Archive for the ‘Milton Friedman’ Category

Recently, AOC peddled some socialist BS, talking about how “the country” must “strip profit motive out of our decisions and reprioritize for the public good.” That’s the fastest path to poverty invented in human history. Isn’t government prioritized “for the public good”? How often is government the source of our problems rather than the source of our solutions?

Let’s be clear about this. If a bureaucrat fails, what’s his/her incentive to improve? Better question: is there an incentive to improve? If schools fail, isn’t it guaranteed that EdMinn will simply insist that it’s a funding problem? There’s currently a crisis within the MN Department of Human Sacrifices Services. It’s been a crisis since the Dayton administration. Apparently, there isn’t an incentive to fix the problem because the problem persists.

There’s been a problem for about 5+ years with MNLARS. It was ‘only’ supposed to cost $10,000,000-$15,000,000 total. It’s supposedly getting fixed. The total cost to Minnesota’s taxpayers has been approximately $186,000,000 as of May 1,2019. It’ll certainly cost Minnesota’s taxpayers another $100,000,000 or more.

Again, when there isn’t a cost to the worker for failure, failure is inevitable or, at minimum, highly likely. It sounds good to move away from a profit motive — until you realize that profits drive markets and that markets drive innovation. The best explanation of this comes from legendary economist Milton Friedman:

Justin Haskins’ question nails it perfectly:

Just ask any parent with a teenager whether people who don’t have to work spend money as wisely as those who must earn it for themselves!

I’d think that’s more of a rhetorical question than anything else. A politician friend of mine talks about OPM, aka Other People’s Money. My friend says that spending other people’s money is addictive without the requisite character, to the point that it’s as addictive as another addictive drug, aka opium. Either way, it’s pronounced O-P-M. Then there’s this:

Omar, another far-left member of the “Squad,” was perhaps even more direct about her socialist demands in her video, in which she directly called for the federal government to nationalize key industries. “And so, it is important for us to nationalize the supply chain, it’s important for us to take action in nationalizing our health care system,” Omar said.

Does nationalizing industries promote accountability? It hasn’t happened yet that I’ve heard of. It’s produced tons of thuggery but it hasn’t produced accountability.