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View Diary: What happened to Milton Friedman? (82 comments)

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  •  Friedman's policies have been implemented (15+ / 0-)

    for the most part, and they have been proven by experience to be wanting.

    The ones that haven't been implemented are because try as they might, the radical right can't eliminate Social Security, and they can't X out Medicare.  Of course they are trying to abort Obama Care, and they are botching that as well.

    Miltie's primary goals were to privatize everything, sell off the National Parks, eliminate regulation, end the drafting of military personnel (i.e., all-volunteer military, accomplished by Nixon), eliminate professional licensing, cut taxes to 23 1/2%, don't worry about monopolies, end campaign finance rules, eliminate laws that regulate worker safety, bust unions.

    Many of these goals have been implemented, and what do we have? Chronic unemployment, perpetual war, widening gap between rich and poor, a shrinking middle class, and a rapacious oligarchy who shouts More! More! More!

    Oh, did I mention that Miltie wanted to eliminate the minimum wage?

    Republicans are like alligators. All mouth and no ears.

    by Ohiodem1 on Fri Oct 11, 2013 at 09:34:26 AM PDT

    [ Parent ]

    •  It's a quasi secret, but the classical and neo- (2+ / 0-)
      Recommended by:
      Calamity Jean, Ohiodem1

      classical economists believe that the economy self adjusts through price changes. IOW, in a recession, prices drop and people buy more, bringing us out of recession. For prices to drop, wages have to drop. Anything that adds friction to the process of wage adjustment prevents economic recovery. So unemployment insurance and minimum wage laws prevent workers from accepting the available jobs and therefore prevent recovery.
         In classical land, unemployment is voluntary. If a worker refuses to accept a $2.00 per hour job, it's his own fault that he's unemployed.

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