Milton Friedman - Middle Class Welfare
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Uploaded by LibertyPen on Jul 22, 2011
Milton looks at social programs that benefit the upper classes at the expense of the lower classes. http://www.LibertyPen.com
Source: Milton Friedman Speaks
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@jrwel14 Actually they had a balanced budget during Clinton's second term, however that was mostly doe threw the artificial inflation of the economy which we are paying for now.
The issue is that people didn't pay that 50% as you can see looking at the government spending stats from that era the government only got a small portion of peoples total earnings.
Also look up the Laffer curve.
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@kubaniski In the 1950s, taxes were at 91-92% throughout the decade. Last time the GOP had a balanced budget was in 1956 with 92% rates and the Federal Highway act. 2 things they hate now. better to let the roads go to pot. people always cheat at taxes.
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@jrwel14 Taxes are too low? Remember that when taxes are high people simply cheat on taxes more. Take the 50's for example taxes were 50% but when you look at government spending as a percentage of GDP it was only 15% of the economy.
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So, a poor person because he starts to work sooner pays more than a middle class person? Even though the poor person makes far less? Doubtful!
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Leona Helmsley said 'Taxes are for the Little people."
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@FletchforFreedom Doubt that! Greece hates any taxes! There problem is taxes way too low. Look at the states. Under Clinton 39%. Bush 35%. 1924-1929 25%
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@PumpingSmashkins Social security is not paid for by income taxes, its paid for through a social security tax. Even the poorest still have to pay the social security tax regardless of whether they pay federal income tax.
aaron54880 2 months ago 13
i'm a first year economic student and I don't understand fully what he's always talking about
but i'm rewinding it over and over until I get it :)
ngtobzzz 3 months ago 3