My Labor Day contribution is below. Hat Tip to @TheLondonWhale for bringing the Friedman videos to my attention.
Joined Nov 11, 2007
1,458 Blog Posts
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Nice one, Wood.
Love me some Uncle Miltie.
He loved us, too.
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I would agree with that assessment.
Dude, Milton Friedman’s ideas on supply side economics have been proven that they don’t work. The wealth disparity gap has widenend and small businesses struggle. Trickle-down is a farce, its just a way to put more hands in the extremely wealthy, and somehow they are supposed to carry the entire economy. Its the middle class that carries an economy, yet Friedman does not advocate for that.
TheHarper, you have not seen trickle-down economics over the last 40 years. Instead you’ve seen trickle-down government. Gov’t intervention / central planning has steadily increased. The expansion of gov’t has decreased free-market solutions. The left wants you to think it is failure of trickle-down when in actuality it is the failure due to creeping socialism and gov’t cronyism.
Ask small businesses why they struggle and I bet none say due to the failure of supply side. Instead, they will cite taxes and ever increasing gov’t regulation.
We have 50% of our population not required to pay income taxes and fully over 100 million receiving some sort of government subsidy. What do you propose? 75% pay no income taxes and put 200 million on the gov’t dole?
You could tax 100% of the wealth of everyone making 1 million a year or above and it would not pay off one year’s deficit.
The failure of the middle class is because the gov’t has slowly reduced the incentive to work and is simultaneously stripping away the entrepreneurial spirit.
There are real effects due messing with the supply side, and we are seeing it. If you were rich in 2012, what is the incentive to start a business in the U.S.? There is very little incentive due to the tax and regulatory environment. Instead, you would invest your money in the markets and gather your capital gains. No new jobs are created, so the middle class doesn’t benefit, while the rich keeps collecting capital gains.
The ONLY alternative to this is to redistribute the wealth, which has been proven across so many countries and cultures to not work.
No it has not been disproven. The rich are richer and the poor are richer. But according to your logic, you’d rather the wealthy have less money provided that the poor were poorer as well. Name an alternative system that has produced as much wealth. Hippie.
There’s no such thing as “trickle down economics.” That’s a trope made up by some Dem spinner in the 80’s. No classical economist would ever define what is the traditional save, invest, employ, harvest model in that fashion EVER.
How do you noodle head lefties THING the economy works anyway? Where do you think the Middle Class COMES FROM??
Sheeshola.
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Er that should read “THINK the economy should work.”
Or thing. Whatevs.
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Good original post and comments here.
Channel check: I live in the DC area. From the ongoing traffic jams and the panorama of construction cranes downtown, government is NOT trending smaller, more efficient or less intrusive. Drive around town on a Federal holiday, that is all you need to know, case closed.