“Let’s get back to capitalism” Really?

Says Sherman Frederick. Yes, please let’s.  But we never had Mr. Frederick’s imagined past:

In other words, let’s get back to the economic system that made us the greatest nation on Earth: unfiltered, poverty-erasing, job-creating capitalism.

If Mr. Frederick is referring to the Bush years, he’s mistaken.  That era produced the original bailouts, government-run drug benefits for seniors, steeply increased minimum wage coupled with subsidies to offset the cost, and on and on.  The U.S. has never had an economy that can be characterized the way Mr. Frederick describes. There was never a golden age of free market capitalism. I think its been quite a mixed bag over the decades. In some areas the government has gradually relinquished control, such as pervasive price controls in transportation. Politicians have grudgingly given up some control; its been in fits and starts. On the other hand, government has dominated health care since the 1960’s with Medicare and Medicaid, and state-by-state regulation of health insurance.

Earmarks have lifted local economies, at the expense of everyone else.  This has been going on for decades as well.  The minimum wage has distorted labor markets.

Mr. Frederick describe state capitalism pretty good, but that has been going on for decades also.


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