Professor Mark J. Perry's Blog for Economics and Finance
Posted 10:39 AM Post Link
Links to this post
If Milton Friedman were alive today, and was informed that the USA would spend $10 trillion on the global war on terrorism in the next 10 years (which we plan to) he would advocate a progressive consumption tax to finance that war, just as he advocated during World War II.Right now we are financing two wars on borrowed money and we are in the ninth year of our Afghanistan expedition. All on borrowed money. Members of our foreign policy-military establishment say we are in a "80-years war." Well, at least we are more than 10 percent the way through this endeavor. All war debts we are passing on to our children. All a sign of the incredible decadence of modern-day Americans. Check out the American Economic Review, 1943.
Suppose we solve the problem in Afghanistan satisfactorily.Our children will enjoy the peace that results. Why should't they be the ones to pay?
Wait, if memory serves we have spent $600 billion on the war on terror which is what we spend on K-12 education at all levels every year.
If Milton Friedman were alive today he'd smack Benji The True Economic Conservative upside the head for voting for Barack Obama.
"If Milton Friedman were alive today he'd smack Benji The True Economic Conservative upside the head for voting for Barack Obama"...ROFLMAO! Cha! Ching!Thank you and that was great!
Well, maybe.Remember the option: The BS Republicans (Borrow & Spend).
"Remember the option: The BS Republicans (Borrow & Spend"...Remember your philosphical cohorts, the TSTSMSTtTG (tax, spend, tax some more, spend, tax to third generation) Democrats...Federal Budget Deficit Totals $714 Billion in the First Half of Fiscal Year 2010
This comment has been removed by the author.
juandos:"Remember your philosphical cohorts, the TSTSMSTtTG (tax, spend, tax some more, spend, tax to third generation) Democrats."sorry juandos, here are the cold hard facts. blame reagan, bush, and bush. and yes, i realize spending comes from congress. reagan had a split congress and his veto. his spending thing was starwars.bush II had both the house and senate. his spending thing was iraq. oh, and also the pork barrel.you libertarians need to take a much closer look at where the pile of federal debt really originated
Post a Comment
Create a Link
Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.
Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
View my complete profile