The Gallop to Socialism

In a 2004 interview with Fox News, economist Milton Friedman stated the following when describing four ways to spend money:

"There are four ways in which you can spend money. You can spend your own money on yourself. When you do that, why then you really watch out what you’re doing, and you try to get the most for your money. Then you can spend your own money on somebody else. For example, I buy a birthday present for someone. Well, then I’m not so careful about the content of the present, but I’m very careful about the cost. Then, I can spend somebody else’s money on myself. And if I spend somebody else’s money on myself, then I’m sure going to have a good lunch! Finally, I can spend somebody else’s money on somebody else. And if I spend somebody else’s money on somebody else, I’m not concerned about how much it is, and I’m not concerned about what I get. And that’s government. And that’s close to 40% of our national income."

The stimulus bill as approved by the Senate, is a prime example of someone spending someone else's money on somebody else. When people spend someone else's money on other people marginal analysis is not the primary concern. The Wall Street article titled, "Stimulus Brings Out City Wish Lists: Neon for Vegas, Harleys for Shreveport" showcases some of the excesses that can occur when unbridled spending of other people's money by government occurs. A dog park for Chula Vista CA, a Frisbee course for Austin TX and more neon signs for Las Vegas to name a few. And while these projects may have merit to the residents of their local area, one wonders why federal tax dollars should be used for these projects. Unfortunately, it appears that the current politicians in Washington believe that government spending is the only way to get the U.S. economy back on track. Last Thurday in a speech before House Democrats, President Obama asked, "“What do you think a stimulus is? It’s spending — that’s the whole point! Seriously.” Looks like socialism is taking the lead in the race to control the U.S. economy.