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The Least Credible Populist in History vs. Milton Friedman

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The Least Credible Populist in History vs. Milton Friedman

On Roosevelt Island, NYC, Hillary Clinton kicked off her presidential campaign focusing on income inequality with promises of paid family leave, universal preschool and essentially “free” student loans, as she runs on a platform to the left of even President Obama. But with seven years of historically slow economic growth and stagnant incomes behind us, read here how Ms. Clinton would justify four more years of same.

Hillary, who has lived on speaking fees from Goldman Sachs and donations to her foundation from Qatar, said in her speech:

The financial industry and many multinational corporations have created huge wealth for a few by focusing too much on short-term profit and too little on long-term value—too much on complex trading schemes and stock buybacks, too little on investments in new businesses, jobs and fair compensation.

Here is how economist Milton Freidman, in an interview in 1979, explained capitalism and greed:

Is there some society you know that doesn’t run on greed? … What is greed? Of course none of us are greedy. It’s only the other fellow who’s greedy.

The great achievements of civilization have not come from government bureaus. Einstein didn’t construct his theory under order from a bureaucrat. Henry Ford didn’t revolutionize the automobile industry that way.

… the record of history is absolutely crystal clear that there is no alternative way, so far discovered, of improving the lot of the ordinary people that can hold a candle to the productive activities that are unleashed by a free enterprise system.

Read more from Mr. Freidman in the WSJ’s Notable & Quotable here.

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Debbie Young

Debbie, editor-in-chief of Richardcyoung.com, has been associate editor of Dick Young’s investment strategy reports for over three decades. When not in Key West, Debbie spends her free time researching and writing in and about Paris and Burgundy, France, cooking on her AGA Cooker, driving her Porsche Boxter S through Vermont and Maine, and practicing yoga.