Milton Friedman: Sanders’ Voodoo Economics Can’t Turn Economics On Its Head

The WSJ’s William McGurn recently asked whether “in the era of Bernie Sanders & AOC, champions of free-market capitalism may feel beleaguered…[after thinking]…they’d won the argument against socialism along with the Cold War.” The columnist gave somewhat of a reaffirmation in a piece titled, “The Man Who Made Milton Friedman a Star.” It reminded us of Bob Chitester who created the popular tv series “Free to Choose” during the 70’s that often, in turn, featured & made famous U of Chicago Prof Milton Friedman, who had already won the Nobel Prize for Economics. Why? It’s complicated as economics always is to most mortal souls. But, suffice it to say, Mr. Friedman was a staunch believer in limiting government (as did Abe Lincoln) when it comes to monetary policy so that businesses could do their thing without a bumbling bunch of bureaucrats getting in the way.

This “Chicago School of Economics” was largely adopted by President Reagan and hated by the Dems who called it “Voodoo Economics,” even though it triggered the greatest economic boom in American history, i.e., until President Trump came along and jettisoned many of The Barama’s market strangling taxes & regressive regulations. I happened to interview Prof. Friedman several times at length before his death in 2006 about this issue & each time he emphasized there obviously WAS a role for Uncle Sam in the nation’s economic policy making, so long as it helped manage the worse instincts in capitalism without stifling its better angels.

And, so it goes today as Mr. McGurn reminded. As Prof. Friedman & Chitester might say, “No matter how goofy our far left economists and pandering politicians get, “it’s the [free-market] economy stupid.”

Davd Soul