Galt's Gulch
13

Milton Friedman - The 4 ways to spend money - YouTube

Posted by deleted 2 years, 5 months ago to Economics
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You spend your own money on yourself.
2. You spend your own money on somebody else.
3. You spend somebody else's money on yourself.
4. You spend somebody else's money on somebody else.

This is worth reviewing.

SOURCE URL: https://www.youtube.com/watch?v=L6XMzjHMemY&ab_channel=TheWisdomWire

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  • Posted by $ Thoritsu 2 years, 5 months ago
    It is amazing how many people simply detest Milton Friedman. It has to be because his thoughts are so clear, and so clearly disrupt their cognitive dissonance.

    I just love the guy. Wish he were here now. Hope Thomas Sowell lives to be 300 yrs old!
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    • Posted by Aeronca 2 years, 4 months ago
      Government program people hate Friedman because he's on to their wasteful way of living.
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      • Posted by $ Thoritsu 2 years, 4 months ago
        Well I work for a defense contractor, and love Milton. Of course having government agencies behave like the mafia helps.

        There are more than just government pukes that hate Milt. It is bigger than that.
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        • Posted by Aeronca 2 years, 4 months ago
          I see your point. The military-industrial complex?
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          • Posted by $ Thoritsu 2 years, 4 months ago
            Yes. It is amazing the nonsense that goes on the government side, but there is a lot of crap on the civilian side too, more at the bigger companies.

            As much as I hate the idea of Plus-Ups, the ones we have pursued were because teh government couldn't get out of their own way and make a decision to save money. One guy buys equipment, another buys fuel. Neither one will cross the aisle. Had to go all the way up, an then get plus ups to get the program funded. Then the government ruined the execution, and it still isn't in service (after 15 years!).
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            • Posted by Aeronca 2 years, 4 months ago
              I'm not certain what plus up is, but is sounds like a giant excuse to suck more gov-boob.
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              • Posted by $ Thoritsu 2 years, 4 months ago
                A plus up is when congress adds to the President’s budget. They can be serious pork, but my direct experience is that they overcome silly bureaucracy.

                You should learn what they are. Not using them, is like fighting with your feet tied together.
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  • Posted by $ pixelate 2 years, 4 months ago
    Slightly related -- around 10 years ago, when I was still on FakeBook, I made a post, I bet we're all familiar with it:
    "When the people discover that they can vote themselves largess from the treasury, that will signal the end of the Republic."
    One of my "friends" -- a Progressive, replied "Who said that, Hitler?"
    No kidding. I replied "Well, any home-schooled 10-year-old could be credited with saying it since it is logically obvious."
    The conversation perty much ended there.
    The Progressive was a government school teacher.
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  • Posted by $ pixelate 2 years, 5 months ago
    Yes -- and the concept is so blindingly simple. You have to be a progressive and go through a serious amount of mental gymnastics in order to avoid the obvious and endorse the legislatively dictated theft of income and property. Or, you have to be seriously dumb to insist that strangers are entitled to the income of those who earned it -- the level of thought is on par of an infant -- having exercised pursed lips in ready anticipation of a government breast. Conceited, disgusting and dangerous.
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    • Posted by Aeronca 2 years, 4 months ago
      The infantilization of a society, sticking the gubbament boob in everyone's face, tempting the worst in people and the destruction of the people's sense of responsibility. The Milkocrats.
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    • Posted by CaptainKirk 2 years, 4 months ago
      Imagine this. You make a lot of money.
      then you lose $600k in the stock market.

      Now, mind you, you make $200k/yr and pay $40k in taxes... you GET to take ONLY $3,000/yr of that loss EACH year.

      So, you get 200 years to write off that loss.

      Income that was already taxed, and with a ton of income taxes due. Because "That type of loss" cannot be written off against "normal income".

      Hmmm. I wonder who this benefits?
      I could see a scale. 200 years! Oh, and if you die, your heirs do NOT get to inherit this.

      They inherit TAX LIABILITIES. But not tax credits.
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