In campaigning for President, Joe Biden said “Milton Friedman isn’t running the show anymore.”
We can all rue that statement and the naive philosophy promoting the notion that Milton Friedman’s ideas are past their sell-by date. Alas, we have never needed Milton Friedman more than we do right now.
Inflation is not hard to tame. Unfortunately, it is easy to create, as long as those who control the printing press believe the injection of more dollars into the economy is actually a good thing. My question is this; who can possibly have studied the likes of Venezuela, Zimbabwe and countless others and concluded that printing money is a good idea?
Let’s be honest. The profligate printing and spending started years ago, and then was put on steroids by Presidents Trump and Biden. The latter only exacerbated the issue by suggesting that we spend trillions more (that we don’t have) on social spending.
Mr. Biden came into office dreaming of leaving a historic legacy placing him in the pantheon of great liberals such as Franklin Delano Roosevelt. He will leave office as one of the least distinguished Presidents in American history.
His refusal to accept responsibility for any of our woes, and his steadfast, stubborn attachment to failed economic theory will haunt this Presidency for eternity.
Short and sweet today. Take 3 minutes to watch Mr. Friedman lay it out there on a silver platter. It is all you need to know about the cause of inflation. Click here. Enjoy.
More to follow-