will move in the wrong direction. Biden is awful on tax policy, for instance, though I expect Republicans in the Senate will block his class-warfare agenda.
Biden is also very bad on regulatory issues. Unfortunately, this is an area where the new President (and his appointees) will have plenty of authority to shift policy in the wrong direction.
I’m especially worried that Biden will resuscitate an Obama-era policy of strong-arming banks so they won’t do business with unpopular industries. This video, which I first shared back in 2016, explains this reprehensible policy
Norbert Michel of the Heritage Foundation, in a column for Forbes, provides some additional background on the policy.
Choke Point consisted of bureaucrats in several independent federal agencies taking it upon themselves to shut legal businesses – such as payday lenders and firearms dealers – out of the banking system. Given the nature of the U.S. regulatory framework, this operation was easy to pull off.Officials at the Federal Deposit Insurance Corporation (FDIC), for instance, simply had to inform the banks they were overseeing that the government considered certain types of their customers “high risk.” The mere implication of a threat was enough to pressure banks into closing accounts, because no U.S. bank wants anything to do with extra audits or investigations from their regulator, much less additional operating restrictions or civil and criminal charges. Banks are incredibly sensitive to any type of pressure from federal regulators, and they know that the regulators have enormous discretion.
In a column for the Wall Street Journal earlier this year, Phil Gramm and Mike Solon elaborated on the left’s campaign to politicize the banking system.
Banking was used as a weapon against legal, solvent businesses by the Obama administration during Operation Choke Point, a program to deny the disfavored access to banking services. The Federal Deposit Insurance Corp. labeled certain businesses “high risk,” including firearms and ammunition dealers, check-cashers, payday lenders and fireworks vendors. Unelected regulators, not Congress or courts, marked these industries as “dirty business” and made it “unacceptable for an insured depository institution” to offer them banking services. …With Democrats unable to ban guns legislatively, Rep. Carolyn Maloney admonished banks at a recent hearing to not “finance gun slaughter.” When she urged JPMorgan to deny credit for legal firearm sales as other banks had done, the CEO responded, “We can certainly consider that. Yes.” At the same hearing, Rep. Rashida Tlaib challenged bank CEOs: “Will any of your banks make a commitment to phase out your investments in fossil fuels and dirty energy?” The CEOs declined to defend fossil fuels… Letting political intimidation dictate the availability of private credit endangers freedom and stifles productivity growth and job creation. …The use of political intimidation to allocate capital is an assault on economic efficiency and freedom.
There is, however, a bit of good news.
The Trump Administration ended Operation Choke Point back in 2017.
And, although it is happening at the last minute, the Trump Administration is now trying to strengthen the rule of law so banks won’t feel pressured to discriminate against certain industries in the future.
In a column published yesterday by the Wall Street Journal, Brian Brooks and Charles Calomiris of the Office of the Comptroller of the Currency (OCC) explain the new rule that their agency has unveiled.
…there have been too many allegations of banks cutting off vital services, credit and capital that legal businesses rely on to create jobs, meet community needs and support the economy. The Office of the Comptroller of the Currency, where we serve as acting comptroller and chief economist, respectively, on Friday proposed a rule to prevent banks from discriminating against legal businesses and individuals.The rule would require bankers to do what they do best: assess risk and underwrite credit decisions. …politically driven discrimination against particular industries has threatened fairness in banking. Under the Obama administration, Operation Choke Point, in which the OCC did not take part, involved regulators discouraging banks from serving legal and constitutionally protected businesses such as payday lenders and gun and ammunition sellers. …the Dodd-Frank Act of 2010 added to the OCC’s traditional mission of safety and soundness the obligation to ensure fair access to financial services… Banks may not exclude entire parts of the economy for reasons unrelated to objective, quantifiable risks specific to an individual customer.
Sadly, if Biden has the same attitude as Obama about the rule of law, a future OCC can reverse anything Trump’s people adopt.
I’ll close with a libertarian-minded observation.
Because I believe in freedom of association, I think banks should have the liberty to discriminate against specific businesses, or even entire industries.
But there’s a big difference between banks choosing to discriminate and being coerced into such behavior by government regulators.
So it was disgusting that Obama’s regulators went after industries they didn’t like, such as gun dealers.
But it would be equally reprehensible if a Republican Administration went after an industry it didn’t like, such as legal marijuana.
P.S. The broader lesson to learn from Operation Choke Point is that regulatory power for governments is a vehicle for corruptionand malfeasance.
But the main goal of that column was to explain that the internal revenue code already is heavily weighted against investors, entrepreneurs, business owners and other upper-income taxpayers.
And to underscore that point, I shared two charts from Brian Riedl’s chartbook to show that the “rich” are now paying a much larger share of the tax burden – notwithstanding the Reagan tax cuts, Bush tax cuts, and Trump tax cuts – than they were 40 years ago.
Not only that, but the United States has a tax system that is more “progressive” than all other developed nations (all of whom also impose heavy tax burdens on upper-income taxpayers, but differ from the United States in that they also pillage lower-income and middle-class residents).
In other words, Biden’s class-warfare tax plan is bad policy.
Today’s column, by contrast, will point out that his tax increases are impractical. Simply stated, they won’t collect much revenue because people change their behavior when incentives to earn and report income are altered.
This is especially true when looking at upper-income taxpayers who – compared to the rest of us – have much greater ability to change the timing, level, and composition of their income.
This helps to explain why rich people paid five times as much tax to the IRS during the 1980s when Reagan slashed the top tax rate from 70 percent to 28 percent.
When writing about this topic, I normally use the Laffer Curve to help people understand why simplistic assumptions about tax policy are wrong (that you can double tax revenue by doubling tax rates, for instance). And I point out that even folks way on the left, such as Paul Krugman, agree with this common-sense view (though it’s also worth noting that some people on the right discredit the concept by making silly assertions that “all tax cuts pay for themselves”).
But instead of showing the curve again, I want to go back to Brian Riedl’s chartbook and review his data on of revenue changes during the eight years of the Obama Administration.
It shows that Obama technically cut taxes by $822 billion (as further explained in the postscript, most of that occurred when some of the Bush tax cuts were made permanent by the “fiscal cliff” deal in 2012) and raised taxes by $1.32 trillion (most of that occurred as a result of the Obamacare legislation).
If we do the math, that means Obama imposed a cumulative net tax increase of about $510 billion during his eight years in office
But, if you look at the red bar on the chart, you’ll see that the government didn’t wind up with more money because of what the number crunchers refer to as “economic and technical reestimates.”
Indeed, those reestimates resulted in more than $3.1 trillion of lost revenue during the Obama years.
I don’t want the politicians and bureaucrats in Washington to have more tax revenue, but I obviously don’t like it when tax revenues shrink simply because the economy is stagnant and people have less taxable income.
Yet that’s precisely what we got during the Obama years.
To be sure, it would be inaccurate to assert that revenues declined solely because of Obama’s tax increase. There were many other bad policies that also contributed to taxable income falling short of projections.
Heck, maybe there was simply some bad luck as well.
But even if we add lots of caveats, the inescapable conclusion is that it’s not a good idea to adopt policies – such as class-warfare tax rates – that discourage people from earning and reporting taxable income.
The bottom line is that we should hope Biden’s proposed tax increases die a quick death.
P.S. The “fiscal cliff” was the term used to describe the scheduled expiration of the 2001 and 2003 Bush tax cuts. According to the way budget data is measured in Washington, extending some of those provisions counted as a tax cut even though the practical impact was to protect people from a tax increase.
P.P.S. Even though Biden absurdly asserted that paying higher taxes is “patriotic,” it’s worth pointing out that he engaged in very aggressive tax avoidance to protect his family’s money.
The good news, as I wrote earlier this year, is that he probably isn’t serious about some of his worst ideas.
Biden is a statist, but not overly ideological. His support for bigger government is largely a strategy of catering to the various interest groups that dominate the Democratic Party. The good news is that he’s an incrementalist and won’t aggressively push for a horrifying FDR-style agenda if he gets to the White House.
But what if Joe Biden’s health deteriorates and Kamala Harris – sooner or later – winds up in charge?
And it doesn’t appear that being Biden’s choice for Vice President has led her to moderate her views. Consider this campaign ad, where she openly asserted that “equitable treatment means we all end up at the same place.”
The notion that we should strive for equality of outcomes rather than equality of opportunity is horrifying.
For all intents and purposes,Harris has embraced a harsh version of redistributionism where everyone above average is punished and everyone below average is rewarded.
This goes way beyond a safety net and it’s definitely a recipe for economic misery since people on both sides of the equationhave less incentive to be productive.
I’m not the only one to be taken aback by Harris’ dogmatic leftism.
Robby Soave, writing for Reason, is very critical of her radical outlook.
Harris gives voice to a leftist-progressive narrative about the importance of equity—equal outcomes—rather than mere equality before the law. …Harris contrasted equal treatment—all people getting the same thing—with equitable treatment,which means “we all end up at the same place.” …This may seem like a trivial difference, but when it comes to public policy, the difference matters. A government shouldbe obligated to treat all citizens equally, giving them the same access to civil rights and liberties like voting, marriage, religious freedom, and gun ownership. …A mandate to foster equity, though, would give the government power to violate these rights in order to achieve identical social results for all people.
And, in a column for National Review, Brad Polumbo expresses similar reservations about her views.
Whether she embraces the label “socialist” or not, Harris’s stated agenda and Senate record both reveal her to be positioned a long way to the left on matters of economic policy. From health care to the environment to housing, Harris thinks the answer to almost every problem we face is simply more government and more taxpayer money — raising taxes and further indebting future generations in the process.…Harris…supports an astounding $40 trillion in new spending over the next decade. In a sign of just how far left the Democratic Party has shifted on economics, Harris backs more than 20 times as much spending as Hillary Clinton proposed in 2016. …And this is not just a matter of spending. During her failed presidential campaign, Harris supported a federal-government takeover of health care… The senator jumped on the “Green New Deal” bandwagon as well. She co-sponsored the Green New Deal resolution in the Senate that called for a “new national, social, industrial, and economic mobilization on a scale not seen since World War II and the New Deal era.” …she supports enacting price controls on housing across the country. …The left-wing group Progressive Punch analyzed Harris’s voting record and found that she is the fourth-most liberal senator, more liberal even than Massachusetts senator Elizabeth Warren. Similarly, the nonpartisan organization GovTrack.us deemed Harris the furthest-left member of the Senate for the 2019 legislative year. (Spoiler alert: If your voting record is to the left of Bernie Sanders, you might be a socialist.)
To be fair, Harris is simply a politician, so we have no idea what she really believes. Her hard-left agenda might simply be her way of appealing to Democratic voters, much as Republicans who run for president suddenly decide they support big tax cuts and sweeping tax reform.
But whether she’s sincere or insincere, it’s troubling that she actually says it’s the role of government to make sure we all “end up at the same place.”
Let’s close with a video clip from Milton Friedman. At the risk of understatement, he has a different perspective than Ms. Harris.
Since we highlighted Harris’ key quote, let’s also highlight the key quote from Friedman.
Amen.
P.S. It appears Republicans will hold the Senate, which presumably (hopefully?) means that any radical proposals would be dead on arrival, regardless of whether they’re proposed by Biden or Harris.
After Barack Obama took office (and especially after he was reelected), there was a big uptick in the number of rich people who chose to emigrate from the United States.
There are many reasons wealthy people choose to move from one nation to another, but Obama’s embrace of class-warfare tax policy (including FATCA) was seen as a big factor.
Joe Biden’s tax agenda is significantly more punitive than Obama’s, so we may see something similar happen if he wins the 2020 election.
Given the economic importance of innovators, entrepreneurs, and inventors, this would be not be good news for the American economy.
The New York Timesreported late last year that the United States could be shooting itself in the foot by discouraging wealthy residents.
…a different group of Americans say they are considering leaving — people of both parties who would be hit by the wealth tax… Wealthy Americans often leave high-tax states like New York and California for lower-tax ones like Florida and Texas. But renouncing citizenship is a far more permanent, costly and complicated proposition. …“America’s the most attractive destination for capital, entrepreneurs and people wanting to get a great education,” said Reaz H. Jafri, a partner and head of the immigration practice at Withers, an international law firm. “But in today’s world, when you have other economic centers of excellence — like Singapore, Switzerland and London — people don’t view the U.S. as the only place to be.” …now, the price may be right to leave. While the cost of expatriating varies depending on a person’s assets, the wealthiest are betting that if a Democrat wins…, leaving now means a lower exit tax. …The wealthy who are considering renouncing their citizenship fear a wealth tax less than the possibility that the tax on capital gains could be raised to the ordinary income tax rate, effectively doubling what a wealthy person would pay… When Eduardo Saverin, a founder of Facebook…renounced his United States citizenship shortly before the social network went public, …several estimates said that renouncing his citizenship…saved him $700 million in taxes.
Here are some excerpts from a 2017 Bloomberg story.
Australia is luring increasing numbers of global millionaires, helping make it one of the fastest growing wealthy nations in the world… Over the past decade, total wealth held in Australia has risen by 85 percent compared to 30 percent in the U.S. and 28 percent in the U.K… As a result, the average Australian is now significantly wealthier than the average American or Briton. …Given its relatively small population, Australia also makes an appearance on a list of average wealth per person. This one is, however, dominated by small tax havens.
Here’s one of the charts from the story.
As you can see, Australia is doing very well, though the small tax havens like Monaco are world leaders.
I’m mystified, however, that the Cayman Islands isn’t listed.
But I’m digressing.
Let’s get back to our main topic. It’s worth noting that even Greece is seeking to attract rich foreigners.
The new tax law is aimed at attracting fresh revenues into the country’s state coffers – mainly from foreigners as well as Greeks who are taxed abroad – by relocating their tax domicile to Greece, as it tries to woo “high-net-worth individuals” to the Greek tax register.The non-dom model provides for revenues obtained abroad to be taxed at a flat amount… Having these foreigners stay in Greece for at least 183 days a year, as the law requires, will also entail expenditure on accommodation and everyday costs that will be added to the Greek economy. …most eligible foreigners will be able to considerably lighten their tax burden if they relocate to Greece…nevertheless, the amount of 500,000 euros’ worth of investment in Greece required of foreigners and the annual flat tax of 100,000 euros demanded (plus 20,000 euros per family member) may keep many of them away.
The system is too restrictive, but it will make the beleaguered nation an attractive destination for some rich people. After all, they don’t even have to pay a flat tax, just a flat fee.
Italy has enjoyed some success with a similar regime to entice millionaires.
Last but not least, an article published last year has some fascinating details on the where rich people move and why they move.
The world’s wealthiest people are also the most mobile. High net worth individuals (HNWIs) – persons with wealth over US$1 million – may decide to pick up and move for a number of reasons. In some cases they are attracted by jurisdictions with more favorable tax laws… Unlike the middle class, wealthy citizens have the means to pick up and leave when things start to sideways in their home country. An uptick in HNWI migration from a country can often be a signal of negative economic or societal factors influencing a country. …Time-honored locations – such as Switzerland and the Cayman Islands – continue to attract the world’s wealthy, but no country is experiencing HNWI inflows quite like Australia. …The country has a robust economy, and is perceived as being a safe place to raise a family. Even better, Australia has no inheritance tax
Here’s a map from the article.
The good news is that the United States is attracting more millionaires than it’s losing (perhaps because of the EB-5 program).
The bad news is that this ratio could flip after the election. Indeed, it may already be happening even though recent data on expatriation paints a rosy picture.
The bottom line is that the United States should be competing to attract millionaires, not repel them. Assuming, of course, politicians care about jobs and prosperity for the rest of the population.
P.S. American politicians, copying laws normally imposed by the world’s most loathsome regimes, have imposed an “exit tax” so they can grab extra cash from rich people who choose to become citizens elsewhere.
P.P.S. I’ve argued that Australia is a good place to emigrate even for those of us who aren’t rich.
While acknowledging that Social Security and Medicare also are in desperate need of modernization, I wrote that Medicaid reformshould be the first priority.
But I’d be happy if we made progress on any type of entitlement reform, so I don’t think there are right or wrong answers to this kind of question.
We have the same type of question this week. A reader sent an email to ask “Which federal department should be abolished first?”
I guess this is what is meant when people talk about a target-rich environment. We have an abundance of candidates:
Simply stated, there is no legitimate argument for HUD. And I think there would be the least political resistance.
As with the answer to the question about entitlements, this is a judgment call. I’d be happy to be proven wrong if it meant that politicians were aggressively going after another department. Anything that reduces the burden of government spending is a step in the right direction
I identified four heroes from the “Battle of Ideas” video I shared in late August – Friedrich Hayek, Milton Friedman, Ronald Reagan, and Margaret Thatcher. Here’s one of those heroes, Milton Friedman, explaining what’s needed to control big government.
Libertarians and others are often torn about school choice. They may wish to see the government schooling monopoly weakened, but they may resist supporting choice mechanisms, like vouchers and education savings accounts, because they don’t go far enough. Indeed, most current choice programs continue to rely on taxpayer funding of education and don’t address the underlying compulsory nature of elementary and secondary schooling.
Skeptics may also have legitimate fears that taxpayer-funded education choice programs will lead to over-regulation of previously independent and parochial schooling options, making all schooling mirror compulsory mass schooling, with no substantive variation.
Friedman Challenged Compulsory Schooling Laws
Milton Friedman had these same concerns. The Nobel prize-winning economist is widely considered to be the one to popularize the idea of vouchers and school choice beginning with his 1955 paper, “The Role of Government in Education.” His vision continues to be realized through the important work of EdChoice, formerly the Friedman Foundation for Education Choice, that Friedman and his economist wife, Rose, founded in 1996.
July 31 is Milton Friedman’s birthday. He died in 2006 at the age of 94, but his ideas continue to have an impact, particularly in education policy.
Friedman saw vouchers and other choice programs as half-measures. He recognized the larger problems of taxpayer funding and compulsion, but saw vouchers as an important starting point in allowing parents to regain control of their children’s education. In their popular book, Free To Choose, first published in 1980, the Friedmans wrote:
We regard the voucher plan as a partial solution because it affects neither the financing of schooling nor the compulsory attendance laws. We favor going much farther. (p.161)
They continued:
The compulsory attendance laws are the justification for government control over the standards of private schools. But it is far from clear that there is any justification for the compulsory attendance laws themselves. (p. 162)
The Friedmans admitted that their “own views on this have changed over time,” as they realized that “compulsory attendance at schools is not necessary to achieve that minimum standard of literacy and knowledge,” and that “schooling was well-nigh universal in the United States before either compulsory attendance or government financing of schooling existed. Like most laws, compulsory attendance laws have costs as well as benefits. We no longer believe the benefits justify the costs.” (pp. 162-3)
Still, they felt that vouchers would be the essential starting point toward chipping away at monopoly mass schooling by putting parents back in charge. School choice, in other words, would be a necessary but not sufficient policy approach toward addressing the underlying issue of government control of education.
Vouchers as a First Step
In their book, the Friedmans presented the potential outcomes of their proposed voucher plan, which would give parents access to some or all of the average per-pupil expenditures of a child enrolled in public school. They believed that vouchers would help create a more competitive education market, encouraging education entrepreneurship. They felt that parents would be more empowered with greater control over their children’s education and have a stronger desire to contribute some of their own money toward education. They asserted that in many places “the public school has fostered residential stratification, by tying the kind and cost of schooling to residential location” and suggested that voucher programs would lead to increased integration and heterogeneity. (pp. 166-7)
To the critics who said, and still say, that school choice programs would destroy the public schools, the Friedmans replied that these critics fail to
explain why, if the public school system is doing such a splendid job, it needs to fear competition from nongovernmental, competitive schools or, if it isn’t, why anyone should object to its “destruction.” (p. 170)
What I appreciate most about the Friedmans discussion of vouchers and the promise of school choice is their unrelenting support of parents. They believed that parents, not government bureaucrats and intellectuals, know what is best for their children’s education and well-being and are fully capable of choosing wisely for their children—when they have the opportunity to do so.
They wrote:
Parents generally have both greater interest in their children’s schooling and more intimate knowledge of their capacities and needs than anyone else. Social reformers, and educational reformers in particular, often self-righteously take for granted that parents, especially those who are poor and have little education themselves, have little interest in their children’s education and no competence to choose for them. That is a gratuitous insult. Such parents have frequently had limited opportunity to choose. However, U.S. history has demonstrated that, given the opportunity, they have often been willing to sacrifice a great deal, and have done so wisely, for their children’s welfare. (p. 160).
Today, school voucher programs exist in 15 states plus the District of Columbia. These programs have consistently shown that when parents are given the choice to opt-out of an assigned district school, many will take advantage of the opportunity. In Washington, D.C., low-income parents who win a voucher lottery send their children to private schools.
The most recent three-year federal evaluationof voucher program participants found that while student academic achievement was comparable to achievement for non-voucher students remaining in public schools, there were statistically significant improvements in other important areas. For instance, voucher participants had lower rates of chronic absenteeism than the control groups, as well as higher student satisfaction scores. There were also tremendous cost-savings.
In Wisconsin, the Milwaukee Parental Choice Program has served over 28,000 low-income students attending 129 participating private schools.
According to Corey DeAngelis, Director of School Choice at the Reason Foundation and a prolific researcher on the topic, the recent analysis of the D.C. voucher program “reveals that private schools produce the same academic outcomes for only a third of the cost of the public schools. In other words, school choice is a great investment.”
In Wisconsin, the Milwaukee Parental Choice Program was created in 1990 and is the nation’s oldest voucher program. It currently serves over 28,000 low-income students attending 129 participating private schools. Like the D.C. voucher program, data on test scores of Milwaukee voucher students show similar results to public school students, but non-academic results are promising.
Increased Access and Decreased Crime
Recent research found voucher recipients had lower crime rates and lower incidences of unplanned pregnancies in young adulthood. On his birthday, let’s celebrate Milton Friedman’s vision of enabling parents, not government, to be in control of a child’s education.
According to Howard Fuller, an education professor at Marquette University, founder of the Black Alliance for Educational Options, and one of the developers of the Milwaukee voucher program, the key is parent empowerment—particularly for low-income minority families.
In an interview with NPR, Fuller said: “What I’m saying to you is that there are thousands of black children whose lives are much better today because of the Milwaukee parental choice program,” he says. “They were able to access better schools than they would have without a voucher.”
Putting parents back in charge of their child’s education through school choice measures was Milton Friedman’s goal. It was not his ultimate goal, as it would not fully address the funding and compulsion components of government schooling; but it was, and remains, an important first step. As the Friedmans wrote in Free To Choose:
The strong American tradition of voluntary action has provided many excellent examples that demonstrate what can be done when parents have greater choice. (p. 159).
On his birthday, let’s celebrate Milton Friedman’s vision of enabling parents, not government, to be in control of a child’s education.
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
_________________________ 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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
“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 […]
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 […]
Charlie Rose interview of Milton Friedman My favorite economist: Milton Friedman : A Great Champion of Liberty by V. Sundaram Milton Friedman, the Nobel Prize-winning economist who advocated an unfettered free market and had the ear of three US Presidents – Nixon, Ford and Reagan – died last Thursday (16 November, 2006 ) in San Francisco […]
By Everette Hatcher III | Posted in Milton Friedman | Edit | Comments (0)
Stearns Speaks on House Floor in Support of Balanced Budget Amendment Uploaded by RepCliffStearns on Nov 18, 2011 Speaking on House floor in support of Balanced Budget Resolution, 11/18/2011 ___________ Below are some of the main proposals of Milton Friedman. I highly respected his work. David J. Theroux said this about Milton Friedman’s view concerning […]
By Everette Hatcher III | Posted in Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Milton Friedman, President Obama | Edit | Comments (1)
What a great defense of Milton Friedman!!!! Defaming Milton Friedman by Johan Norberg This article appeared in Reason Online on September 26, 2008 PRINT PAGE CITE THIS Sans Serif Serif Share with your friends: ShareThis In the future, if you tell a student or a journalist that you favor free markets and limited government, there is […]
Credit: Left: the Ratio Club in Cambridge, May 1952. Back row: Harold Shipton, John Bates, William Hick, John Pringle, Donald Sholl, John Westcott, Donald Mackay. Middle row: Giles Brindley, Turner McLardy, Ross Ashby, Tommy Gold, Albert Uttley. Front row: Alan Turing, Gurney Sutton, William Rushton, George Dawson, Horace Barlow. (Photo: Wellcome Collection, archive reference GC/179/B.25, used under CC BY / Cropped). Right: Horace Barlow at home in Cambridge, March 2016 (Photo: Ida Barlow).
In December of 2017, I received a two page typed letter from Dr. Barlow reacting to several of the points made in the previous letters and emails. From August of 2020 to June of 2021 I posted these 32 letters I wrote to Dr. Barlow from February 11, 2015 to April 18, 2020 and below is a list of those letters. Sadly Dr. Barlow passed away on July 5, 2020 at age 98. However, I want to summarize some the issues we discussed in a series of 10 posts.
Francis Schaeffer discusses Darwin’s own words concerning moral motions in Schaeffer’s 1968 sermon at this link.
Horace Barlow participated in the “Ratio Club”: a UK group of young scientists discussing the recent advances in cybernetics. The “Ratio Club” had members such as Grey Walter (mechanical turtles!) and Alan Turing, among other notable scientists. (1/3) en.wikipedia.org/wiki/Ratio_Club
—-
A portion of my letter to Dr. Barlow on May 1, 2017 which he responded to on November 22, 2017:
In Francis Crick’s book the ASTONISHING HYPOTHESIS: THE SCIENTIFIC SEARCH FOR THE SOUL I read these words:
(James D. Watson and Francis Crick below)
J
Many educated people, especially in the Western world, also share the belief that the soul is a metaphor and that there is no personal life either before conception or after death. They may call themselves atheists, agnostics, humanists, or just lapsed believers, but they all deny the major claims of the traditional religions. Yet this does not mean that they normally think of themselves in a radically different way. The old habits of thought die hard. A man may, in religious terms, be an unbeliever but psychologically he may continue to think of himself in much the same way as a believer does, at least for everyday matters.
We need, therefore, to state the idea in stronger terms. The scientific belief is that our minds — the behavior of our brains — can be explained by the interactions of nerve cells (and other cells) and the molecules associated with them. (This idea is not novel. An especially clear statement of it can be found in a well-known paper by Horace Barlow.) This is to most people a really surprising concept. It does not come easily to believe that I am the detailed behavior of a set of nerve cells, however many there may be and however intricate their interactions. Try for a moment to imagine this point of view. (“Whatever he may say, Mabel, I know I’m in there somewhere, looking out on the world.”)
——
—
Why does the Astonishing Hypothesis seem so surprising? I think there are three main reasons. The first is that many people are reluctant to accept what is often called the “reductionist approach” — that a complex system can be explained by the behavior of its parts and their interactions with each other. For a system with many levels of activity, this process may have to be repeated more than once — that is, the behavior of a particular part may have to be explained by the properties of its parts and their interactions. For example, to understand the brain we may need to know the many interactions of nerve cells with each other; in addition, the behavior of each nerve cell may need explanation in terms of the ions and molecules of which it is composed.
(Francis Crick and James D. Watson below)
After reading the above passage I concluded that you do endorse the Secular Humanist point of view that Francis Crick embraced and that is the reductionist point of view. I wanted to point out that the vast majority of great scientists of the last 500 years did hold the view that we live in an open system and they did not hold the view of the uniformity of natural causes in a closed system. Recently I read the article ANSWERING THE NEW ATHEISTS, by KerbyAnderson, Sunday, January 30 th, 2011, and that article notes:
(Sean McDowell)
Are science and Christianity at odds with one another? Certainly there have been times in the past when that has been the case. But to only focus on those conflicts is to miss the larger point that modern science grew out of a Christian world view. In a previous radio program based upon the book Origin Science by Dr. Norman Geisler and me, I explain Christianity’s contribution to the rise of modern science.{27}
Alister McGrath challenges this idea that science and religion are in conflict with one another. He says, “Once upon a time, back in the second half of the nineteenth century, it was certainly possible to believe that science and religion were permanently at war. . . . This is now seen as a hopelessly outmoded historical stereotype that scholarship has totally discredited.”{28}
….Do religious people have a blind faith? Certainly some religious people exercise blind faith. But is this true of all religions, including Christianity? Of course not. The enormous number of Christian books on topics ranging from apologetics to theology demonstrate that the Christian faith is based upon evidence.
The Christian faith is not a blind faith. It is a faith based upon evidence. In fact, some authors contend that it takes more faith to be an atheist than to believe in God.{7}
What kind of evidence would it take today to convince you that God exists and the Bible is true? I submit to you that Biblical Archaeology is a field that has advanced tremendously in the last few decades and I propose you look in that area. Did you know that Charles Darwin was looking for evidence that confirmed the Bible’s accuracy back in the 19th century and this is one of the exact areas that he mentioned.
“But I was very unwilling to give up my belief; I feel sure of this, for I can well remember often and often inventing day-dreams of old letters between distinguished Romans, and manuscripts being discovered at Pompeii or elsewhere, which confirmed in the most striking manner all that was written in the Gospels.
Francis Schaeffer commented:
This is very sad. He lies on his bunk and the Beagle tosses and turns and he makes daydreams, and his dreams and hopes are that someone would find in Pompeii or some place like this, an old manuscript by a distinguished Roman that would put his stamp of authority on it, which would be able to show that Christ existed. This is undoubtedly what he is talking about. Darwin gave up this hope with great difficulty. I think he didn’t want to come to the position where his accepted presuppositions were driving him. He didn’t want to give it up, just as an older man he understood where it would lead and “man can do his duty.” Instinctively this of brains understood where this whole thing was going to eventually go…
Pompeii
SINCE CHARLES DARWIN’S DEATH WE NOW HAVE LOTS OF HISTORICAL RECORDS AND MUCH EVIDENCE FROM THE FIELD OF ARCHAEOLOGY THAT SHOW THE BIBLE IS HISTORICALLY ACCURATE.
Just like Darwin you need to ask yourself this same question but you will be doing it almost a century and a half later: Is the Bible historically accurate and have I taken the time to examine the evidence? Obviously Darwin was hoping that archaeology would provide some hope for the accuracy of the Bible.
AFTER ADEQUATE AND SUFFICIENT QUESTIONS OF YOURS BEING ANSWERED THEN YOU CAN BECOME CONVINCED AS SCHAEFFER’S STORY POINTS OUT.
Is your faith in the evidence that supports the theory of evolution comparable to the faith I have in the Word of God being true and God creating the world? Recently I ran across the term “Implicit Faith” and I thought of your view that evolution must be true and we have to be living in a closed system. When I read the book Charles Darwin: his life told in an autobiographical chapter, and in a selected series of his published letters, I also read a commentary on it by Francis Schaeffer. I wanted to both quote some of Charles Darwin’s own words to you and then include the comments of Francis Schaeffer on those words.
“By further reflecting that the clearest evidence would be requisite to make any sane man believe in the miracles by which Christianity is supported,—and that the more we know of the fixed laws of nature the more incredible do miracles become,—that the men at that time were ignorant and credulous to a degree almost incomprehensible by us,”
Francis Schaeffer commented:
He now says who can accept the miracles? But notice again this is an argument from presuppositions, because what this means is that he has accepted the uniformity of natural causes in a closed system which I say is the basic presupposition of modern man. So therefore since he has accepted a closed system he assumes there is no miracle, but that doesn’t mean he has any evidence that there were no miracles. It doesn’t mean he is at ease as a man because he has ruled these things out. Darwin is a man in tension. Does the uniformity of natural causes in a closed system explain the wonder of the universe and secondly the mannishness of man? He himself feels caught on these two great hooks of the real world. In others I would say, “DARWIN your presuppositions don’t even satisfy you. You rule miracles on the basis of your presuppositions but your belief of the uniformity of natural causes in a closed system does not even satisfy you.” Darwin went to his death unsatisfied and yet he was forced to give up his own presuppositions but he never gave them up. It seems to me you have the old man Darwin perspiring in his tension that you can only think of Paul’s conclusion in Romans 1, that when men deliberately turn away from the truth that is there, the external universe and the mannishness of man, God gives them up to an unsound mind. If there even was anybody that ever demonstrated this it was Darwin himself at the end of his life. It is a position that Darwin holds with implicit faith. You must understand what the term IMPLICIT FAITH means. In the old Roman Catholic Church when someone who became a Roman Catholic they had to promise implicit faith. That meant that you not only had to believe everything that Roman Catholic Church taught then but also everything it would teach in the future. It seems to me this is the kind of faith that these people have in the uniformity of natural causes in a closed system and they have accepted it no matter what it leads them into.
There was an amazing man by the name of H.J.Blackham(1903-2009) and he was the former president of the BRITISH HUMANIST ASSOCIATION. Francis Schaeffer and Dr. C. Everett Koop quoted him in their book WHATEVER HAPPENED TO THE HUMAN RACE?
The humanist H. J. Blackham has expressed this with a dramatic illustration:
On humanist assumptions, life leads to nothing, and every pretense that it does not is a deceit.79
One does not have to be highly educated to understand this. It follows directly from the starting point of the humanists’ position, namely, that everything is just matter. That is, that which has existed forever and ever is only some form of matter or energy, and everything in our world now is this and only this in a more or less complex form.
_______________
To sum up Schaeffer is saying, “If man has been kicked up out of that which is only impersonal by chance , then those things that make him man-hope of purpose and significance, love, motions of morality and rationality, beauty and verbal communication-are ultimately unfulfillable and thus meaningless.” (Francis Schaeffer in THE GOD WHO IS THERE)
IF WE ARE LEFT WITH JUST THE MACHINE THEN WHAT IS THE FINAL CONCLUSION IF THERE WAS NO PERSONAL GOD THAT CREATED US?
Comments about the evidence supporting the accuracy of the Bible probably prompted Dr. Barlow to write in the letter I received from him in December of 2017: “Notice, however, that he [Charles Darwin] clearly did not lose his sense of the value of truth, and of the importance of forever searching it out.”
(Darwin pictured above)
—
I responded in a letter on February 2, 2018 with lots of evidence indicating that since Darwin was wishing for archaeological evidence back in 1839 that supported the Bible’s accuracy that there is an abundance of evidence from archaeology now doing just that:
Here is one of your advantages over your great grandfather. With this in mind shouldn’t you investigate evidence that has turned up since your great grandfather’s day?
Here is a simple suggestion. Google the words “53 PEOPLE CONFIRMED.” That should bring you to this article, 53 People in the Bible Confirmed Archaeologically A web-exclusive supplement to Lawrence Mykytiuk’s BAR articles identifying real Hebrew Bible people Lawrence Mykytiuk • 04/12/2017.
You noted that Darwin “clearly did not lose his sense of the value of truth, and of the importance of forever searching it out.”
I wonder how Charles Darwin would have reacted to this article if he was here with us today and could examine the evidence he was wishing for back in the 19th century. I would love to get your reaction to that.
You have been very courteous in your correspondence while at the same time you are willing to listen. It is my goal to imitate that in my life too.
A web-exclusive supplement to Lawrence Mykytiuk’s BAR articles identifying real Hebrew Bible people
Lawrence Mykytiuk • 04/12/2017
This Bible History Daily feature was originally published in 2014. It has been updated.—Ed.
Sargon II, one of fifty Hebrew Bible figures identified in the archaeological record.
In “Archaeology Confirms 50 Real People in the Bible” in the March/April 2014 issue of Biblical Archaeology Review, Purdue University scholar Lawrence Mykytiuk lists 50 figures from the Hebrew Bible who have been confirmed archaeologically. His follow-up article, “Archaeology Confirms 3 More Bible People,” published in the May/June 2017 issue of BAR, adds another three people to the list. The identified persons include Israelite kings and Mesopotamian monarchs as well as lesser-known figures.
Mykytiuk writes that these figures “mentioned in the Bible have been identified in the archaeological record. Their names appear in inscriptions written during the period described by the Bible and in most instances during or quite close to the lifetime of the person identified.” The extensive Biblical and archaeological documentation supporting the BAR study is published here in a web-exclusive collection of endnotes detailing the Biblical references and inscriptions referring to each of the figures.
The Mesha Stele in its current location: The brown fragments are pieces of the original stele, whereas the smoother black material is Ganneau’s reconstruction from the 1870s. (Mentions Omri)
Black Obelisk of Shalmaneser III in the British Museum. The White Obelisk of Ashurnasirpal I is located next to it. It is the most complete Assyrian obelisk yet discovered, and is historically significant because it is thought to display the earliest ancient depiction of a biblical figure – Jehu, King of Israel.
Visitors of the Seals of Isaiah and King Hezekiah Discovered exhibit can see up close the bullae of King Hezekiah (left) and of Isaiah (right). Photo: Courtesy Dr. Eilat Mazar.
This broken 2,700-year-old clay seal, discovered in an ancient Jerusalem rubbish pit, may include the name of the biblical prophet Isaiah.
The Bible presents the famous ‘writing on the wall’ episode as occurring on the same day that the city of Babylon, capital of Babylonia, fell to the Medo-Persian empire under King Cyrus the Great. Indeed, Daniel gave King Belshazzar this interpretation of the writing: “God has numbered the days of your kingdom and brought it to an end” (v. 26), and “your kingdom is divided and given to the Medes and Persians” (v. 28). The Bible claims that Belshazzar was killed “that very night” (v. 30), and with his death the Babylonian kingdom was now controlled by Medo-Persia.4
However, all other known historical records once disagreed. Ancient historians like Herodotus, Megasthenes, Berossus, and Alexander Polyhistor, not to mention a vast number of cuneiform documents, were united in claiming that the last king of the Neo-Babylonian empire was Nabonidus.5 Belshazzar was not even mentioned anywhere except in the book of Daniel and literature derived from it.6
Nabonidus Cylinder from Ur
Buried treasures
But just when it looked like all the evidence was stacked against Scripture, a series of archaeological discoveries showed that Belshazzar did exist after all, and the details given about him in the Bible are profoundly correct.
First, in 1854, four clay cylinders with identical inscriptions were excavated from Ur.7 These Nabonidus Cylinders contained Nabonidus’ prayer to the moon god for “Belshazzar, the eldest son—my offspring.”8 Thus, Belshazzar’s existence was confirmed—as Nabonidus’ firstborn son and heir to his throne.
Then, in 1882, a translation of another ancient cuneiform text, the Nabonidus Chronicle, was published. According to this document, Nabonidus was a mostly absentee king, spending 10 years of his 17-year reign living in Tema, Arabia (725 km / 450 miles away from Babylon). The king left Belshazzar, whom the text calls “the crown prince”, to take care of affairs in Babylon during that time.9 Also, the Chronicle explained that Nabonidus was away from Babylon when it fell. Two days earlier he had fled from the Persians when they defeated him at Sippar, so Belshazzar was the highest authority in Babylon at the time of its capture.
Nabonidus Chronicle tablet
Next, the Persian Verse Account of Nabonidus, published in 1924, stated that, as “he started out for a long journey”, Nabonidus “entrusted the kingship” to “his oldest (son), the firstborn.”10 So Belshazzar clearly functioned in the role of a king for years while his father was away.
Furthermore, a variety of other ancient cuneiform texts were found in the early 1900s which also mentioned Belshazzar, including a tablet from Erech in which both he and his father Nabonidus were jointly invoked in an oath, suggesting that both had royal authority.11
Francis Schaeffer
Debating from 2015-2020 Darwin’s great grandson (Horace Barlow) about Francis Schaeffer’s 1968 critique of Darwinism!
The autobiography of Charles Darwin read by Francis Schaeffer in 1968 was not the same one originally released in 1892 because that one omitted the religious statements of Charles Darwin.
pictured below with his eldest child William:
Notice this statement below from the Freedom from Religion Foundation:
(Nora Barlow pictured below)
Charles Darwin wrote the Rev. J. Fordyce on July 7, 1879, that “an agnostic would be the most correct description of my state of mind.” Darwin penned his memoirs between the ages of 67 and 73, finishing the main text in 1876. These memoirs were published posthumously in 1887 by his family under the title Life and Letters of Charles Darwin, with his hardest-hitting views on religion excised. Only in 1958 did Darwin’s granddaughter Nora Barlow publish his Autobiography with original omissions restored D. 1882. ——-
Charles Robert Darwin (1809 – 1882) had 10 children and 7 of them survived to adulthood.
Sir Horace Darwin, KBE, FRS (13 May 1851 – 22 September 1928), the fifth son and ninth child of the British naturalist Charles Darwin and his wife Emma, the youngest of their seven children who survived to adulthood.
(Horace Darwin pictured below)
Emma Nora Barlow, Lady Barlow (née Darwin; 22 December 1885 – 29 May 1989) Nora, as she was known, was the daughter of the civil engineer Sir Horace Darwin and his wife The Hon. Lady Ida Darwin (née Farrer),
Horace Darwin married Emma Cecilia “Ida” Farrer (1854–1946) pictured below.
—-
Francis Schaeffer
Horace Barlow was the son of Nora Barlow. From February 11, 2015 to July 1, 2017, I wrote 7 letters to Dr. Horace Barlow because I wanted to discuss primarily the views of his grandfather CharlesDarwin and Francis Schaeffer’s 1968 critique of Darwinism!
Franicis Schaeffer
If you wish to hear Francis Schaeffer’s 1968 talk on Darwin’s autobiography then you can access part 1 at this link and part 2 at this link.
I found Dr. Barlow to be a true gentleman and he was very kind to take the time to answer the questions that I submitted to him. In the upcoming months I will take time once a week to pay tribute to his life and reveal our correspondence. In the first week I noted:
Today I am posting my first letter to him in February of 2015 which discussed Charles Darwin lamenting his loss of aesthetic tastes which he blamed on Darwin’s own dedication to the study of evolution. In a later return letter, Dr. Barlow agreed that Darwin did in fact lose his aesthetic tastes at the end of his life.
In the second week I look at the views of Michael Polanyi and share the comments of Francis Schaeffer concerning Polanyi’s views.
In the third week, I look at the life of Brandon Burlsworth in the November 28, 2016 letter and the movie GREATER and the problem of evil which Charles Darwin definitely had a problem with once his daughter died.
On the 4th letter to Dr. Barlow looks at Darwin’s admission that he at times thinks that creation appears to look like the expression of a mind. Francis Schaeffer discusses Darwin’s own words in 1968 sermon at this link.
My Fifth Letter concerning Charles Darwin’s views on MORAL MOTIONS Which was mailed on March 1, 2017. Francis Schaeffer discusses Darwin’s own words concerning moral motions in Schaeffer’s 1968 sermon at this link.
6th letter on May 1, 2017 in which Charles Darwin’s hopes are that someone would find in Pompeii an old manuscript by a distinguished Roman that would show that Christ existed! Francis Schaeffer discusses Darwin’s own words concerning the possible manuscript finds in Schaeffer’s 1968 sermon at this link.
7th letter on Darwin discussing DETERMINISM dated 7-1-17 . Francis Schaeffer discusses Darwin’s own words concerning determinism in Schaeffer’s 1968 sermon at this link.
Thanks 8th letter responds to Dr. Barlow’s letter to me concerning the Francis Schaeffer discusses Darwin’s own words concerning chance in Schaeffer’s 1968 sermon at this link.
Thanks 9th letter in response to 11-22-17 letter I received from Professor Horace Barlow was mailed on 1-2-18 and included Charles Darwin’s comments on William Paley. Francis Schaeffer discusses Darwin’s own words concerning William Paley in Schaeffer’s 1968 sermon at this link.
10th letter in response to 11-22-17 letter I received from Professor Horace Barlow was mailed on 2-2-18 and includes Darwin’s comments asking for archaeological evidence for the Bible! Francis Schaeffer discusses Darwin’s own words concerning His desire to see archaeological evidence supporting the Bible’s accuracy in Schaeffer’s 1968 sermon at this link.
11th letter I mailed on 3-2-18 in response to 11-22-17 letter from Barlow that asserted: It is also sometimes asked whether chance, even together with selection, can define a “MORAL CODE,” which the religiously inclined say is defined by their God. I think the answer is “Yes, it certainly can…” Francis Schaeffer discusses Darwin’s own words concerning A MORAL CODE in Schaeffer’s 1968 sermon at this link.
12th letter on March 26, 2018 breaks down song DUST IN THE WIND “All we do, crumbles to the ground though we refuse to see, Dust in the Wind, All we are is dust in the wind, Don’t hang on, Nothing lasts forever but the Earth and Sky, It slips away, And all your money won’t another minute buy.”
In 13th letter I respond to Barlow’s November 22, 2017 letter and assertion “He {Darwin} clearly did not lose his sense of the VALUE of TRUTH, and of the importance of FOREVER SEARCHING it out.”
In 14th letter to Dr. Barlow on 10-2-18, I assert: “Let me demonstrate how the Bible’s view of the origin of life fits better with the evidence we have from archaeology than that of gradual evolution.”In 15th letter in November 2, 2018 to Dr. Barlow I quote his relative Randal Keynes Who in the Richard Dawkins special “The Genius of Darwin” makes this point concerning Darwin, “he was, at different times, enormously confident in it,and at other times, he was utterly uncertain.”In 16th Letter on 12-2-18 to Dr. Barlow I respond to his letter that stated, If I am pressed to say whether I think belief in God helps people to make wise and beneficial decisions I am bound to say (and I fear this will cause you pain) “No, it is often very disastrous, leading to violence, death and vile behaviour…Muslim terrorists…violence within the Christian church itself”17th letter sent on January 2, 2019 shows the great advantage we have over Charles Darwin when examining the archaeological record concerning the accuracy of the Bible!In the 18th letter I respond to the comment by Charles Darwin: “My mind seems to have become a kind of machine for grinding general laws out of large collections of facts, but why this should have caused the atrophy of that part of the brain alone, on which the higher tastes depend, I cannot conceive….The loss of these tastes is a loss of happiness.” Francis Schaeffer discusses Darwin’s own words on his loss of aesthetic tastes in Schaeffer’s 1968 sermon at this link.In 19th letter on 2-2-19 I discuss Steven Weinberg’s words, But if language is to be of any use to us, we ought to try to preserve the meanings of words, and “God” historically has not meant the laws of nature. It has meant an interested personality.
In the 20th letter on 3-2-19 I respond to Charles Darwin’s comment, “At the present day the most usual argument for the existence of an intelligent God is drawn from the deep [#1] inward conviction and feelings which are experienced by most persons...Formerly I was led by feelings such as those…to the firm conviction of the existence of God, and of the immortality of the soul. In my Journal I wrote that [#2] whilst standing in the midst of the grandeur of a Brazilian forest, ‘it is not possible to give an adequate idea of the higher feelings of wonder, admiration, and devotion which fill and elevate the mind.’ I well remember my conviction that there is more in man than the mere breath of his body. [#3] But now the grandest scenes would not cause any such convictions and feelings to rise in my mind. It may be truly said that I am like a man who has become colour-blind.” Francis Schaeffer discusses Darwin’s own words concerning his former belief in God in Schaeffer’s 1968 sermon at this link.
In the 21st letter on May 15, 2019 to Dr Barlow I discuss the writings of Francis Schaeffer who passed away the 35 years earlier on May 15, 1985. Francis Schaeffer discusses Darwin’s own words at length in Schaeffer’s 1968 sermon at this link.
In the 22nd letter I respond to Charles Darwin’s words, “I can indeed hardly see how anyone ought to wish Christianity to be true; for if so the plain language of the text seems to show that the men who do not believe…will be everlastingly punished. And this is a damnable doctrine.” Francis Schaeffer discusses Darwin’s own words about hell in Schaeffer’s 1968 sermon at this link
In 23rd postcard sent on 7-2-19 I asked Dr Barlow if he was a humanist. Sir Julian Huxley, founder of the American Humanist Association noted, “I use the word ‘humanist’ to mean someone who believes that man is just as much a natural phenomenon as an animal or plant; that his body, mind and soul were not supernaturally created but are products of evolution, and that he is not under the control or guidance of any supernatural being.”
In my 24th letter on 8-2-19 I quote Jerry Bergman who noted Jean Louis Agassiz (1807-1873) is regarded as one of the greatest scientists of the 19th century. A founding father of the modern American scientific establishment, Agassiz was also a lifelong opponent of Charles Darwin’s theory of evolution. Agassiz “ruled in professorial majesty at Harvard’s Museum of Comparative Zoology.”
In my 25th letter on 9-2-19 I respond to Charles Darwin’s assertion, “This argument would be a valid one if all men of ALL RACES had the SAME INWARD CONVICTION of the existence of one God; but we know that this is very far from being the case.” Francis Schaeffer discusses Darwin’s own words concerning MORAL MOTIONS in Schaeffer’s 1968 sermon at this link.
In my 26th letter on 10-2-19 I quoted Bertrand Russell’s daughter’s statement, “I believe myself that his whole life was a search for God…. Indeed, he had first taken up philosophy in hope of finding proof of the evidence of the existence of God … Somewhere at the back of my father’s mind, at the bottom of his heart, in the depths of his soul there was an empty space that had once been filled by God, and he never found anything else to put in it”
In my 27th letter on 11-2-19 I disproved Richard Dawkins’ assertion, “Genesis says Abraham owned camels, but archaeological evidence shows that the camel was not domesticated until many centuries after Abraham.” Furthermore, I gave more evidence indicating the Bible is historically accurate.
In my 28th letter on 12-2-19 I respond to Charles Darwin’s statement, “I am glad you were at the Messiah, it is the one thing that I should like to hear again, but I dare say I should find my soul too dried up to appreciate it as in old days; and then I should feel very flat, for it is a horrid bore to feel as I constantly do, that I am a withered leaf for every subject except Science. It sometimes makes me hate Science.” Francis Schaeffer discusses Darwin’s own words concerning MORAL MOTIONS in Schaeffer’s 1968 sermon at this link.
In my 29th letter on 12-25-19 I responded to Charles Darwin’s statement, “I have said that in one respect my mind has changed during the last twenty or thirty years. Up to the age of thirty, or beyond it, poetry of many kinds…gave me great pleasure, and even as a schoolboy I took intense delight in Shakespeare, especially in the historical plays. I have also said that formerly pictures gave me considerable, and music very great delight. But now for many years I cannot endure to read a line of poetry: I have tried lately to read Shakespeare, and found it so intolerably dullthat it nauseated me…. My mind seems to have become a kind of machine for grinding general laws out of large collections of facts, but why this should have caused the atrophy of that part of the brain alone, on which the higher tastes depend, I cannot conceive… The loss of these tastes is a loss of happiness…” Francis Schaeffer discusses Darwin’s own words concerning his loss of aesthetic tastes in Schaeffer’s 1968 sermon at this link.
In my 30th letter on 2-2-20 I quote Dustin Shramek who asserted, “Without God the universe is the result of a cosmic accident, a chance explosion. There is no reason for which it exist. As for man, he is a freak of nature–a blind product of matter plus time plus chance. Man is just a lump of slime that evolved into rationality. There is no more purpose in life for the human race than for a species of insect; for both are the result of the blind interaction of chance and necessity.”
In my 31st letter on 3-18-20 I quote Francis Schaeffer who noted, “Darwin is saying that he gave up the New Testament because it was connected to the Old Testament. He gave up the Old Testament because it conflicted with his own theory. Did he have a real answer himself and the answer is no. At the end of his life we see that he is dehumanized by his position and on the other side we see that he never comes to the place of intellectual satisfaction for himself that his answers were sufficient.” Francis Schaeffer discusses Darwin’s own words concerning his loss of his Christian faith in Schaeffer’s 1968 sermon at this link.
In my 32nd letter on 4-18-20 quoted H.J. Blackham on where humanism leads “On humanist assumptions, life leads to nothing, and every pretense that it does not is a deceit. If there is a bridge over a gorge which spans only half the distance and ends in mid-air, and if the bridge is crowded with human beings pressing on, one after the other they fall into the abyss. The bridge leads nowhere, and those who are pressing forward to cross it are going nowhere….It does not matter where they think they are going, what preparations for the journey they may have made, how much they may be enjoying it all. The objection merely points out objectively that such a situation is a model of futility“
I have gone back and forth and back and forth with many liberals on the Arkansas Times Blog on many issues such as abortion, human rights, welfare, poverty, gun control and issues dealing with popular culture. Here is another exchange I had with them a while back. My username at the Ark Times Blog is Saline […]By Everette Hatcher III | Posted in Francis Schaeffer, Prolife | Edit | Comments (0)
On March 17, 2013 at our worship service at Fellowship Bible Church, Ben Parkinson who is one of our teaching pastors spoke on Genesis 1. He spoke about an issue that I was very interested in. Ben started the sermon by reading the following scripture: Genesis 1-2:3 English Standard Version (ESV) The Creation of the […]By Everette Hatcher III | Posted in Adrian Rogers, Atheists Confronted, Current Events | TaggedBen Parkinson, Carl Sagan | Edit | Comments (0)
In today’s news you will read about Kirk Cameron taking on the atheist Stephen Hawking over some recent assertions he made concerning the existence of heaven. Back in December of 1995 I had the opportunity to correspond with Carl Sagan about a year before his untimely death. Sarah Anne Hughes in her article,”Kirk Cameron criticizes […]By Everette Hatcher III | Posted in Atheists Confronted | Edit | Comments (2)
Keith Green passed away on July 28th, 1982 almost 39 years ago to the day!!! I want to remember him with a series of posts!!!
Bob Dylan Press Conference 1965 Part 1
___
Bob Dylan played on one of Keith Green’s last albums and on the 6:19 min mark of part 5 it shows Bob Dylan:
The Keith Green Story pt 5/7
The Keith Green Story pt 3/7
Keith Green had a major impact on me back in 1978 when I first heard him. Here is his story below:
Spiritual Conversion
Keith had a Jewish and Christian Science background, but grew up reading the New Testament. He called it “an odd combination” that left him open minded but deeply unsatisfied. His journey led him to drugs, South Asian mysticism, and “free love.” After experiencing what Green described as a “bad trip,” he abandoned drug use and became bitter towards philosophy and theology in general. Green would later state, however, that in the midst of his skepticism, he felt that God “broke through calloused heart,” and he became a born-again Christian. Soon afterward, Keith’s wife Melody (whom he had married on Christmas Day 1973) also became a born-again Christian. It was during this time that the newlyweds became involved with the Vineyard Christian Fellowship in Southern California.
Ministry
In 1975, the Greens began an outreach program in the suburbs of Los Angeles, California, in the San Fernando Valley. Purchasing the home next door to their own and renting an additional five in the same neighborhood, Keith and Melody provided a environment of Christian teaching for a group of young adults, the majority of whom were of college age. Much to the consternation of neighbors, those living in the Green’s homes included former drug addicts, the homeless and even some prostitutes who had been referred to the Greens by other ministries and shelters. In 1977, the Greens outreach was officially named Last Days Ministries.
Keith Green’s initial tone of ministry was largely influenced by Leonard Ravenhill, who pointed Keith to Charles Finney, a nineteenth century revivalist preacher who preached the law of God to provoke conviction in his hearers. During his concerts he would often exhort his listeners to repent and commit themselves more wholly to following Christ. Green later softened his approach, and this transition is evident in his music beginning with So You Wanna Go Back To Egypt in 1980.
Recording
Green was signed to Contemporary Christian music label Sparrow Records in 1976 and worked on the album Firewind (1976) with Christian artists 2nd Chapter of Acts, Terry Talbot, John Michael Talbot, and Barry McGuire. His first solo project, For Him Who Has Ears to Hear, was released in 1977 and his second solo release, No Compromise, followed in 1978.
In 1979, after negotiating a release from his contract with Sparrow, Green initiated a new policy of refusing to charge money for concerts or albums. Keith and Melody mortgaged their home to privately finance Green’s next album, So You Wanna Go Back To Egypt. The album, which featured a guest appearance by Bob Dylan, was offered through mail-order and at concerts for a price determined by the purchaser. As of May 1982, Green had shipped out more than 200,000 units of his album ? 61,000 for free. Subsequent albums included The Keith Green Collection (1981) and Songs For The Shepherd (1982).
When his music was carried by Christian bookstores, a second cassette was included free of charge for every cassette purchased to give away to a friend to help spread the Gospel.
First Person video of Joplin MO tornado 5/22/11 The video i took while at Fastrip on east 20th street. We huddled in the back of the store until the glass got sucked out , then ran into the walk in storage fridge. Sorry for the lack of visuals but the audio is pretty telling of […]
God On Trial Uploaded on Jan 8, 2012 God on Trial is a 2008 BBC/WGBH Boston television play written by Frank Cottrell Boyce, starring Antony Sher, Rupert Graves and Jack Shepherd. The play takes place in Auschwitz during World War II. The Jewish prisoners put God on trial in absentia for abandoning the Jewish […]
On November 21, 2014 I received a letter from Nobel Laureate Harry Kroto and it said: …Please click on this URL http://vimeo.com/26991975 and you will hear what far smarter people than I have to say on this matter. I agree with them. Harry Kroto _________________ Below you have picture of Dr. Harry Kroto: ____________ Debate […]
On November 21, 2014 I received a letter from Nobel Laureate Harry Kroto and it said: …Please click on this URL http://vimeo.com/26991975 and you will hear what far smarter people than I have to say on this matter. I agree with them. Harry Kroto _________________ Below you have picture of Dr. Harry Kroto: ____________ Debate […]
______ Francis Schaeffer “BASIS FOR HUMAN DIGNITY” Whatever…HTTHR The Roots of Hitler’s Evil by Richard Weikart Professor of History California State Univ., Stanislaus [This essay first appeared in Books and Culture: A Christian Review (Mar./Apr. 2001): 18-21] What shaped the life of the man who today is the symbol of evil and brutality, but who […]
Peter May rightly notes, “Peter Singer is arguably the most famous and influential modern philosopher, offering the most radical challenge to traditional Judeo-Christian values.” Francis Schaeffer “BASIS FOR HUMAN DIGNITY” Whatever…HTTHR Dr. Francis Schaeffer: Whatever Happened to the Human Race Episode 1 ABORTION Published on Jan 10, 2015 Whatever Happened to the Human Race? Abortion […]
On November 21, 2014 I received a letter from Nobel Laureate Harry Kroto and it said: …Please click on this URL http://vimeo.com/26991975 and you will hear what far smarter people than I have to say on this matter. I agree with them. Harry Kroto _________________ Below you have picture of 1996 Chemistry Nobel Prize Winner Dr. […]
Ms. Hannah-Jones said that Cuba’s results are because of socialism.
On that point, I’ll agree, though I think it shows why that collectivist ideology is so destructive.
Let’s look at some comparisons based on the Maddison data. This first chart shows how Cuba has fallen far behind Panama and the Dominican Republic, two other multi-racial nations in the region.
The key thing to realize is that Cuba was equal to (or richer than) those countries when the communists took power in Cuba.
But socialist policies have caused Cuba’s economy to stagnate and now Panama is almost three times richer and the Dominican Republic is nearly two times richer (and you can click here is you also want to see comparisons with Chile and Costa Rica).
In other words, Cuba is a role model, but not for anything positive.
Let’s drive that point home with another chart comparing three nations – Cuba, Singapore, and Taiwan – that were roughly equal back in 1959.
What makes this comparison especially instructive is that Cuba went for socialism and Singapore and Taiwan became pro-market reformers. So it should be no surprise that the latter two have far surpassed Cuba.
Part I of this series looked at socialism’s track record of failure, while Part II pointed out that greater levels of socialism lead to greater levels of misery.
I’ve wondered whether sub-par government schools are part of the problem. Are they mis-educating kids?
I don’t know if that was a problem in the past, but Richard Rahn warns in the Washington Times that it will probably be a problem in the future.
Recent polls have shown rising support for socialism and an increasingly negative view of capitalism, particularly among the young. …Most of those who say they support socialism are probably unaware that it has failed every place and time that it has been tried. …They may also not be aware that socialism relies on coercion to function… By contrast, capitalism relies on the voluntary exchange of goods and services… Last week at the NEA’s annual meeting, the delegates demanded that the union issue a study criticizing, among many things, “capitalism.” Has anyone thought through the alternatives – a system based on slavery or serfdom…? Under capitalism, investment and productive labor are allocated by individual consumer choice. …Under socialism, there is no good mechanism for meeting consumer demand; the socialist leaders decide what the people should have. There is no mechanism for creating and encouraging innovation – that is why socialist states normally only produce something new after it has already been produced in a capitalist country… So why then are the teachers’ unions advocating that capitalism be attacked, and socialism be applauded? The answer is simple, willful ignorance.
I’ve always supported school choice because I want better educational outcomes, especially for poor and minority students.
In recent months, I’ve wondered we also need school choice because of what teacher unions are doing on issues such as critical race theory and school re-openings.
Now it seems we need choice simply to protect kids from the risk of being propagandized.
From an economic perspective, one major goal is to change the cost-benefit analysis for criminals. If bad guys have to worry that good guys may be armed, that significantly increases the potential cost of illegal behavior.
A well-functioning system of law enforcement can help, of course, but that’s not a description of how things work in some communities – even in normal times, much less when there’s civil unrest.
But all this evidence and analysis doesn’t seem to matter for Joe Biden. A look at his campaign website shows support for a wide range of gun-control laws from the soon-to-be Democratic nominee.
…gun violence is a public health epidemic. …In 1994, Biden – along with Senator Dianne Feinstein – secured the passage of 10-year bans on assault weapons and high-capacity magazines. As president, Joe Biden will defeat the NRA again. …As president, Biden will: …Ban the manufacture and sale of assault weapons and high-capacity magazines. …Regulate possession of existing assault weapons under the National Firearms Act. …Biden supports legislation restricting the number of firearms an individual may purchase per month to one. …End the online sale of firearms and ammunitions. …Give states incentives to set up gun licensing programs.
What’s especially discouraging is that Biden apparently hasn’t learned anything about so-called assault weapons since 1994.
In a 2019 column for Reason, Jacob Sullum dissected Biden’s incoherent views on the topic.
Joe Biden…is still proud of the ban on “assault weapons”… Biden argues that it made mass shootings less common…, citing a study reported in The Journal of Trauma and Acute Care Surgery last January. But that is not what the researchers, led by New York University epidemiologist Charles DiMaggio, actually found.…The study…looked not at the number of mass shootings, as Biden claims, but the number of mass-shooting deaths as a share of all firearm homicides. The difference in total fatalities during the period when the ban was in effect amounted to 15 fewer deaths over a decade, or 1.5 a year on average, including mass shootings that did not involve weapons covered by the ban. …The causal mechanism imagined by Biden is even harder to figure out. He describes “assault weapons” as “military-style firearms designed to fire rapidly.” But they do not fire any faster than any other semi-automatic. …Under the 1994 ban, removing “military-style” features such as folding stocks, flash suppressors, or bayonet mounts transformed forbidden “assault weapons” into legal firearms, even though the compliant models fired the same ammunition at the same rate with the same muzzle velocity as the ones targeted by the law.
I wonder if Biden understands the policy he’s advocating.
Does he think that “assault weapons” are actual machine guns, capable of firing multiple rounds with one pull on the trigger (a remarkably common misconception among gun-control advocates)?
Or, if he understands that a so-called assault weapon is just like any other gun (firing one round each time the trigger is pulled), then why would he think anything would be achieved by banning some guns and leaving others (that work the same way) legal?
The bottom line is that people are “voting with their dollars” for gun ownership for the simple reason that they know it’s unwise to trust government (either to protect them from crime or to respect their rights).
But that doesn’t mean their constitutional freedoms will be secure if Biden wins the 2020 election.
But the main goal of that column was to explain that the internal revenue code already is heavily weighted against investors, entrepreneurs, business owners and other upper-income taxpayers.
And to underscore that point, I shared two charts from Brian Riedl’s chartbook to show that the “rich” are now paying a much larger share of the tax burden – notwithstanding the Reagan tax cuts, Bush tax cuts, and Trump tax cuts – than they were 40 years ago.
Not only that, but the United States has a tax system that is more “progressive” than all other developed nations (all of whom also impose heavy tax burdens on upper-income taxpayers, but differ from the United States in that they also pillage lower-income and middle-class residents).
In other words, Biden’s class-warfare tax plan is bad policy.
Today’s column, by contrast, will point out that his tax increases are impractical. Simply stated, they won’t collect much revenue because people change their behavior when incentives to earn and report income are altered.
This is especially true when looking at upper-income taxpayers who – compared to the rest of us – have much greater ability to change the timing, level, and composition of their income.
This helps to explain why rich people paid five times as much tax to the IRS during the 1980s when Reagan slashed the top tax rate from 70 percent to 28 percent.
When writing about this topic, I normally use the Laffer Curve to help people understand why simplistic assumptions about tax policy are wrong (that you can double tax revenue by doubling tax rates, for instance). And I point out that even folks way on the left, such as Paul Krugman, agree with this common-sense view (though it’s also worth noting that some people on the right discredit the concept by making silly assertions that “all tax cuts pay for themselves”).
But instead of showing the curve again, I want to go back to Brian Riedl’s chartbook and review his data on of revenue changes during the eight years of the Obama Administration.
It shows that Obama technically cut taxes by $822 billion (as further explained in the postscript, most of that occurred when some of the Bush tax cuts were made permanent by the “fiscal cliff” deal in 2012) and raised taxes by $1.32 trillion (most of that occurred as a result of the Obamacare legislation).
If we do the math, that means Obama imposed a cumulative net tax increase of about $510 billion during his eight years in office
But, if you look at the red bar on the chart, you’ll see that the government didn’t wind up with more money because of what the number crunchers refer to as “economic and technical reestimates.”
Indeed, those reestimates resulted in more than $3.1 trillion of lost revenue during the Obama years.
I don’t want the politicians and bureaucrats in Washington to have more tax revenue, but I obviously don’t like it when tax revenues shrink simply because the economy is stagnant and people have less taxable income.
Yet that’s precisely what we got during the Obama years.
To be sure, it would be inaccurate to assert that revenues declined solely because of Obama’s tax increase. There were many other bad policies that also contributed to taxable income falling short of projections.
Heck, maybe there was simply some bad luck as well.
But even if we add lots of caveats, the inescapable conclusion is that it’s not a good idea to adopt policies – such as class-warfare tax rates – that discourage people from earning and reporting taxable income.
The bottom line is that we should hope Biden’s proposed tax increases die a quick death.
P.S. The “fiscal cliff” was the term used to describe the scheduled expiration of the 2001 and 2003 Bush tax cuts. According to the way budget data is measured in Washington, extending some of those provisions counted as a tax cut even though the practical impact was to protect people from a tax increase.
P.P.S. Even though Biden absurdly asserted that paying higher taxes is “patriotic,” it’s worth pointing out that he engaged in very aggressive tax avoidance to protect his family’s money.
The good news, as I wrote earlier this year, is that he probably isn’t serious about some of his worst ideas.
Biden is a statist, but not overly ideological. His support for bigger government is largely a strategy of catering to the various interest groups that dominate the Democratic Party. The good news is that he’s an incrementalist and won’t aggressively push for a horrifying FDR-style agenda if he gets to the White House.
But what if Joe Biden’s health deteriorates and Kamala Harris – sooner or later – winds up in charge?
And it doesn’t appear that being Biden’s choice for Vice President has led her to moderate her views. Consider this campaign ad, where she openly asserted that “equitable treatment means we all end up at the same place.”
The notion that we should strive for equality of outcomes rather than equality of opportunity is horrifying.
For all intents and purposes,Harris has embraced a harsh version of redistributionism where everyone above average is punished and everyone below average is rewarded.
This goes way beyond a safety net and it’s definitely a recipe for economic misery since people on both sides of the equationhave less incentive to be productive.
I’m not the only one to be taken aback by Harris’ dogmatic leftism.
Robby Soave, writing for Reason, is very critical of her radical outlook.
Harris gives voice to a leftist-progressive narrative about the importance of equity—equal outcomes—rather than mere equality before the law. …Harris contrasted equal treatment—all people getting the same thing—with equitable treatment,which means “we all end up at the same place.” …This may seem like a trivial difference, but when it comes to public policy, the difference matters. A government shouldbe obligated to treat all citizens equally, giving them the same access to civil rights and liberties like voting, marriage, religious freedom, and gun ownership. …A mandate to foster equity, though, would give the government power to violate these rights in order to achieve identical social results for all people.
And, in a column for National Review, Brad Polumbo expresses similar reservations about her views.
Whether she embraces the label “socialist” or not, Harris’s stated agenda and Senate record both reveal her to be positioned a long way to the left on matters of economic policy. From health care to the environment to housing, Harris thinks the answer to almost every problem we face is simply more government and more taxpayer money — raising taxes and further indebting future generations in the process.…Harris…supports an astounding $40 trillion in new spending over the next decade. In a sign of just how far left the Democratic Party has shifted on economics, Harris backs more than 20 times as much spending as Hillary Clinton proposed in 2016. …And this is not just a matter of spending. During her failed presidential campaign, Harris supported a federal-government takeover of health care… The senator jumped on the “Green New Deal” bandwagon as well. She co-sponsored the Green New Deal resolution in the Senate that called for a “new national, social, industrial, and economic mobilization on a scale not seen since World War II and the New Deal era.” …she supports enacting price controls on housing across the country. …The left-wing group Progressive Punch analyzed Harris’s voting record and found that she is the fourth-most liberal senator, more liberal even than Massachusetts senator Elizabeth Warren. Similarly, the nonpartisan organization GovTrack.us deemed Harris the furthest-left member of the Senate for the 2019 legislative year. (Spoiler alert: If your voting record is to the left of Bernie Sanders, you might be a socialist.)
To be fair, Harris is simply a politician, so we have no idea what she really believes. Her hard-left agenda might simply be her way of appealing to Democratic voters, much as Republicans who run for president suddenly decide they support big tax cuts and sweeping tax reform.
But whether she’s sincere or insincere, it’s troubling that she actually says it’s the role of government to make sure we all “end up at the same place.”
Let’s close with a video clip from Milton Friedman. At the risk of understatement, he has a different perspective than Ms. Harris.
Since we highlighted Harris’ key quote, let’s also highlight the key quote from Friedman.
Amen.
P.S. It appears Republicans will hold the Senate, which presumably (hopefully?) means that any radical proposals would be dead on arrival, regardless of whether they’re proposed by Biden or Harris.
After Barack Obama took office (and especially after he was reelected), there was a big uptick in the number of rich people who chose to emigrate from the United States.
There are many reasons wealthy people choose to move from one nation to another, but Obama’s embrace of class-warfare tax policy (including FATCA) was seen as a big factor.
Joe Biden’s tax agenda is significantly more punitive than Obama’s, so we may see something similar happen if he wins the 2020 election.
Given the economic importance of innovators, entrepreneurs, and inventors, this would be not be good news for the American economy.
The New York Timesreported late last year that the United States could be shooting itself in the foot by discouraging wealthy residents.
…a different group of Americans say they are considering leaving — people of both parties who would be hit by the wealth tax… Wealthy Americans often leave high-tax states like New York and California for lower-tax ones like Florida and Texas. But renouncing citizenship is a far more permanent, costly and complicated proposition. …“America’s the most attractive destination for capital, entrepreneurs and people wanting to get a great education,” said Reaz H. Jafri, a partner and head of the immigration practice at Withers, an international law firm. “But in today’s world, when you have other economic centers of excellence — like Singapore, Switzerland and London — people don’t view the U.S. as the only place to be.” …now, the price may be right to leave. While the cost of expatriating varies depending on a person’s assets, the wealthiest are betting that if a Democrat wins…, leaving now means a lower exit tax. …The wealthy who are considering renouncing their citizenship fear a wealth tax less than the possibility that the tax on capital gains could be raised to the ordinary income tax rate, effectively doubling what a wealthy person would pay… When Eduardo Saverin, a founder of Facebook…renounced his United States citizenship shortly before the social network went public, …several estimates said that renouncing his citizenship…saved him $700 million in taxes.
Here are some excerpts from a 2017 Bloomberg story.
Australia is luring increasing numbers of global millionaires, helping make it one of the fastest growing wealthy nations in the world… Over the past decade, total wealth held in Australia has risen by 85 percent compared to 30 percent in the U.S. and 28 percent in the U.K… As a result, the average Australian is now significantly wealthier than the average American or Briton. …Given its relatively small population, Australia also makes an appearance on a list of average wealth per person. This one is, however, dominated by small tax havens.
Here’s one of the charts from the story.
As you can see, Australia is doing very well, though the small tax havens like Monaco are world leaders.
I’m mystified, however, that the Cayman Islands isn’t listed.
But I’m digressing.
Let’s get back to our main topic. It’s worth noting that even Greece is seeking to attract rich foreigners.
The new tax law is aimed at attracting fresh revenues into the country’s state coffers – mainly from foreigners as well as Greeks who are taxed abroad – by relocating their tax domicile to Greece, as it tries to woo “high-net-worth individuals” to the Greek tax register.The non-dom model provides for revenues obtained abroad to be taxed at a flat amount… Having these foreigners stay in Greece for at least 183 days a year, as the law requires, will also entail expenditure on accommodation and everyday costs that will be added to the Greek economy. …most eligible foreigners will be able to considerably lighten their tax burden if they relocate to Greece…nevertheless, the amount of 500,000 euros’ worth of investment in Greece required of foreigners and the annual flat tax of 100,000 euros demanded (plus 20,000 euros per family member) may keep many of them away.
The system is too restrictive, but it will make the beleaguered nation an attractive destination for some rich people. After all, they don’t even have to pay a flat tax, just a flat fee.
Italy has enjoyed some success with a similar regime to entice millionaires.
Last but not least, an article published last year has some fascinating details on the where rich people move and why they move.
The world’s wealthiest people are also the most mobile. High net worth individuals (HNWIs) – persons with wealth over US$1 million – may decide to pick up and move for a number of reasons. In some cases they are attracted by jurisdictions with more favorable tax laws… Unlike the middle class, wealthy citizens have the means to pick up and leave when things start to sideways in their home country. An uptick in HNWI migration from a country can often be a signal of negative economic or societal factors influencing a country. …Time-honored locations – such as Switzerland and the Cayman Islands – continue to attract the world’s wealthy, but no country is experiencing HNWI inflows quite like Australia. …The country has a robust economy, and is perceived as being a safe place to raise a family. Even better, Australia has no inheritance tax
Here’s a map from the article.
The good news is that the United States is attracting more millionaires than it’s losing (perhaps because of the EB-5 program).
The bad news is that this ratio could flip after the election. Indeed, it may already be happening even though recent data on expatriation paints a rosy picture.
The bottom line is that the United States should be competing to attract millionaires, not repel them. Assuming, of course, politicians care about jobs and prosperity for the rest of the population.
P.S. American politicians, copying laws normally imposed by the world’s most loathsome regimes, have imposed an “exit tax” so they can grab extra cash from rich people who choose to become citizens elsewhere.
P.P.S. I’ve argued that Australia is a good place to emigrate even for those of us who aren’t rich.
While acknowledging that Social Security and Medicare also are in desperate need of modernization, I wrote that Medicaid reformshould be the first priority.
But I’d be happy if we made progress on any type of entitlement reform, so I don’t think there are right or wrong answers to this kind of question.
We have the same type of question this week. A reader sent an email to ask “Which federal department should be abolished first?”
I guess this is what is meant when people talk about a target-rich environment. We have an abundance of candidates:
Simply stated, there is no legitimate argument for HUD. And I think there would be the least political resistance.
As with the answer to the question about entitlements, this is a judgment call. I’d be happy to be proven wrong if it meant that politicians were aggressively going after another department. Anything that reduces the burden of government spending is a step in the right direction
I identified four heroes from the “Battle of Ideas” video I shared in late August – Friedrich Hayek, Milton Friedman, Ronald Reagan, and Margaret Thatcher. Here’s one of those heroes, Milton Friedman, explaining what’s needed to control big government.
Libertarians and others are often torn about school choice. They may wish to see the government schooling monopoly weakened, but they may resist supporting choice mechanisms, like vouchers and education savings accounts, because they don’t go far enough. Indeed, most current choice programs continue to rely on taxpayer funding of education and don’t address the underlying compulsory nature of elementary and secondary schooling.
Skeptics may also have legitimate fears that taxpayer-funded education choice programs will lead to over-regulation of previously independent and parochial schooling options, making all schooling mirror compulsory mass schooling, with no substantive variation.
Friedman Challenged Compulsory Schooling Laws
Milton Friedman had these same concerns. The Nobel prize-winning economist is widely considered to be the one to popularize the idea of vouchers and school choice beginning with his 1955 paper, “The Role of Government in Education.” His vision continues to be realized through the important work of EdChoice, formerly the Friedman Foundation for Education Choice, that Friedman and his economist wife, Rose, founded in 1996.
July 31 is Milton Friedman’s birthday. He died in 2006 at the age of 94, but his ideas continue to have an impact, particularly in education policy.
Friedman saw vouchers and other choice programs as half-measures. He recognized the larger problems of taxpayer funding and compulsion, but saw vouchers as an important starting point in allowing parents to regain control of their children’s education. In their popular book, Free To Choose, first published in 1980, the Friedmans wrote:
We regard the voucher plan as a partial solution because it affects neither the financing of schooling nor the compulsory attendance laws. We favor going much farther. (p.161)
They continued:
The compulsory attendance laws are the justification for government control over the standards of private schools. But it is far from clear that there is any justification for the compulsory attendance laws themselves. (p. 162)
The Friedmans admitted that their “own views on this have changed over time,” as they realized that “compulsory attendance at schools is not necessary to achieve that minimum standard of literacy and knowledge,” and that “schooling was well-nigh universal in the United States before either compulsory attendance or government financing of schooling existed. Like most laws, compulsory attendance laws have costs as well as benefits. We no longer believe the benefits justify the costs.” (pp. 162-3)
Still, they felt that vouchers would be the essential starting point toward chipping away at monopoly mass schooling by putting parents back in charge. School choice, in other words, would be a necessary but not sufficient policy approach toward addressing the underlying issue of government control of education.
Vouchers as a First Step
In their book, the Friedmans presented the potential outcomes of their proposed voucher plan, which would give parents access to some or all of the average per-pupil expenditures of a child enrolled in public school. They believed that vouchers would help create a more competitive education market, encouraging education entrepreneurship. They felt that parents would be more empowered with greater control over their children’s education and have a stronger desire to contribute some of their own money toward education. They asserted that in many places “the public school has fostered residential stratification, by tying the kind and cost of schooling to residential location” and suggested that voucher programs would lead to increased integration and heterogeneity. (pp. 166-7)
To the critics who said, and still say, that school choice programs would destroy the public schools, the Friedmans replied that these critics fail to
explain why, if the public school system is doing such a splendid job, it needs to fear competition from nongovernmental, competitive schools or, if it isn’t, why anyone should object to its “destruction.” (p. 170)
What I appreciate most about the Friedmans discussion of vouchers and the promise of school choice is their unrelenting support of parents. They believed that parents, not government bureaucrats and intellectuals, know what is best for their children’s education and well-being and are fully capable of choosing wisely for their children—when they have the opportunity to do so.
They wrote:
Parents generally have both greater interest in their children’s schooling and more intimate knowledge of their capacities and needs than anyone else. Social reformers, and educational reformers in particular, often self-righteously take for granted that parents, especially those who are poor and have little education themselves, have little interest in their children’s education and no competence to choose for them. That is a gratuitous insult. Such parents have frequently had limited opportunity to choose. However, U.S. history has demonstrated that, given the opportunity, they have often been willing to sacrifice a great deal, and have done so wisely, for their children’s welfare. (p. 160).
Today, school voucher programs exist in 15 states plus the District of Columbia. These programs have consistently shown that when parents are given the choice to opt-out of an assigned district school, many will take advantage of the opportunity. In Washington, D.C., low-income parents who win a voucher lottery send their children to private schools.
The most recent three-year federal evaluationof voucher program participants found that while student academic achievement was comparable to achievement for non-voucher students remaining in public schools, there were statistically significant improvements in other important areas. For instance, voucher participants had lower rates of chronic absenteeism than the control groups, as well as higher student satisfaction scores. There were also tremendous cost-savings.
In Wisconsin, the Milwaukee Parental Choice Program has served over 28,000 low-income students attending 129 participating private schools.
According to Corey DeAngelis, Director of School Choice at the Reason Foundation and a prolific researcher on the topic, the recent analysis of the D.C. voucher program “reveals that private schools produce the same academic outcomes for only a third of the cost of the public schools. In other words, school choice is a great investment.”
In Wisconsin, the Milwaukee Parental Choice Program was created in 1990 and is the nation’s oldest voucher program. It currently serves over 28,000 low-income students attending 129 participating private schools. Like the D.C. voucher program, data on test scores of Milwaukee voucher students show similar results to public school students, but non-academic results are promising.
Increased Access and Decreased Crime
Recent research found voucher recipients had lower crime rates and lower incidences of unplanned pregnancies in young adulthood. On his birthday, let’s celebrate Milton Friedman’s vision of enabling parents, not government, to be in control of a child’s education.
According to Howard Fuller, an education professor at Marquette University, founder of the Black Alliance for Educational Options, and one of the developers of the Milwaukee voucher program, the key is parent empowerment—particularly for low-income minority families.
In an interview with NPR, Fuller said: “What I’m saying to you is that there are thousands of black children whose lives are much better today because of the Milwaukee parental choice program,” he says. “They were able to access better schools than they would have without a voucher.”
Putting parents back in charge of their child’s education through school choice measures was Milton Friedman’s goal. It was not his ultimate goal, as it would not fully address the funding and compulsion components of government schooling; but it was, and remains, an important first step. As the Friedmans wrote in Free To Choose:
The strong American tradition of voluntary action has provided many excellent examples that demonstrate what can be done when parents have greater choice. (p. 159).
On his birthday, let’s celebrate Milton Friedman’s vision of enabling parents, not government, to be in control of a child’s education.
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
_________________________ 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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
“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 […]
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 […]
Charlie Rose interview of Milton Friedman My favorite economist: Milton Friedman : A Great Champion of Liberty by V. Sundaram Milton Friedman, the Nobel Prize-winning economist who advocated an unfettered free market and had the ear of three US Presidents – Nixon, Ford and Reagan – died last Thursday (16 November, 2006 ) in San Francisco […]
By Everette Hatcher III | Posted in Milton Friedman | Edit | Comments (0)
Stearns Speaks on House Floor in Support of Balanced Budget Amendment Uploaded by RepCliffStearns on Nov 18, 2011 Speaking on House floor in support of Balanced Budget Resolution, 11/18/2011 ___________ Below are some of the main proposals of Milton Friedman. I highly respected his work. David J. Theroux said this about Milton Friedman’s view concerning […]
By Everette Hatcher III | Posted in Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Milton Friedman, President Obama | Edit | Comments (1)
What a great defense of Milton Friedman!!!! Defaming Milton Friedman by Johan Norberg This article appeared in Reason Online on September 26, 2008 PRINT PAGE CITE THIS Sans Serif Serif Share with your friends: ShareThis In the future, if you tell a student or a journalist that you favor free markets and limited government, there is […]
Over the past couple of years, one of the most disturbing – and also revealing – things to happen in Washington is when Congresswoman Alexandria Ocasio-Cortez proposed giving more money to people “unwilling to work.”
As discussed in this interview, the left seems to want more dependency.
This is a very unfortunate development. Just four years ago, Joe Biden rejected no-strings-handouts such as “basic income.”
Let’s address one of the specific issues from the interview.
Regarding bonus unemployment benefits. I warned that we should be careful about over-interpreting short-run data. And that’s especially true because the states providing extra payments for joblessness are generally the states that also had the most onerous lockdown policies during the pandemic.
So, if unemployment is dropping in a state, is it because extra benefits have been cancelled, or is it a result of relaxed lockdown policies? Or is it something else, like lower tax rates?
One obvious way of trying to answer these questions is to ask people why they’re not working.
Here are the results of a recent poll, as reported by Λxios.
About 1.8 million out-of-work Americans have turned down jobs because of the generosity of unemployment insurance benefits, according to Morning Consult poll results released Wednesday. …U.S. businesses have been wrestling with labor supply shortages as folks capable of working have opted not to work for a variety of reasons. … Morning Consult surveyed 5,000 U.S. adults from June 22-25, 2021. Of those actively collecting unemployment benefits, 29% said they turned down job offers during the pandemic. In response to a follow-up question, 45% of that group said they turned down jobs specifically because of the generosity of the benefits.
So our friends on the left tell us that bigger handouts have no adverse economic consequences while the people getting the payments openly admit that they aren’t working because they can live off the taxpayers.
P.P.S. Since the interview also included some discussion of basic income, here’s a recent study showing how those universal handouts would cripple work incentives.
Regulatory policy is one of the five ingredients in the recipe for growth and prosperity.
Ideally, there should be a minimal amount of red tape, and it should be governed by sensible cost-benefit analysis (i.e., so it deals with genuine externalities such as pollution).
Unfortunately, politicians rarely favor this light-touch approach, in part because of unseemly “public choice” incentives and in part because they focus only on the benefit side of the cost-benefit equation.
But the cost is very real.
And that means that there are substantial benefits when governments reduce the regulatory burden.
Let’s look at some research published by Italy’s central bank. Sauro Mocetti, Emanuela Ciapanna, and Alessandro Notarpietro investigated the impact of liberalization last decade. Here’s what they looked at.
…the importance of structural reforms, aimed at promoting sustainable and balanced growth, has been at the center of the economic debate, in Italy… Structural reforms are measures designed for modifying the very structure of an economy; they typically act on the supply side,i.e. by removing obstacles to an efficient (and equitable) production of goods and services, and by increasing productivity, so as to improve a country’s capacity to increase its growth potential… The aim of this paper is to assess the macroeconomic impact of three major structural reforms carried out in Italy over the last decade. They include (i)liberalization of services, (ii) incentives to “business innovation” (included in the so-called “Industry 4.0” Plan) and (iii) several measures in the civil justice system aimed at increasing the courts efficiency.
And here are their results.
Our results indicate that the three reforms, introduced in different years and with different timing, starting in 2011 and up to 2017, have already begun to produce their effects on the main macroeconomic variables and on Italy’s potential output. In particular, and taking into account the uncertainty surrounding our micro-econometric estimates, by 2019 GDP was between 3 and 6% higher than it would otherwise have been in the absence of these reforms, with the largest contribution being attributable to the liberalizations in the service sector. A further increase of about 2 percentage points would be reached in the next decade, due to the unfolding of the effects of all the reforms considered here. Therefore, the long-run increase in Italy’s potential output would lie in between 4% and 8%. We also detect non-negligible effects on the labor market: employment would increase in the long term by about 0.4%, while the unemployment rate would be reduced by about 0.3 percentage points.
More output and more jobs. Hard to argue with that outcome.
Here are some charts from the study. Figure 7 shows the impact on some macroeconomic aggregates.
And Figure 8 shows the estimated improvement in the labor market.
These results are good news, but Italy still has a long way to go. It’s only ranked #51 according to Economic Freedom of the World, and it’s score for regulation has only improved by a slight margin over the past decade.
Last year, I shared this video from the Competitive Enterprise Institute to help explain how government bureaucrats are making it harder for Americans to clean their plates, bowls, and silverware.
Washington’s dishwasher mandate is just one example of how red tape diminishes the quality of life.
Bureaucrats have concocted other ways of spreading misery and frustration.
Call me crazy, but I don’t like spending extra time in the shower, flushing more than once, and risking self-immolation when I refill my lawnmower.
But there is a bit of good news. The Trump Administration wants to make it easier for us to clean up after dinner.
The Wall Street Journal’s editorial is a good summary of the issue.
For years American homes have been stuck with dishwashers that take forever and still don’t get the job done. A new Department of Energy rule…will help change that. …Regulations on energy and water usage—tightened in 2013 by the Obama Administration—mean that dishwashers now take at least two hours to complete a full wash cycle.Dishes may still emerge with pieces of last night’s lasagna baked on. …CEI petitioned the Energy Department to allow dishwashers that would reduce the average cycle to one hour from two, while also giving better performance. CEI argued that if the aim of the regulation was to conserve water and energy, it’s unlikely they achieved their purpose. People responded to poor dishwasher performance by pre-rinsing each dish before putting it through their washers, wasting more water… The revised DOE rule is…an example of how common-sense deregulation can deliver real benefits for the public.
And Sam Rutzick of Reason explains this latest development in the battle for clean dishes.
Trump’s Department of Energy finalized a rule establishing a new product class for residential dishwashers that will have a normal cycle time of up to one hour and that can use five gallons of water per cycle. Those rules effectively roll back an Obama-era rule limiting standard dishwashers to use no more than 3.1 gallons of water per cycle.That limit forced dishwasher companies to adjust their products’ cycle lengths. And the supposedly more efficient but less useful dishwashers have been a punchline…the average dishwasher cycle time has jumped from the one-hour cycle that was common a decade ago to more than two hours today. The tighter rules didn’t lead to energy savings for customers. …they actually increased water consumption by 63 billion gallons, as households would have to run their dishwashers multiple cycles, or pre-rinse their dishes by hand, in order to get dishes actually clean.
But Rutzick’s column contains a very important caveat.
Joe Biden may reverse this important bit of deregulation.
Unfortunately, the new rules may not last. While the incoming administration has been vague about which deregulatory efforts they intend to undo, they have spoken in favor of tightening environmental regulations—and the new dishwasher rules could be a casualty. If so, that’ll be bad news for consumers.
But I fear environmentalism is an area where he will push policy significantly to the left.
So I’m not overly optimistic that we’ll have better dishwashers in the future.
The only good news is that Americans, every time they do the dishes, will have an irritating reminder that government is the problem rather than the solution.
P.S. Yes, I realize better dishwashers are not as important as better tax policy (or as important as worse trade policy), but I don’t think politicians should be undermining our quality of life.
Open letter to President Obama (Part 549)
(Emailed to White House on 6-25-13.)
President Obama c/o The White House 1600 Pennsylvania Avenue NW Washington, DC 20500
But the regulatory burden goes way beyond these odd anecdotes. We’re talking about a huge cost to the economy, and it’s been getting worse for the past 12 years.
Team Obama is now the red tape record holder. …pages in the Code of Federal Regulations hit an all-time high of 174,545 in 2012, an increase of more than 21% during the last decade.…the cost of federal rules exceeded $1.8 trillion, roughly equal to the GDP of Canada. These costs are embedded in nearly everything Americans buy…at $14,768 per household, meaning that red tape is now the second largest item in the typical family budget after housing. Last year 4,062 regulations were at various stages of implementation inside the Beltway. The government completed work on 1,172, an increase of 16% over the 1,010 that the feds imposed in 2011, which was a 40% increase over 722 in 2010. …the Obama Administration did not break the all-time record of 81,405 pages it set in 2010. But the 78,961 pages it churned out in 2012 mean that the President has posted three of the four greatest paperwork years on record. And to be fair, if Mr. Obama were ever to acknowledge that this is a problem, he could reasonably blame George W. Bush for setting a lousy example. Despite the Obama myth that the Bush years were an era of deregulation, the Bush Administration routinely generated more than 70,000 pages a year in the Federal Register.
If those numbers don’t make you sit up and take notice, how about these ones?
Today’s Byzantine system is good fortax lawyers, accountants, and bureaucrats, but it’s bad news for America. We need to wipe the slate clean and get rid of this corrupt mess. And you knowhow to make that happen.
_____________
Thank you so much for your time. I know how valuable it is. I also appreciate the fine family that you have and your commitment as a father and a husband.
Sincerely,
Everette Hatcher III, 13900 Cottontail Lane, Alexander, AR 72002, ph 501-920-5733, lowcostsqueegees@yahoo.com
Dan Mitchell Talking about China, Regulation, and Wealth with Cavuto These posts are all dealing with issues that President Obama did not help on in his first term. I am hopeful that he will continue to respond to my letters that I have written him and that he will especially reconsider his view on the […]
I wondered why President Obama was claiming that he was not increasing regulations as much as Bush did. However, the real truth coming out in this article below: Chart of the Week: Obama Tops Bush With More, Costlier Major Regulations Alison Meyer March 18, 2012 at 2:40 pm President Obama famously declared in this year’s […]
In this article below you will see that the American people do not want Obamacare but yet it is being crammed down their throats and all the regulations that go with that too. Sickening Regulation by Michael D. Tanner Michael Tanner is a senior fellow at the Cato Institute and author of Leviathan on the […]
The Heritage Foundation website does it again. Take a look. CAFE Standards: Fleet-Wide Regulations Costly and Unwarranted By Diane Katz November 28, 2011 Automakers would be required to double current fleet-wide fuel economy by 2025 under regulations proposed last week by the Obama Administration. Advocates contend that this crackdown on the internal combustion engine would […]
Arkansas a model for other states on Medicaid expansion, I hope not!!!! This is a great article and I am sad that many of the Republicans in Arkansas are actually trusting the Obama administration to keep their word. Currently we have 3 scandals with this administration and that speaks volumes about their integrity. Think Again: […]
I have put up lots of cartoons from Dan Mitchell’s blog before and they have got lots of hits before. Many of them have dealt with the economy, eternal unemployment benefits, socialism, Greece, welfare state or on gun control. Reagan inherited a sluggish economy like President Obama did but he cut taxes and regulations and got the […]
I have put up lots of cartoons from Dan Mitchell’s blog before and they have got lots of hits before. Many of them have dealt with the economy, eternal unemployment benefits, socialism, Greece, welfare state or on gun control. The sad truth is Obama is wrong about the mean rich people keeping this county down. The Grinch […]
Obama is condemned by his own words from 2008 by encouraging housing loans to unworthy credit borrowers. Housing Finance Nominee: Expect Big Government Housing Policies Doomed to Fail John Ligon May 3, 2013 at 10:00 am Polaris/Newscom President Obama nominated Representative Mel Watt (D–NC) as new chief regulator to the Federal Housing Finance Agency (FHFA), […]
But there’s another positive trend at the state level. As indicated by this map from the Tax Foundation, tax rates have been reduced in several jurisdictions.
But stopping something bad is an achievement, regardless.
What about other states? The Tax Foundation’s article has all the details you could possibly want, including phase-in times and presence (in some states) of revenue triggers.
For purposes of today’s column, let’s simply focus on what’s happening to top tax rates. Here’s a table with the key results, ranked by the size of the rate reduction.
Kudos to Arizona, of course, but Iowa and Louisiana also deserve praise for significantly dropping their top tax rates.
As these states move in the right direction, keep in mind that some states are shifting (or trying to shift) in the wrong direction.
Much of my writing is focused on the real-world impact of government policy, and this is why I repeatedly look at the relative economic performance of big government jurisdictions and small government jurisdictions.
So we’ve looked at high-tax states that are languishing, such as California and Illinois, and compared them to zero-income-tax states such as Texas.
With this in mind, you can understand that I was intrigued to see that even the establishment media is noticing that Texas is out-pacing the rest of the nation.
Here are some excerpts from a report by CNN Money on rapid population growth in Texas.
More Americans moved to Texas in recent years than any other state: A net gain of more than 387,000 in the latest Census for 2013. …Five Texas cities — Austin, Houston, San Antonio, Dallas and Fort Worth — were among the top 20 fastest growing large metro areas. Some smaller Texas metro areas grew even faster. In oil-rich Odessa, the population grew 3.3% and nearby Midland recorded a 3% gain.
But why is the population growing?
Well, CNN Money points out that low housing prices and jobs are big reasons.
And on the issue of housing, the article does acknowledge the role of “easy regulations” that enable new home construction.
But on the topic of jobs, the piece contains some good data on employment growth, but no mention of policy.
Jobs is the No. 1 reason for population moves, with affordable housing a close second. …Jobs are plentiful in Austin, where the unemployment rate is just 4.6%. Moody’s Analytics projects job growth to average 4% a year through 2015. Just as important, many jobs there are well paid: The median income of more than $75,000 is nearly 20% higher than the national median.
That’s it. Read the entire article if you don’t believe me, but the reporter was able to write a complete article about the booming economy in Texas without mentioning – not even once – that there’s no state income tax.
But that wasn’t the only omission.
The article doesn’t mention that Texas is the 4th-best state in the Tax Foundation’s ranking of state and local tax burdens.
The article doesn’t mention that Texas was the least oppressive state in the Texas Public Policy Foundation’s Soft Tyranny Index.
The article doesn’t mention that Texas was ranked #11 in the Tax Foundation’s State Business Tax Climate Index.
The article doesn’t mention that Texas is in 14th place in the Mercatus ranking of overall freedom for the 50 states (and in 10th place for fiscal freedom).
By the way, I’m not trying to argue that Texas is the best state.
Indeed, it only got the top ranking in one of the measures cited above.
My point, instead, is simply to note that it takes willful blindness to write about the strong population growth and job performance of Texas without making at least a passing reference to the fact that it is a low-tax, pro-market state.
At least compared to other states. And especially compared to the high-tax states that are stagnating.
Such as California, as illustrated by this data and this data, as well as this Lisa Benson cartoon.
Such as Illinois, as illustrated by this data and this Eric Allie cartoon.
P.S. Paul Krugman has tried to defend California, which has made him an easy target. I debunked him earlier this year, and I also linked to a superb Kevin Williamson takedown of Krugman at the bottom of this post.
P.P.S. Once again, I repeat the two-part challenge I’ve issued to the left. I’ll be happy if any statists can successfully respond to just one of the two questions I posed.
California is the Greece of the USA, but Texas is not perfect either!!! Just Because California Is Terrible, that Doesn’t Mean Texas Is Perfect January 21, 2013 by Dan Mitchell Texas is in much better shape than California. Taxes are lower, in part because Texas has no state income tax. No wonder the Lone Star State […]
We should lower federal taxes because jobs are going to states like Texas that have low taxes. (We should lower state taxes too!!) What Can We Learn by Comparing the Employment Situation in Texas vs. California? April 3, 2013 by Dan Mitchell One of the great things about federalism, above and beyond the fact that it […]
I got on the Arkansas Times Blog and noticed that a person on there was bragging about the high minimum wage law in San Francisco and how everything was going so well there. On 2-15-13 on the Arkansas Times Blog I posted: Couldn’t be better (the person using the username “Couldn’t be better) is bragging […]
Does Government Have a Revenue or Spending Problem? People say the government has a debt problem. Debt is caused by deficits, which is the difference between what the government collects in tax revenue and the amount of government spending. Every time the government runs a deficit, the government debt increases. So what’s to blame: too […]
Former California Governor Arnold Schwarzenegger with his family I posted a portion of an article by John Fund of the Wall Street Journal that pointed out that many businesses are leaving California because of all of their government red tape and moving to Texas. My username is SalineRepublican and this is […]
John Fund at Chamber Day, Part 1 Last week I got to attend the first ever “Conservative Lunch Series” presented by KARN and Americans for Prosperity Foundation at the Little Rock Hilton on University Avenue. This monthly luncheon will be held the fourth Wednesday of every month. The speaker for today’s luncheon was John Fund. John […]
___________ California and France have raised taxes so much that it has hurt economic growth!!! Mirror, Mirror, on the Wall, which Nation and State Punish Success Most of All? September 25, 2014 by Dan Mitchell I’ve shared some interested rankings on tax policy, including a map from the Tax Foundation showing which states have the earliest […]
___________ Jerry Brown raised taxes in California and a rise in the minimum wage, but it won’t work like Krugman thinks!!!! This cartoon below shows what will eventually happen to California and any other state that keeps raising taxes higher and higher. Krugman’s “Gotcha” Moment Leaves Something to Be Desired July 25, 2014 by […]
Open letter to President Obama (Part 573) (Emailed to White House on 7-29-13.) 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 […]
Open letter to President Obama (Part 561) (Emailed to White House on 6-25-13.) 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 […]
This means Joe Biden and Democrats need to make a choice: What matters most, their desire to make government bigger, or their promise not to impose higher taxes on families making less than $400K per year?
We now have the answer to that question, and I hope nobody is surprised to learn that they picked government over taxpayers.
Here are some excerpts from a report by the New York Times.
Democrats have agreed to include a tax on imports from nations that lack aggressive climate change policies as part of a sweeping $3.5 trillion budget plan… The move to tax imports was made public Wednesday, the same day that the European Union outlined its own proposal for a similar carbon border tax, a novel tool that is designed to protect domestic manufacturing.…skeptics caution that a carbon border tax, which has yet to be implemented by any country, would be difficult to carry out, and could anger trading partners and face a challenge at the World Trade Organization. Unlike the Europeans, who outlined their plan in a 291-page document, Democrats released no details about their tax proposal on Wednesday. Calling it simply a “polluter import fee,” the framework does not explain what would be taxed, at what rate or how much revenue it would expect to generate. …verifying the amount of carbon…produced by foreign manufacturing is tricky, experts say.
It’s always a bad idea to give politicians a new source of revenue.
But it’s a worse idea to give them a new source of revenue that will require bureaucrats to measure the amount of carbon produced by every imported good. As I pointed out a few days ago when discussing the European Union’s version of this protectionist scheme, that’s a huge recipe for cronyism and favoritism.
P.S. I’ll be very curious to see how different international bureaucracies react to these anti-trade proposals. The OECD and IMF, while usually bad on fiscal issues, historically have favored unfettered trade. And the World Trade Organizationexists specifically to protect global commerce. But will these organizations now change their position to curry favor with the nations that control their purse strings?
The theory of “public choice” suggests we shouldn’t be optimistic.
I asked yesterday for readers to weigh in on why they support (or don’t support) the Second Amendment. The poll is getting lots of responses, though some folks have complained that I should have included more answers, such as “To protect the rights of hunters.”
And I even had a few left-wing friends tell me I should have included more options for them, such as “The Second Amendment doesn’t mean military-style weapons” or “The Second Amendment doesn’t guarantee individual gun ownership.”
Speaking of our friends on the left, Vice President Joe Biden is overseeing an Administration effort to concoct new gun laws. In the interests of being helpful, I suggest the Veep’s team look at these four videos.
The good news, as I wrote earlier this year, is that he probably isn’t serious about some of his worst ideas.
Biden is a statist, but not overly ideological. His support for bigger government is largely a strategy of catering to the various interest groups that dominate the Democratic Party. The good news is that he’s an incrementalist and won’t aggressively push for a horrifying FDR-style agenda if he gets to the White House.
But what if Joe Biden’s health deteriorates and Kamala Harris – sooner or later – winds up in charge?
And it doesn’t appear that being Biden’s choice for Vice President has led her to moderate her views. Consider this campaign ad, where she openly asserted that “equitable treatment means we all end up at the same place.”
The notion that we should strive for equality of outcomes rather than equality of opportunity is horrifying.
For all intents and purposes,Harris has embraced a harsh version of redistributionism where everyone above average is punished and everyone below average is rewarded.
This goes way beyond a safety net and it’s definitely a recipe for economic misery since people on both sides of the equationhave less incentive to be productive.
I’m not the only one to be taken aback by Harris’ dogmatic leftism.
Robby Soave, writing for Reason, is very critical of her radical outlook.
Harris gives voice to a leftist-progressive narrative about the importance of equity—equal outcomes—rather than mere equality before the law. …Harris contrasted equal treatment—all people getting the same thing—with equitable treatment,which means “we all end up at the same place.” …This may seem like a trivial difference, but when it comes to public policy, the difference matters. A government shouldbe obligated to treat all citizens equally, giving them the same access to civil rights and liberties like voting, marriage, religious freedom, and gun ownership. …A mandate to foster equity, though, would give the government power to violate these rights in order to achieve identical social results for all people.
And, in a column for National Review, Brad Polumbo expresses similar reservations about her views.
Whether she embraces the label “socialist” or not, Harris’s stated agenda and Senate record both reveal her to be positioned a long way to the left on matters of economic policy. From health care to the environment to housing, Harris thinks the answer to almost every problem we face is simply more government and more taxpayer money — raising taxes and further indebting future generations in the process.…Harris…supports an astounding $40 trillion in new spending over the next decade. In a sign of just how far left the Democratic Party has shifted on economics, Harris backs more than 20 times as much spending as Hillary Clinton proposed in 2016. …And this is not just a matter of spending. During her failed presidential campaign, Harris supported a federal-government takeover of health care… The senator jumped on the “Green New Deal” bandwagon as well. She co-sponsored the Green New Deal resolution in the Senate that called for a “new national, social, industrial, and economic mobilization on a scale not seen since World War II and the New Deal era.” …she supports enacting price controls on housing across the country. …The left-wing group Progressive Punch analyzed Harris’s voting record and found that she is the fourth-most liberal senator, more liberal even than Massachusetts senator Elizabeth Warren. Similarly, the nonpartisan organization GovTrack.us deemed Harris the furthest-left member of the Senate for the 2019 legislative year. (Spoiler alert: If your voting record is to the left of Bernie Sanders, you might be a socialist.)
To be fair, Harris is simply a politician, so we have no idea what she really believes. Her hard-left agenda might simply be her way of appealing to Democratic voters, much as Republicans who run for president suddenly decide they support big tax cuts and sweeping tax reform.
But whether she’s sincere or insincere, it’s troubling that she actually says it’s the role of government to make sure we all “end up at the same place.”
Let’s close with a video clip from Milton Friedman. At the risk of understatement, he has a different perspective than Ms. Harris.
Since we highlighted Harris’ key quote, let’s also highlight the key quote from Friedman.
Amen.
P.S. It appears Republicans will hold the Senate, which presumably (hopefully?) means that any radical proposals would be dead on arrival, regardless of whether they’re proposed by Biden or Harris.
After Barack Obama took office (and especially after he was reelected), there was a big uptick in the number of rich people who chose to emigrate from the United States.
There are many reasons wealthy people choose to move from one nation to another, but Obama’s embrace of class-warfare tax policy (including FATCA) was seen as a big factor.
Joe Biden’s tax agenda is significantly more punitive than Obama’s, so we may see something similar happen if he wins the 2020 election.
Given the economic importance of innovators, entrepreneurs, and inventors, this would be not be good news for the American economy.
The New York Timesreported late last year that the United States could be shooting itself in the foot by discouraging wealthy residents.
…a different group of Americans say they are considering leaving — people of both parties who would be hit by the wealth tax… Wealthy Americans often leave high-tax states like New York and California for lower-tax ones like Florida and Texas. But renouncing citizenship is a far more permanent, costly and complicated proposition. …“America’s the most attractive destination for capital, entrepreneurs and people wanting to get a great education,” said Reaz H. Jafri, a partner and head of the immigration practice at Withers, an international law firm. “But in today’s world, when you have other economic centers of excellence — like Singapore, Switzerland and London — people don’t view the U.S. as the only place to be.” …now, the price may be right to leave. While the cost of expatriating varies depending on a person’s assets, the wealthiest are betting that if a Democrat wins…, leaving now means a lower exit tax. …The wealthy who are considering renouncing their citizenship fear a wealth tax less than the possibility that the tax on capital gains could be raised to the ordinary income tax rate, effectively doubling what a wealthy person would pay… When Eduardo Saverin, a founder of Facebook…renounced his United States citizenship shortly before the social network went public, …several estimates said that renouncing his citizenship…saved him $700 million in taxes.
Here are some excerpts from a 2017 Bloomberg story.
Australia is luring increasing numbers of global millionaires, helping make it one of the fastest growing wealthy nations in the world… Over the past decade, total wealth held in Australia has risen by 85 percent compared to 30 percent in the U.S. and 28 percent in the U.K… As a result, the average Australian is now significantly wealthier than the average American or Briton. …Given its relatively small population, Australia also makes an appearance on a list of average wealth per person. This one is, however, dominated by small tax havens.
Here’s one of the charts from the story.
As you can see, Australia is doing very well, though the small tax havens like Monaco are world leaders.
I’m mystified, however, that the Cayman Islands isn’t listed.
But I’m digressing.
Let’s get back to our main topic. It’s worth noting that even Greece is seeking to attract rich foreigners.
The new tax law is aimed at attracting fresh revenues into the country’s state coffers – mainly from foreigners as well as Greeks who are taxed abroad – by relocating their tax domicile to Greece, as it tries to woo “high-net-worth individuals” to the Greek tax register.The non-dom model provides for revenues obtained abroad to be taxed at a flat amount… Having these foreigners stay in Greece for at least 183 days a year, as the law requires, will also entail expenditure on accommodation and everyday costs that will be added to the Greek economy. …most eligible foreigners will be able to considerably lighten their tax burden if they relocate to Greece…nevertheless, the amount of 500,000 euros’ worth of investment in Greece required of foreigners and the annual flat tax of 100,000 euros demanded (plus 20,000 euros per family member) may keep many of them away.
The system is too restrictive, but it will make the beleaguered nation an attractive destination for some rich people. After all, they don’t even have to pay a flat tax, just a flat fee.
Italy has enjoyed some success with a similar regime to entice millionaires.
Last but not least, an article published last year has some fascinating details on the where rich people move and why they move.
The world’s wealthiest people are also the most mobile. High net worth individuals (HNWIs) – persons with wealth over US$1 million – may decide to pick up and move for a number of reasons. In some cases they are attracted by jurisdictions with more favorable tax laws… Unlike the middle class, wealthy citizens have the means to pick up and leave when things start to sideways in their home country. An uptick in HNWI migration from a country can often be a signal of negative economic or societal factors influencing a country. …Time-honored locations – such as Switzerland and the Cayman Islands – continue to attract the world’s wealthy, but no country is experiencing HNWI inflows quite like Australia. …The country has a robust economy, and is perceived as being a safe place to raise a family. Even better, Australia has no inheritance tax
Here’s a map from the article.
The good news is that the United States is attracting more millionaires than it’s losing (perhaps because of the EB-5 program).
The bad news is that this ratio could flip after the election. Indeed, it may already be happening even though recent data on expatriation paints a rosy picture.
The bottom line is that the United States should be competing to attract millionaires, not repel them. Assuming, of course, politicians care about jobs and prosperity for the rest of the population.
P.S. American politicians, copying laws normally imposed by the world’s most loathsome regimes, have imposed an “exit tax” so they can grab extra cash from rich people who choose to become citizens elsewhere.
P.P.S. I’ve argued that Australia is a good place to emigrate even for those of us who aren’t rich.
While acknowledging that Social Security and Medicare also are in desperate need of modernization, I wrote that Medicaid reformshould be the first priority.
But I’d be happy if we made progress on any type of entitlement reform, so I don’t think there are right or wrong answers to this kind of question.
We have the same type of question this week. A reader sent an email to ask “Which federal department should be abolished first?”
I guess this is what is meant when people talk about a target-rich environment. We have an abundance of candidates:
Simply stated, there is no legitimate argument for HUD. And I think there would be the least political resistance.
As with the answer to the question about entitlements, this is a judgment call. I’d be happy to be proven wrong if it meant that politicians were aggressively going after another department. Anything that reduces the burden of government spending is a step in the right direction
I identified four heroes from the “Battle of Ideas” video I shared in late August – Friedrich Hayek, Milton Friedman, Ronald Reagan, and Margaret Thatcher. Here’s one of those heroes, Milton Friedman, explaining what’s needed to control big government.
Libertarians and others are often torn about school choice. They may wish to see the government schooling monopoly weakened, but they may resist supporting choice mechanisms, like vouchers and education savings accounts, because they don’t go far enough. Indeed, most current choice programs continue to rely on taxpayer funding of education and don’t address the underlying compulsory nature of elementary and secondary schooling.
Skeptics may also have legitimate fears that taxpayer-funded education choice programs will lead to over-regulation of previously independent and parochial schooling options, making all schooling mirror compulsory mass schooling, with no substantive variation.
Friedman Challenged Compulsory Schooling Laws
Milton Friedman had these same concerns. The Nobel prize-winning economist is widely considered to be the one to popularize the idea of vouchers and school choice beginning with his 1955 paper, “The Role of Government in Education.” His vision continues to be realized through the important work of EdChoice, formerly the Friedman Foundation for Education Choice, that Friedman and his economist wife, Rose, founded in 1996.
July 31 is Milton Friedman’s birthday. He died in 2006 at the age of 94, but his ideas continue to have an impact, particularly in education policy.
Friedman saw vouchers and other choice programs as half-measures. He recognized the larger problems of taxpayer funding and compulsion, but saw vouchers as an important starting point in allowing parents to regain control of their children’s education. In their popular book, Free To Choose, first published in 1980, the Friedmans wrote:
We regard the voucher plan as a partial solution because it affects neither the financing of schooling nor the compulsory attendance laws. We favor going much farther. (p.161)
They continued:
The compulsory attendance laws are the justification for government control over the standards of private schools. But it is far from clear that there is any justification for the compulsory attendance laws themselves. (p. 162)
The Friedmans admitted that their “own views on this have changed over time,” as they realized that “compulsory attendance at schools is not necessary to achieve that minimum standard of literacy and knowledge,” and that “schooling was well-nigh universal in the United States before either compulsory attendance or government financing of schooling existed. Like most laws, compulsory attendance laws have costs as well as benefits. We no longer believe the benefits justify the costs.” (pp. 162-3)
Still, they felt that vouchers would be the essential starting point toward chipping away at monopoly mass schooling by putting parents back in charge. School choice, in other words, would be a necessary but not sufficient policy approach toward addressing the underlying issue of government control of education.
Vouchers as a First Step
In their book, the Friedmans presented the potential outcomes of their proposed voucher plan, which would give parents access to some or all of the average per-pupil expenditures of a child enrolled in public school. They believed that vouchers would help create a more competitive education market, encouraging education entrepreneurship. They felt that parents would be more empowered with greater control over their children’s education and have a stronger desire to contribute some of their own money toward education. They asserted that in many places “the public school has fostered residential stratification, by tying the kind and cost of schooling to residential location” and suggested that voucher programs would lead to increased integration and heterogeneity. (pp. 166-7)
To the critics who said, and still say, that school choice programs would destroy the public schools, the Friedmans replied that these critics fail to
explain why, if the public school system is doing such a splendid job, it needs to fear competition from nongovernmental, competitive schools or, if it isn’t, why anyone should object to its “destruction.” (p. 170)
What I appreciate most about the Friedmans discussion of vouchers and the promise of school choice is their unrelenting support of parents. They believed that parents, not government bureaucrats and intellectuals, know what is best for their children’s education and well-being and are fully capable of choosing wisely for their children—when they have the opportunity to do so.
They wrote:
Parents generally have both greater interest in their children’s schooling and more intimate knowledge of their capacities and needs than anyone else. Social reformers, and educational reformers in particular, often self-righteously take for granted that parents, especially those who are poor and have little education themselves, have little interest in their children’s education and no competence to choose for them. That is a gratuitous insult. Such parents have frequently had limited opportunity to choose. However, U.S. history has demonstrated that, given the opportunity, they have often been willing to sacrifice a great deal, and have done so wisely, for their children’s welfare. (p. 160).
Today, school voucher programs exist in 15 states plus the District of Columbia. These programs have consistently shown that when parents are given the choice to opt-out of an assigned district school, many will take advantage of the opportunity. In Washington, D.C., low-income parents who win a voucher lottery send their children to private schools.
The most recent three-year federal evaluationof voucher program participants found that while student academic achievement was comparable to achievement for non-voucher students remaining in public schools, there were statistically significant improvements in other important areas. For instance, voucher participants had lower rates of chronic absenteeism than the control groups, as well as higher student satisfaction scores. There were also tremendous cost-savings.
In Wisconsin, the Milwaukee Parental Choice Program has served over 28,000 low-income students attending 129 participating private schools.
According to Corey DeAngelis, Director of School Choice at the Reason Foundation and a prolific researcher on the topic, the recent analysis of the D.C. voucher program “reveals that private schools produce the same academic outcomes for only a third of the cost of the public schools. In other words, school choice is a great investment.”
In Wisconsin, the Milwaukee Parental Choice Program was created in 1990 and is the nation’s oldest voucher program. It currently serves over 28,000 low-income students attending 129 participating private schools. Like the D.C. voucher program, data on test scores of Milwaukee voucher students show similar results to public school students, but non-academic results are promising.
Increased Access and Decreased Crime
Recent research found voucher recipients had lower crime rates and lower incidences of unplanned pregnancies in young adulthood. On his birthday, let’s celebrate Milton Friedman’s vision of enabling parents, not government, to be in control of a child’s education.
According to Howard Fuller, an education professor at Marquette University, founder of the Black Alliance for Educational Options, and one of the developers of the Milwaukee voucher program, the key is parent empowerment—particularly for low-income minority families.
In an interview with NPR, Fuller said: “What I’m saying to you is that there are thousands of black children whose lives are much better today because of the Milwaukee parental choice program,” he says. “They were able to access better schools than they would have without a voucher.”
Putting parents back in charge of their child’s education through school choice measures was Milton Friedman’s goal. It was not his ultimate goal, as it would not fully address the funding and compulsion components of government schooling; but it was, and remains, an important first step. As the Friedmans wrote in Free To Choose:
The strong American tradition of voluntary action has provided many excellent examples that demonstrate what can be done when parents have greater choice. (p. 159).
On his birthday, let’s celebrate Milton Friedman’s vision of enabling parents, not government, to be in control of a child’s education.
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
_________________________ 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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Current Events, Milton Friedman | Edit | Comments (0)
“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 […]
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 […]
Charlie Rose interview of Milton Friedman My favorite economist: Milton Friedman : A Great Champion of Liberty by V. Sundaram Milton Friedman, the Nobel Prize-winning economist who advocated an unfettered free market and had the ear of three US Presidents – Nixon, Ford and Reagan – died last Thursday (16 November, 2006 ) in San Francisco […]
By Everette Hatcher III | Posted in Milton Friedman | Edit | Comments (0)
Stearns Speaks on House Floor in Support of Balanced Budget Amendment Uploaded by RepCliffStearns on Nov 18, 2011 Speaking on House floor in support of Balanced Budget Resolution, 11/18/2011 ___________ Below are some of the main proposals of Milton Friedman. I highly respected his work. David J. Theroux said this about Milton Friedman’s view concerning […]
By Everette Hatcher III | Posted in Milton Friedman | Edit | Comments (0)
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 […]
By Everette Hatcher III | Posted in Milton Friedman, President Obama | Edit | Comments (1)
What a great defense of Milton Friedman!!!! Defaming Milton Friedman by Johan Norberg This article appeared in Reason Online on September 26, 2008 PRINT PAGE CITE THIS Sans Serif Serif Share with your friends: ShareThis In the future, if you tell a student or a journalist that you favor free markets and limited government, there is […]
The Daily Hatch 