MILTON FRIEDMAN - THE ABJECT FAILURE OF SOCIAL SECURITY on The Open Mind 1975 (2nd Interview)

Рет қаралды 5,166

2 жыл бұрын

In 1975 Milton discusses Social Security and its inevitable failure that's projected in 2023 and the egregious impacts of Minimum Wage Laws. Buy the book here: amzn.to/392rpLO
EARN 💰 SHOW SUPPORT WITH THESE LINKS:
Support Basic Economics w/ Coffee! ☕☕☕
www.buymeacoffee.com/basiceco...
Suggested Reading List 📚:
www.amazon.com/shop/basicecon...
iTrustCapital #1 Crypto Roth IRA
💰 $100 in Bitcoin Reward
itrust.capital/basiceconomics
AMEX Cash Magnet Card
💰 $200 credit w/ charge $1000
refer.amex.us/MICHAmzd8l?XLINK...
Amazon Prime AMEX
💰 $125 Credit Instant
refer.amex.us/MICHAms8Fc?XLINK...
💰 2 Free Audiobooks w/ Audible
amzn.to/3AxOMcJ
Coinbase Crypto Exchange
💰 $10 Free Bitcoin
www.coinbase.com/join/menich_sg
Webull Broker Account
💰 2 Free Stocks
act.webull.com/nv/roABXEauBzG...
AFFILIATE DISCLOSURE: Affiliate links on this channel are at NO additional cost.
#BasicEconomics #miltonfriedman #money #economics #liberty

Пікірлер: 111

@GoMoreHike 2 жыл бұрын

Milton Friedman was so base, he was the basis of base.

@Napierius777 2 жыл бұрын

This comment is so based and so on point.

@fkeyvan 2 жыл бұрын

@@Napierius777 He was acid.

@GoMoreHike 2 жыл бұрын

It's good to see Friedman in the 1970s. Good energy

@ScandinavianHeretic 2 жыл бұрын

I'm from Denmark and I would like to say 2 things: 1. The "Danish" or "Scandinavian model" is not nearly as good as claimed, look into it, it wouldn't even work for the US 2. My private efforts and invested inheritance is doing much better than any help I could ever get from any government - the system in Denmark chases you around, demoralizes you and suspects you are dishonest and treats you accordingly. A private effort does not do this

@BasicEconomics 2 жыл бұрын

Thank you for your comment, it's deeply appreciated!

@fkeyvan 2 жыл бұрын

Have you lived in the US or are you observing our system remotely?

@brianrajala7671 2 жыл бұрын

My private investing program, very modest I may add, has out- performed my contributions to the SS System over many more years of paying in and that is not even considering my employers portion.

@usayeed727 2 жыл бұрын

Love this. Why couldn’t we have a Milton Friedman today?

@buddyjenkins7188 2 жыл бұрын

He would be canceled today and called a Nazi.

@marvw4166 2 жыл бұрын

Thomas Sowell is pretty close

@dberg1964 2 жыл бұрын

@@marvw4166 Exactly!!

@MrJabbothehut 2 жыл бұрын

Judge the outcome, not the intention! Why cant people get this into their heads!? Edit: I think the main problems getting in the way of western societies embracing deregulation and freedom are the fears of personal failure, requirement of effort, and the need to invest and take risks. So many kneejerk policies are the result of not understanding that these 3 things are what create wealth and prosperity.

@clup3136 2 жыл бұрын

The problem is that people doesn't know what Free Markets are. They assume that some bad outcomes they have seen _(like the housing boom)_ are result of the free market _(while ignoring all the laws and policies that created the housing boom)_ , then they conclude that free market would be a jungle. People usually asume that "greed" leads to worse goods&services, while they ignore all the evidence showing otherwise. Edit: All this distrust, is the base where all you have said is build

@bluefishactcl1464 2 жыл бұрын

Fear, this feature of our nature has forever slaved us . If we could have a market force that addresses people’s fear of the future , maybe that market force could combat ou tendency to ask some one for protection.

@bratyanow 2 жыл бұрын

once again an informative and clear-minded video of Mr. Friedman.

@ericlewis5147 2 жыл бұрын

Thanks for posting this. I've heard clips of this interview on Larry Elder's radio show many times but had never seen it for myself.

@BasicEconomics 2 жыл бұрын

I didn't know Larry showed clips of this, that's great to hear! I wish all the best on his run for California Governor!

@bluefishactcl1464 2 жыл бұрын

Thank you - excellent

@BasicEconomics 2 жыл бұрын

Glad you enjoyed it!

@Nova2Yung 2 жыл бұрын

@basiceconomics can you please make a discord for us?!

@bratyanow 2 жыл бұрын

oh that is a fantastic idea

@BasicEconomics 2 жыл бұрын

I have been thinking about it, but I am not sure of the time commitment to keep it well run.

@maambomumba6123 2 жыл бұрын

Thanks for this.

@BasicEconomics 2 жыл бұрын

My pleasure!

@ProfMoff 2 жыл бұрын

I know this is a bit off topic today but it fits an overall thought about grabbing power. Is it possible that Biden wants inflation? I know it seems odd but what if Biden wants inflation because when inflation kicks in, it gives him an opportunity to institute price controls. What we call in economics price ceilings. What if uses the raising fear or prices at just the right time to freeze prices on gas, food, and other key things that regular people are scared of increasing to show the goodness and compassion of the government. Now price ceilings generally work short term but are devastating over time. Is it possible that is the plan to save and further Gov power

@BasicEconomics 2 жыл бұрын

The Fed is boxed in, if they raise rates to decrease the money supply, it will crush the economy... Inflation is a like a slow burning fire that eventually become an uncontrollable blaze. Hedge wisely.

@herrschaftg35 2 жыл бұрын

Absolutely, but it is the government as a whole, not just the puppet biden. Policies enacted by the government, as well as its expansion over the past century have caused a steady increase in inflation. It ultimately helps increase the revenue from the plethora of taxes that were added in that same time period. Every economic issue in todays society has been talked about for over 60 years, and the vast majority of them were caused by government.

@fkeyvan 2 жыл бұрын

Friedman is the source of many of our societal problems today

@izuchukwunwagbara287 2 жыл бұрын

Mind saying how?

@johnkeller5163 2 жыл бұрын

You are sadly mistaken and a bad scholar of actual history.

@fkeyvan 2 жыл бұрын

His TV programs and talks were purely for propaganda purposes. He encouraged a sort of a religious belief in capitalism when the US was engaged in the Cold War with Russia. So he was really a demagogue. He didn’t warn us that eventually we would end up being trapped in an oligarchy united with the military industrial complex and a powerful deep security state.

@johnkeller5163 2 жыл бұрын

@@fkeyvan You frankly never read his books nor weigh out the facts Friedman presented in, for instance, the "Free to Choose" discussions. I defy you to name one thing that he actually said that was for the military industrial complex (rest easy, you will not find it). What Friedman does do is go into detail of the staggering costs of government at large in numerous ways that are blatantly not in the best interests of American taxpayers as a whole. He and many others went through considerable research with bonafide data. Where do you think all the medicare and social security money comes from to pay for all the bloated expenses of health costs? Taxpayers ultimately pay for the obnoxious spending through taxation, numetous unfair regulations limiting competition, and of course debt borrowing which further causes unnecessary inflation. Try reading more.

@claudiovedia9772 2 жыл бұрын

Yeehaaa

@jeremybarriga9266 2 жыл бұрын

conscious say a weasel is a weasel

@fkeyvan 2 жыл бұрын

Just ask the old people what they think of social security and medicare. Even the most conservative ones would never give them up. These are the most successful and POPULAR programs ever created.

@joestein6603 2 жыл бұрын

Ponzi schemes are great at first then it implode on it's self

@fkeyvan 2 жыл бұрын

@@joestein6603 so why don’t you give up your SS and Medicare and see if you can survive

@joestein6603 2 жыл бұрын

@@fkeyvan I'm not using it though? So I'll survive just fine

@fkeyvan 2 жыл бұрын

@@joestein6603 you might but your brain hasn’t

@BasicEconomics 2 жыл бұрын

fallacy of false dilemma, there are innumerable superior alternatives to SSI

@xxcrysad3000xx 2 жыл бұрын

What total garbage, Social Security is a massive success. The idea that we should leave everyone's retirement income to the vagaries of the market is beyond ridiculous. Thank goodness most people are not that stupid.

@BasicEconomics 2 жыл бұрын

Massive success? only the federal government can say that it's used as tax to support egregious spending on things other than SSI. You propose a false dilemma as if an unspecified market is the only retirement alternative to SSI. The supreme court has ruled that your SSI payments are nothing more than a tax and there is no promise of anything in return. Thank you for taking the time to write a comment :)

@benpaull2638 2 жыл бұрын

Will it continue to be a "massive success" when it's insolvent?

@chadwicktate 2 жыл бұрын

It’s not about “us” leaving everyone’s retirement to the market. It’s about you apparently believing that the government should take your money as soon as you start earning it because the government (whoever that may be over time) is smarter than you and should decide for you what happens to your money.

@MrJabbothehut 2 жыл бұрын

Lol ah yes the old "other people should ensure my wellbeing". Grow up you manchild.

@xxcrysad3000xx 2 жыл бұрын

@@MrJabbothehut Social Security isn't "other people ensuring my wellbeing." You pay into the system, you get a defined benefit based on your contribution. I swear, only thing worse than dogmatic libertarians are stupid libertarians.