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The Pronk Pops Show — Week in Review — August 26-31, 2017 — Videos

Posted on September 5, 2017. Filed under: Airplanes, American History, Articles, Autos, Banking, Blogroll, College, Communications, Documentary, Economics, Education, Elections, Family, Federal Government, Federal Government Budget, Fiscal Policy, Freedom, Friends, government spending, history, Illegal, Immigration, Inflation, Internal Revenue Service (IRS), IRS, Law, Legal, liberty, Life, Links, Literacy, Love, Macroeconomics, media, Monetary Policy, Money, Newspapers, People, Philosophy, Photos, Politics, Press, Radio, Raymond Thomas Pronk, Speech, Success, Talk Radio, Tax Policy, Taxation, Taxes, Television, Trade, Transportation, Unemployment, Video, Water, Wealth, Weather, Welfare, Wisdom, Work, Writing | Tags: , , , , , , , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 956, August 31, 2017

Pronk Pops Show 955, August 30, 2017

Pronk Pops Show 954, August 29, 2017

Pronk Pops Show 953, August 28, 2017

Pronk Pops Show 952, August 25, 2017

Pronk Pops Show 951, August 24, 2017

Pronk Pops Show 950, August 23, 2017

Pronk Pops Show 949, August 22, 2017

Pronk Pops Show 948, August 21, 2017

Pronk Pops Show 947, August 16, 2017

Pronk Pops Show 946, August 15, 2017

Pronk Pops Show 945, August 14, 2017

Pronk Pops Show 944, August 10, 2017

Pronk Pops Show 943, August 9, 2017

Pronk Pops Show 942, August 8, 2017

Pronk Pops Show 941, August 7, 2017

Pronk Pops Show 940, August 3, 2017

Pronk Pops Show 939,  August 2, 2017

Pronk Pops Show 938, August 1, 2017

Pronk Pops Show 937, July 31, 2017

Pronk Pops Show 936, July 27, 2017

Pronk Pops Show 935, July 26, 2017

Pronk Pops Show 934, July 25, 2017

Pronk Pops Show 934, July 25, 2017

Pronk Pops Show 933, July 24, 2017

Pronk Pops Show 932, July 20, 2017

Pronk Pops Show 931, July 19, 2017

Pronk Pops Show 930, July 18, 2017

Pronk Pops Show 929, July 17, 2017

Pronk Pops Show 928, July 13, 2017

Pronk Pops Show 927, July 12, 2017

Pronk Pops Show 926, July 11, 2017

Pronk Pops Show 925, July 10, 2017

Pronk Pops Show 924, July 6, 2017

Pronk Pops Show 923, July 5, 2017

Pronk Pops Show 922, July 3, 2017

Pronk Pops Show 921, June 29, 2017

Pronk Pops Show 920, June 28, 2017

Pronk Pops Show 919, June 27, 2017

Pronk Pops Show 918, June 26, 2017

Pronk Pops Show 917, June 22, 2017

Pronk Pops Show 916, June 21, 2017

Pronk Pops Show 915, June 20, 2017

Pronk Pops Show 914, June 19, 2017

Pronk Pops Show 913, June 16, 2017

Pronk Pops Show 912, June 15, 2017

Pronk Pops Show 911, June 14, 2017

Pronk Pops Show 910, June 13, 2017

Pronk Pops Show 909, June 12, 2017

Pronk Pops Show 908, June 9, 2017

Pronk Pops Show 907, June 8, 2017

Pronk Pops Show 906, June 7, 2017

Pronk Pops Show 905, June 6, 2017

Pronk Pops Show 904, June 5, 2017

Pronk Pops Show 903, June 1, 2017

Pronk Pops Show 902, May 31, 2017

Pronk Pops Show 901, May 30, 2017

Pronk Pops Show 900, May 25, 2017

Pronk Pops Show 899, May 24, 2017

Pronk Pops Show 898, May 23, 2017

Pronk Pops Show 897, May 22, 2017

Pronk Pops Show 896, May 18, 2017

Pronk Pops Show 895, May 17, 2017

Pronk Pops Show 894, May 16, 2017

Pronk Pops Show 893, May 15, 2017

Pronk Pops Show 892, May 12, 2017

Pronk Pops Show 891, May 11, 2017

Pronk Pops Show 890, May 10, 2017

Pronk Pops Show 889, May 9, 2017

Pronk Pops Show 888, May 8, 2017

Pronk Pops Show 887, May 5, 2017

Pronk Pops Show 886, May 4, 2017

Pronk Pops Show 885, May 3, 2017

Pronk Pops Show 884, May 1, 2017

Image result for branco cartoons on trump tax reform

Image result for rainfall record in south Texas

 

The Pronk Pop Show 956

August 31, 2017

Part 2 of 2, Story 1: President Trump’s Tax Speech — Very Light On Specifics — Let Congress Fill in The Details — Formula For Failure — Tax Rate Cuts Are Not Fundamental Tax Reform — A Broad Based Consumption Tax Such as The FairTax or Fair Tax Less Not Even Mentioned — What Good Is Dreaming It If You don’t actually do it! — Videos —

For additional information and videos:

https://pronkpops.wordpress.com/2017/09/01/the-pronk-pops-show-956-august-31-2017-part-2-of-2-story-1-president-trumps-tax-speech-very-light-on-specifics-let-congress-fill-in-the-details-formula-for-failure-tax-rate-cuts-are/

September 03, 2017 02:30 PM PDT

The Pronk Pops Show 955

August 30, 2017

Part 1 of 2, Story 1: President Trump’s Tax Speech — Very Light On Specifics — Let Congress Fill in The Details — Formula For Failure — Tax Rate Cuts Are Not Fundamental Tax Reform — A Broad Based Consumption Tax Such as The FairTax or Fair Tax Less Not Even Mentioned — What Good Is Dreaming It If You don’t actually do it! — Videos —

Story 2: Revised Second Estimate of Real GDP Growth in Second Quarter of 2017 Is 3 Percent — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/08/31/the-pronk-pops-show-755-story-1-president-trumps-tax-speech-very-light-on-specifics-let-congress-fill-in-the-details-formula-for-failure-tax-rate-cuts-are-not-fundamental-tax-reform/

The Pronk Pops Show 954

August 30, 2017

Story 1: Houston Under Water — Rain In Houston Area Should End Tuesday With Record Rainfall Exceeding 50 Inches In Many Areas From Hurricane/Tropical Story Harvey — Flooding and Rescues Continue — Videos —

Story 2: 12 Oil Refineries in a Houston Closed Due To Flooding As Gasoline Prices Rise By 20 Cents or More Per Gallon — Video —

Story 3: President Trump and First Lady Visit Texas — Videos —

For additional information and videos:

https://pronkpops.wordpress.com/2017/08/30/the-pronk-pops-show-954-august-29-2017-story-1-houston-under-water-rain-in-houston-area-should-end-tuesday-with-record-rain-fall-exceeding-50-inches-in-many-areas-from-hurricanetropical-story/

August 30, 2017 06:53 PM PDT

The Pronk Pops Show 953

August 28, 2017

Story 1: The Aftermath of Hurricane Harvey — Catastrophic Unprecedented Massive Flooding — Bring A Boat — First Responders Searching and Rescuing Those Trapped In Homes By High Water Levels — Mopping Up After Hurricane Now Tropical Storm Harvey — Flooding Will Continue Into Wednesday — Public Health Emergency — Have you ever seen the rain? — Who Will Stop The Rain — Videos —

Story 2: President Trump Will Visit Texas Tuesday — Fortunate Son — Lookin’ Out My Back Door — Videos —

Story 3: Antifa (Anti-Capitalism) Communist Thugs Violently Attack Again In Berkeley — Where Were The Berkeley Police? Standing Down Once Again — Unmask and Arrest Communist Antifa Thugs —  Bad Moon Rising — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/08/28/the-pronk-pops-show-953-august-28-2017-story-1-the-aftermath-of-hurricane-harvey-catastrophic-unprecedented-massive-flooding-bring-a-boat-first-responders-searching-and-rescuing-those-t/

August 26, 2017 01:47 PM PDT

The Pronk Pops Show 952

August 25, 2017

Weather Warning — Part 2 of 2 —  Story 1: Hurricane Harvey Messes With Texas and Louisiana — Upgraded To Category 4 Hurricane — A Real Disaster — Up to 40 To 60 Inches of Rain Possible and Wind Speeds From 131 – 155 Miles Per Hour Winds — Flood Surges 13-18 Feet — Will Hit Friday Evening or Early Saturday Morning —  Damages Extreme — Rain For Next Four Days — Gas Prices Will Rise If Refineries Closed/Flooded — 20 Cent Plus Spike Per Gallon in Gasoline Prices — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/08/25/the-pronk-pops-show-952-august-25-2017-weather-warning-part-2-of-2-story-1-hurricane-harvey-messes-with-texas-and-louisiana-upgraded-to-category-4-hurricane-a-real-disaster/

August 26, 2017 10:23 AM PDT

 

 

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Shows 955-956

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Listen To Pronk Pops Podcast or Download Shows 793-799

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The Pronk Pops Show — Week In Review — July 20-27, 2017 — Videos

Posted on July 29, 2017. Filed under: American History, Articles, Blogroll, Business, Central Intelligence Agency (CIA), Communications, Computers, Computers, Congress, Constitution, Crime, Defense Intelligence Agency (DIA), Defense Intelligence Agency (DIA), Documentary, Economics, Education, Employment, External Hard Drives, Farming, Federal Bureau of Investigation (FBI), Federal Bureau of Investigation (FBI), Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, Friends, government, government spending, Health Care, history, Internal Revenue Service (IRS), Investments, IRS, Islam, Journalism, Law, liberty, Life, Links, Literacy, media, Narcissism, National Security Agency (NSA), National Security Agency (NSA_, Newspapers, Obamacare, People, Philosophy, Photos, Political Correctness, Politics, Press, Psychology, Radio, Radio, Rants, Raves, Raymond Thomas Pronk, Security, Spying, Strategy, Success, Supreme Court, Talk Radio, Tax Policy, Taxes, Technology, Television, Terrorism, Transportation, Unemployment, Video, War, Wealth, Welfare, Wisdom, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 936,  July 27, 2017

Pronk Pops Show 935,  July 26, 2017

Pronk Pops Show 934,  July 25, 2017

Pronk Pops Show 934,  July 25, 2017

Pronk Pops Show 933,  July 24, 2017

Pronk Pops Show 932,  July 20, 2017

Pronk Pops Show 931,  July 19, 2017

Pronk Pops Show 930,  July 18, 2017

Pronk Pops Show 929,  July 17, 2017

Pronk Pops Show 928,  July 13, 2017

Pronk Pops Show 927,  July 12, 2017

Pronk Pops Show 926,  July 11, 2017

Pronk Pops Show 925,  July 10, 2017

Pronk Pops Show 924,  July 6, 2017

Pronk Pops Show 923,  July 5, 2017

Pronk Pops Show 922,  July 3, 2017 

Pronk Pops Show 921,  June 29, 2017

Pronk Pops Show 920,  June 28, 2017

Pronk Pops Show 919,  June 27, 2017

Pronk Pops Show 918,  June 26, 2017 

Pronk Pops Show 917,  June 22, 2017

Pronk Pops Show 916,  June 21, 2017

Pronk Pops Show 915,  June 20, 2017

Pronk Pops Show 914,  June 19, 2017

Pronk Pops Show 913,  June 16, 2017

Pronk Pops Show 912,  June 15, 2017

Pronk Pops Show 911,  June 14, 2017

Pronk Pops Show 910,  June 13, 2017

Pronk Pops Show 909,  June 12, 2017

Pronk Pops Show 908,  June 9, 2017

Pronk Pops Show 907,  June 8, 2017

Pronk Pops Show 906,  June 7, 2017

Pronk Pops Show 905,  June 6, 2017

Pronk Pops Show 904,  June 5, 2017

Pronk Pops Show 903,  June 1, 2017

Pronk Pops Show 902,  May 31, 2017

Pronk Pops Show 901,  May 30, 2017

Pronk Pops Show 900,  May 25, 2017

Pronk Pops Show 899,  May 24, 2017

Pronk Pops Show 898,  May 23, 2017

Pronk Pops Show 897,  May 22, 2017

Pronk Pops Show 896,  May 18, 2017

Pronk Pops Show 895,  May 17, 2017

Pronk Pops Show 894,  May 16, 2017

Pronk Pops Show 893,  May 15, 2017

Pronk Pops Show 892,  May 12, 2017

Pronk Pops Show 891,  May 11, 2017

Pronk Pops Show 890,  May 10, 2017

Pronk Pops Show 889,  May 9, 2017

Pronk Pops Show 888,  May 8, 2017

Pronk Pops Show 887,  May 5, 2017

Pronk Pops Show 886,  May 4, 2017

Pronk Pops Show 885,  May 3, 2017

Pronk Pops Show 884,  May 1, 2017

Pronk Pops Show 883 April 28, 2017

Pronk Pops Show 882: April 27, 2017

Pronk Pops Show 881: April 26, 2017

Pronk Pops Show 880: April 25, 2017

Pronk Pops Show 879: April 24, 2017

Pronk Pops Show 878: April 21, 2017

Pronk Pops Show 877: April 20, 2017

Pronk Pops Show 876: April 19, 2017

Pronk Pops Show 875: April 18, 2017

Pronk Pops Show 874: April 17, 2017

Pronk Pops Show 873: April 13, 2017

Pronk Pops Show 872: April 12, 2017

Pronk Pops Show 871: April 11, 2017

Pronk Pops Show 870: April 10, 2017

Pronk Pops Show 869: April 7, 2017

Pronk Pops Show 868: April 6, 2017

Pronk Pops Show 867: April 5, 2017

Pronk Pops Show 866: April 3, 2017

 

Image result for branco cartoons r repeal of obamacareImage result for branco cartoons big government republicans failure to repeal obamacare

Image result for branco cartoons big government republicans failure to repeal obamacare

Image result for cartoons obama, rice, brennan spied on trump and american people

The Pronk Pops Show 936

July 27, 2017

Story 1surprisedbama Spy Scandal: Obama Administration Officials Including National Security Adviser Rice, CIA Director Brennan and United Nations Ambassador Power Spied On American People and Trump Campaign By Massive Unmasking Using Intelligence Community For Political Purposes — An Abuse of Power and Felonies Under U.S. Law — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/28/the-pronk-pops-show-936-story-1obama-spy-scandal-obama-administration-officials-including-national-security-adviser-rice-cia-director-brennan-and-united-nations-ambassador-power-spied-on-american/

July 28, 2017 07:12 PM PDT

The Pronk Pops Show 935

July 26, 2017

Story 1: Trump Targets Transgender Troops — No More Gender Reassignment Surgeries In Military and Veterans Hospital — Cuts Spending By Millions Per Year — What is Next? — No More Free Viagra — Tranny Boys/Girls No More — Videos —

Story 2: Senate Fails To Pass Senator Rand Paul’s Total Repeal Amendment — Tea Party Revival Calling For Primary Challenge Against Rollover Republican Senators Shelley Moore Capito of West Virginia, Susan Collins of Maine, Dick Heller of Nevada, John McCain of Arizona, Rob Portman of Ohio, Lamar Alexander of Tennessee and Lisa Murkowski of Alaska — All Republicans in Name Only — Really Big Government Democrats — Videos —

Story 3: Trump Rally in Ohio — Neither A Rally Nor A Movement Is Not A Political Party That Votes in Congress — New Viable and Winning American Independence Party Is What Is Needed –Videos

For additional information and videos:

https://wordpress.com/post/pronkpops.wordpress.com/26375

July 27, 2017 02:28 PM PDT

The Pronk Pops Show 934

July 26, 2017

Story 1: Pence Breaks Tie — Senate Will Debate How To Proceed With Obamacare Repeal and Replace — Videos —

Story 2: Congress Overwhelming Passes New Sanctions on Russia, Iran and North Korea — Long Overdue — Videos —

Story 3: Trump Again Critical Of Attorney General Sessions Apparently For Not Prosecuting Leakers and Going After Clinton Foundation Crimes — What about Obama Administration’s Spying On Trump — An Abuse of Power Using Intelligence Community for Political Purposes — Will Trump Dump Sessions? If He Does Trump Will Start To Lose His Supporters in Talk Radio and Voter Base — Direct Deputy Attorney Rod Rosenstein To Fire Mueller — If He Won’t Fire Him — Fire Both Mueller and Rosenstein —  Punish Your Enemies and Reward Your Friends President Trump! — “In Your Guts You Know He is Nuts” —  Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/25/the-pronk-pops-show-934-july-24-2017-breaking-breaking-story-1-pence-breaks-tie-senate-will-debate-how-to-proceed-with-obamacare-repeal-and-replace-videos-story-2-congress-overwhel/

July 26, 2017 07:00 PM PDT

The Pronk Pops Show 933

July 24, 2017

Story 1: The American People Do Not Care About Phony Russian/Trump Collusion Conspiracy of The Lying Lunatic Left, Delusional Democrats and Big Lie Media — They’re Coming To Take You Away To The Funny Farm To Play with Your Ding-a-Ling — Videos —

Story 2: Trump Should Read Saul Alinski Rules For Radicals To Understand What Is Going On — Then Have Department of Justice Investigate The Clinton Charitable Foundation For Public Corruption and  Obama Administration For Abuse of Power Using Intelligence Community for Political Purposes And Then  Fire Mueller For Conflicts of Interests — The Sooner The Better — Go On Offense Stop Playing Defense — Just Do It! — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/24/the-pronk-pops-show-923-july-24-2017-story-1-the-american-people-do-not-care-about-phony-russiantrump-collusion-conspiracy-of-the-lying-lunatic-left-delusional-democrats-and-big-lie-media-the/

July 22, 2017 01:17 PM PDT

The Pronk Pops Show 932

July 20, 2017

Story 1: O.J. Simpson Granted Parole When Eligible — The Juice Will Soon Be Loose — Videos —

Story 2: President Trump’s First Six Months — Videos —

Story 3: President Trump Will Keep Attorney General Sessions For Now — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/20/the-pronk-pops-show-932-story-1-o-j-simpson-granted-parole-when-eligible-the-juice-will-soon-be-loose-videos-story-2-president-trumps-first-six-months-videos-story-3-president-tr/

July 22, 2017 10:49 AM PDT

The Pronk Pops Show 931

July 19, 2017

Story 1: “Obamacare Failed” Says President Trump — Wants Obamacare Completely  Repealed and Replaced Sooner or Later — Obama Lied To American People — Does President Trump Understand The Relationship Between Pre-existing Conditions, Guaranteed Issue, Community Rating and Adverse Selection — Many Doubt Trump Really Understands The Relationship That Is The Real Reason Obamacare Was Designed To Fail From The Beginning So It Could Be Replaced By Single Payer Government Health Care — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/20/the-pronk-pops-show-931-july-19-2017-story-1-obamacare-failed-says-president-trump-wants-obamacare-completely-repealed-and-replaced-sooner-or-later-obama-lied-to-american-people/

July 19, 2017 07:34 PM PDT

The Pronk Pops Show 930

July 18, 2017

Story 1: Will Trump Challenge The Washington Establishment To Achieve His Promises? You Betcha. Will He Win? Long Shot –A Movement Is Not A Viable Political Party That Can Beat The Democratic Party and Republican Party and Their Allies In The Big Government Bureaucracies, Big Lie Media and The Owner Donor Class — Votes Count — Independence Party???– Videos —

Story 2: Replace Republicans With D and F Conservative Review Grades and Scores Root and Branch With Real Conservatives, Classical Liberals and Libertarians Until New Political Party Is Formed and Becomes A Viable Party — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/19/the-pronk-pops-show-970-july-18-2017-story-1-will-trump-challenge-the-washington-establishment-to-achieve-his-promises-yes-will-he-win-long-shot-a-movement-is-not-a-viable-political-party-tha/

July 19, 2017 01:38 PM PDT

The Pronk Pops Show 929

July 17, 2017

Story 1: Downsizing The Federal Government or Draining The Swap: Trump Should Permanently Close 8 Departments Not Appoint People To Run Them — Cut All Other Department Budgets by 20% — Video —

Story 2: Federal Spending Breaks $4 Trillion for Fiscal Year 2017 —

Story 3: The American People and President Trump Vs. Political Elitist Establishment of The Big Government Democratic and Republican Parties — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/18/the-pronk-pops-show-929-july-17-2017-story-1-downsizing-the-federal-government-or-draining-the-swap-trump-should-permanently-close-8-departments-not-appoint-people-to-run-them-cut-all-other-de/

July 17, 2017 08:21 PM PDT

The Pronk Pops Show 928

July 13, 2017

Story 1: Senate Revised Republican Repeal and Replacement Bill A Betrayal of Voters Who Gave Republicans Control of Senate and House — Does Not Repeal All Obamacare Mandates, Regulations and Taxes but Does Bailout Insurance Industry and States Who Extended Medicaid Benefits — Trump Should Veto This Betrayal By Republican Establishment of Republican Voters — Videos —

Story 2: Estimated insolvency date of Social Security’s Trust fund is 2034 — and Medicare’s Hospital Trust Fund is 2029 —  Social Security and Medicare Benefits Will Be Cut or Taxes Raised or Combination of Benefit Cuts and Tax Increases — Videos —

Story 3: Trump’s Broken Promises and Kept Promises — Good Intentions are Not Enough — Only Results Count — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/15/the-pronk-pops-show-928-july-13-2017-story-1-senate-revised-republican-repeal-and-replacement-bill-a-betray-of-voters-who-gave-republicans-control-of-senate-and-house-does-not-repeal-all-obamac/

July 14, 2017 05:00 PM PDT

The Pronk Pops Show 927

July 12, 2017

Story 1: Putin’s Sting — How Russian Intelligence Service (FSB) Played The Washington Political Elitist Establishment (Democrats and Republicans) And Big Lie Media And How They Fell Hook, Line and Sinker for Russian Intelligence Disinformation Campaign — Russian Trump Dossier — The Dangers of Opposition Research, Confirmation Bias, True Believers, Useful Idiots, Blind Ambition and Two Party Tyranny — The Sting Redux — Videos —

Story 2: Republican Sellout The Republican Voter Base By Not Repealing Obamacare Completely — Leaves Many Obamacare Regulations, Subsidies, and Taxes In Place –Republican Replacement of Obamacare  Is A Big Bailout Bill of Insurance Industry — The Stupid Republican Party About To Commit Political Suicide — Rest In Peace — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/13/the-pronk-pops-show-927-july-12-2017-story-1-putins-sting-how-russian-intelligence-played-the-washington-political-elitist-establishment-democrats-and-republicans-and-big-lie-media-and-the/

July 12, 2017 08:04 PM PDT

The Pronk Pops Show 926

July 11, 2017

Story 1: Much Ado About Nothing — What Dirt Did The Russians Have On Hillary Clinton? — Donald Trump Jr. Wanted To Know — Smells Like A Russian Setup and/or Democrat Dirty Trick — Who Leaked The Emails To New York Times? — American People Ignoring Paranoid Progressive Propaganda of Big Lie Media — Still Waiting For Any Evidence of Trump/Russian/Putin Collusion — Clinton Collusion Conspiracy Crashing — Desperate Delusional Democrat Deniers of Reality — Videos —

Story 2: When Will Attorney General Sessions Appoint A Special Counsel To Investigate Intelligence Community Leaks and Hillary Clinton Mishandling of Classified Documents and Related Pay for Play Public Corruption of Clinton Foundation? — Was Democratic Hired Opposition Research firm Fusion GPS and Christopher Steel Formerly of British Intelligent MI-6 Agent A Cutout For The Russian Disinformation Campaign Included in The Donald Trump — Russia Dossier? — Videos

For additional information and videos:

https://pronkpops.wordpress.com/2017/07/12/the-pronk-pops-show-926-july-11-2017-story-1-much-ado-about-nothing-what-dirt-did-the-russians-have-on-hillary-clinton-donald-trump-jr-wanted-to-know-smells-like-a-russian-setup-andor/

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Ann Coulter — Adios, America — Videos

Posted on May 7, 2017. Filed under: American History, Blogroll, Book, Books, Business, College, Communications, Congress, conservatives, Corruption, Culture, Economics, Education, Elections, Employment, Essays, Faith, Family, Farming, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, Friends, government spending, history, Illegal, Islam, Law, Legal, liberty, Life, Links, media, Movies, Newspapers, Non-Fiction, People, Philosophy, Photos, Police, Political Correctness, Politics, Radio, Radio, Rants, Raves, Raymond Thomas Pronk, Religion, Security, Strategy, Success, Talk Radio, Tax Policy, Taxation, Taxes, Television, Television, Terrorism, Tutorials, Unemployment, Video, War, Wealth, Wisdom, Work, Writing | Tags: , , , , , , , , , , |

Image result for ann coulter Image result for ann coulter Image result for ann coulter

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The political commentator may be more committed to the Republican nominee’s platform than he is.

Donald Trump has just betrayed Ann Coulter. Which is a dangerous thing to do.This week, Coulter released her new book, In Trump We Trust. As the title suggests, it’s a defense of Trump. But more than that, it’s a defense of Trumpism. Most Trump surrogates contort themselves to defend whatever The Donald says, no matter its ideological content. They’re like communist party functionaries. They get word from the ideologists on high, and regurgitate it as best they can.

Since then, they’ve been allies. But unlike many Trump defenders, Coulter makes clear that her primary allegiance is not to Trump the man. It’s to the nostalgic “Make America White Again” brand of conservatism that she began peddling even before he did. In In Trump We Trust, Coulter calls Trump a “tasteless, publicity-seeking, coarse billionaire” and argues that, “the one thing voters weren’t wild about was his personality.”

The secret of Trump’s success, she argues, has been ideological. He recognized that “Americans,” by which she mostly means Republicans, “are homesick.” They don’t just oppose immigration because they believe it depresses wages and strains government services. They’re homesick for a whiter America, an America that was once truly free because “it’s not in the Anglo-Saxon character either to take orders or to give them.” (Never mind about slavery.) Since 1965, however, when Lyndon Johnson signed legislation allowing more immigration from Latin America, Asia, and Africa, the United States has been, according to Coulter in In Trump We Trust, overrun by “illiterate peasants … who can be instructed to learn certain symbols and bloc-vote for the Democrats.” In response, Democrats, along with rich Republicans, keep the doors open to non-European immigration, and thus America has grown “browner” and “shorter.” (That’s Coulter’s description from Adios America). Corruption rises. So does terrorism and rape.Coulter’s ideological interpretation of Trump’s appeal is plausible. It explains, for instance, why support for Trump correlates more strongly to racial resentment than economic misfortune.

Trump may win votes by moderating his stance on immigration. But that’s not how Coulter sells books.

Coulter’s problem is that on the very week she’s unveiled her immigration-themed defense of Trumpism, Trump himself has begun jettisoning it. On Wednesday night, he admitted that it’s “very, very hard” to deport all the undocumented immigrants in the country and implied that he would be open to some people being allowed to stay legally without becoming citizens, provided they pay back taxes. Suddenly, Trump is flirting with an immigration policy that resembles that of every other Republican who ran for president. Which makes Coulter look like a dupe. On Thursday on his show, Rush Limbaugh had a hearty laugh at her expense.

So far, Coulter has responded in contradictory ways. She’s fired off tweets attacking Trump’s immigration shift. But she’s also downplayed it.

Maybe Coulter, like the other high-profile supporters Trump has burned, will accept her humiliation and resort to defending Trump no matter what he says. Her incentives, however, are different. Unlike most of the folks who appear on television supporting Trump, she has an independent brand. And it’s built on white nationalism. Trump may win votes by moderating his stance on immigration. But that’s not how Coulter sells books.

Coulter also needs an explanation for Trump’s likely defeat, an explanation that will preserve her ability to claim that America’s silent majority believes the things she does. By emphasizing Trump’s immigration flip-flop, Coulter could argue that this issue cost him the white votes he needed to win.

Trumpism—a brand of conservatism defined above all by white racial nostalgia—will survive November’s election. Less clear is whether Trump will remain its champion or become its fall guy. Like many people Trump has done business with, Coulter has learned that trusting Trump is not the wisest of investments.

https://www.theatlantic.com/politics/archive/2016/08/how-trump-betrayed-ann-coulter-on-immigration/497618/

Ann Coulter

From Wikipedia, the free encyclopedia
Ann Coulter
Ann Coulter smiling, with a blue wallpaper behind her.

Born Ann Hart Coulter
December 8, 1961 (age 55)
New York City, New York, U.S.
Nationality American
Alma mater Cornell University(BA)
University of Michigan(JD)
Occupation Author, columnist, political commentator
Political party Republican[1]
Website anncoulter.com
Signature
Ann Coulter Signature.png

Ann Hart Coulter (/ˈkltər/; born December 8, 1961) is an American conservativesocial and politicalcommentator, writer, syndicated columnist, and lawyer. She frequently appears on television, radio, and as a speaker at public and private events.

Born in New York City to a conservative family, Coulter was raised in New Canaan, Connecticut. She deepened her conservative interests while studying history at Cornell University, where she helped found The Cornell Review. She subsequently embarked on a career as a law clerk before rising to prominence in the 1990s as an outspoken critic of the Clinton administration. Her first book concerned the Bill Clinton impeachment, and sprang from her experience writing legal briefs for Paula Jones‘s attorneys, as well as columns she wrote about the cases.[2][3]

Coulter has described herself as a polemicist who likes to “stir up the pot,” and does not “pretend to be impartial or balanced, as broadcasters do,”[4] drawing criticism from the left, and sometimes from the right.[5] Coulter’s syndicated column for Universal Press Syndicate appears in newspapers, and is featured on major conservative websites. As of 2016, Coulter has 12 best-selling books, including most recently Adios, America! and In Trump We Trust.

Early life

Coulter as a senior in high school, 1980.

Ann Hart Coulter was born on December 8, 1961, in New York City, to John Vincent Coulter (1926–2008), an FBI agent of Irish–German heritage,[6] who was a native of Albany, New York; and Nell Husbands Coulter (née Martin; 1928–2009), a native of Paducah, Kentucky.[7][8] All eight of her paternal great-great-grandparents were immigrants.[6] Her family later moved to New Canaan, Connecticut, where Coulter and her two older brothers, James and John, were raised.[9] She was raised in a conservative household in Connecticut by Republican parents, with a father who loved Joseph McCarthy. Coulter says she has identified as a conservative since kindergarten. To prep for arguments, she read books like Barry Goldwater‘s Conscience of a Conservative.[10]

At age 14, Coulter visited her older brother in New York City where he attended law school. While he was in class, he had his little sister read books by Milton Friedman and William E. Simon. When he got home from class, he quizzed Coulter. As a reward, he and his friends took her out to bars on the Upper East Side. Reading Republican books made Coulter dream about working as a writer.[10] She graduated from New Canaan High School in 1980. Coulter’s age was disputed in 2002 while she was arguing that she was not yet 40, yet Washington Post columnist Lloyd Grove cited that she provided a birthdate of December 8, 1961, when registering to vote in New Canaan, Connecticut, prior to the 1980 Presidential election. Meanwhile, a driver’s license issued several years later allegedly listed her birthdate as December 8, 1963. Coulter will not confirm either date, citing privacy concerns.[11]

While attending Cornell University, Coulter helped found The Cornell Review,[12][13] and was a member of the Delta Gamma national sorority.[14] She graduated cum laude from Cornell in 1984 with a B.A. in history, and received her J.D. from the University of Michigan Law School in 1988, where she was an editor of the Michigan Law Review.[15] At Michigan, Coulter was president of the local chapter of the Federalist Society and was trained at the National Journalism Center.[16]

Career

After law school, Coulter served as a law clerk, in Kansas City, for Pasco Bowman II of the United States Court of Appeals for the Eighth Circuit.[17] After a short time working in New York City in private practice, where she specialized in corporate law, Coulter left to work for the United States Senate Judiciary Committee after the Republican Partytook control of Congress in 1994. She handled crime and immigration issues for Senator Spencer Abraham of Michigan and helped craft legislation designed to expedite the deportation of aliens convicted of felonies.[18] She later became a litigator with the Center for Individual Rights.[19]

In 2000, Coulter considered running for Congress in Connecticut on the Libertarian Party ticket[20] to serve as a spoiler in order to throw the seat to the Democratic candidate and see that Republican Congressman Christopher Shays failed to gain re-election, as a punishment for Shays’ vote against Clinton’s impeachment. The leadership of the Libertarian Party of Connecticut, after meeting with Coulter, declined to endorse her. As a result, her self-described “total sham, media-intensive, third-party Jesse Ventura campaign” did not take place.[21][22] Shays subsequently won the election, and held the seat until 2008.[23]

Coulter’s career is highlighted by the publication of twelve books, as well as the weekly syndicated newspaper column that she publishes. She is particularly known for her polemical style,[24] and describes herself as someone who likes to “stir up the pot. I don’t pretend to be impartial or balanced, as broadcasters do”.[25] She has been compared to Clare Boothe Luce, one of her idols, for her satirical style.[26] She also makes numerous public appearances, speaking on television and radio talk shows, as well as on collegecampuses, receiving both praise and protest. Coulter typically spends 6–12 weeks of the year on speaking engagement tours, and more when she has a book coming out.[27] In 2010, she made an estimated $500,000 on the speaking circuit, giving speeches on topics of modern conservatism, gay marriage, and what she describes as the hypocrisy of modern American liberalism.[28] During one appearance at the University of Arizona, a pie was thrown at her.[29][30][31] Coulter has, on occasion, in defense of her ideas, responded with inflammatory remarks toward hecklers and protestors who attend her speeches.[32][33]

Books

Coulter is the author of twelve books, many of which have appeared on The New York Times Best Seller list, with a combined 3 million copies sold as of May 2009.[34]

Coulter’s first book, High Crimes and Misdemeanors: The Case Against Bill Clinton, was published by Regnery Publishing in 1998 and made the New York Times Bestseller list.[2] It details Coulter’s case for the impeachment of President Bill Clinton.

Her second book, Slander: Liberal Lies About the American Right, published by Crown Forum in 2002, reached the number one spot on The New York Times non-fiction best seller list.[35] In Slander, Coulter argues that President George W. Bush was given unfair negative media coverage. The factual accuracy of Slander was called into question by then-comedian and author, and now Democratic U.S. Senator from Minnesota, Al Franken; he also accused her of citing passages out of context.[36] Others investigated these charges, and also raised questions about the book’s accuracy and presentation of facts.[37][38][39] Coulter responded to criticisms in a column called “Answering My Critics”.[40]

In her third book, Treason: Liberal Treachery from the Cold War to the War on Terrorism, also published by Crown Forum, she reexamines the 60-year history of the Cold War—including the career of Senator Joseph McCarthy, the Whittaker ChambersAlger Hiss affair, and Ronald Reagan’s challenge to Mikhail Gorbachev to “tear down this wall“—and argues that liberals were wrong in their Cold War political analyses and policy decisions, and that McCarthy was correct about Soviet agents working for the U.S. government.[41] She also argues that the correct identification of Annie Lee Moss, among others, as communists was misreported by the liberal media.[42]Treason was published in 2003, and spent 13 weeks on the Best Seller list.[43]

Crown Forum published a collection of Coulter’s columns in 2004 as her fourth book, How to Talk to a Liberal (If You Must): The World According to Ann Coulter.[44]

Coulter’s fifth book, published by Crown Forum in 2006, is Godless: The Church of Liberalism.[45] In it, she argues, first, that American liberalism rejects the idea of God and reviles people of faith, and second, that it bears all the attributes of a religion itself.[46]Godless debuted at number one on the New York Times Best Seller list.[47] Some passages in the book match portions of others’ writings published at an earlier time (including newspaper articles and a Planned Parenthood document), leading John Barrie of iThenticate to assert that Coulter had engaged in “textbook plagiarism”.[48]

Coulter’s If Democrats Had Any Brains, They’d Be Republicans (Crown Forum), published in October 2007, and Guilty: Liberal “Victims” and Their Assault on America (Crown Forum), published on January 6, 2009, both also achieved best-seller status.[49][50][51]

On June 7, 2011, Crown Forum published her eighth book Demonic: How the Liberal Mob Is Endangering America. Coulter said she based this book heavily on the work of Frenchsocial psychologistGustave Le Bon, who wrote on mass psychology, and in it she argues that liberals have mob-like characteristics.[52]

Her ninth book, published September 25, 2012, is Mugged: Racial Demagoguery from the Seventies to Obama. It argues that liberals, and Democrats in particular, have taken undue credit for racial civil rights in America.[53]

Coulter’s tenth book, Never Trust a Liberal Over 3 – Especially a Republican, was released October 14, 2013. It is her second collection of columns and her first published by Regnery since her first book, High Crimes and Misdemeanors.[54]

Coulter published her eleventh book, Adios, America: The Left’s Plan to Turn Our Country Into a Third World Hellhole on June 1, 2015. The book addresses illegal immigration, amnesty programs, and border security in the United States. [55]

Columns

In the late 1990s, Coulter’s weekly (biweekly from 1999–2000) syndicated column for Universal Press Syndicate began appearing. Her column is featured on six conservative websites: Human Events Online, WorldNetDaily, Townhall.com, VDARE, FrontPageMag, Jewish World Review and her own web site. Her syndicator says, “Ann’s client newspapers stick with her because she has a loyal fan base of conservative readers who look forward to reading her columns in their local newspapers”.[56]

In 1999 Coulter worked as a regular columnist for George magazine.[21][57] Coulter also wrote exclusive weekly columns between 1998 and 2003 and with occasional columns thereafter for the conservative magazine Human Events. In her columns for the magazine, she discusses judicial rulings, Constitutional issues, and legal matters affecting Congress and the executive branch.[58]

In 2001 as a contributing editor and syndicated columnist for National Review Online (NRO), Coulter was asked by editors to make changes to a piece written after the September 11 attacks. On the national television show Politically Incorrect, Coulter accused NRO of censorship and said that she was paid $5 per article. NRO dropped her column and terminated her editorship. Jonah Goldberg, editor-at-large of NRO, said, “We did not ‘fire’ Ann for what she wrote… we ended the relationship because she behaved with a total lack of professionalism, friendship, and loyalty [concerning the editing disagreement].”[59]

Coulter contracted with USA Today to cover the 2004 Democratic National Convention. She wrote one article that began, “Here at the Spawn of Satan convention in Boston…” and referred to some unspecified female attendees as “corn-fed, no make-up, natural fiber, no-bra needing, sandal-wearing, hirsute, somewhat fragrant hippie chick pie wagons”. The newspaper declined to print the article citing an editing dispute over “basic weaknesses in clarity and readability that we found unacceptable”. An explanatory article by the paper went on to say “Coulter told the online edition of Editor & Publisher magazine that ‘USA Today doesn’t like my “tone”, humor, sarcasm, etc., which raises the intriguing question of why they hired me to write for them.'” USA Today replaced Coulter with Jonah Goldberg, and Coulter published it instead on her website.[60][61][62]

In August 2005, the Arizona Daily Star dropped Coulter’s syndicated column, citing reader complaints that “Many readers find her shrill, bombastic, and mean-spirited. And those are the words used by readers who identified themselves as conservatives”.[63]

In July 2006, some newspapers replaced Coulter’s column with those of other conservative columnists following the publication of her fourth book, Godless: The Church of Liberalism.[64] After The Augusta Chronicle dropped her column, newspaper editor Michael Ryan explained that “it came to the point where she was the issue rather than what she was writing about”.[65] Ryan also stated that “pulling Ann Coulter’s column hurts; she’s one of the clearest thinkers around”.

She has criticized former president George W. Bush‘s immigration proposals, saying they led to “amnesty”. In a 2007 column, she claimed that the current immigration system was set up to deliberately reduce the percentage of whites in the population. In it, she said:[66]

In 1960, whites were 90 percent of the country. The Census Bureau recently estimated that whites already account for less than two-thirds of the population and will be a minority by 2050. Other estimates put that day much sooner.

One may assume the new majority will not be such compassionate overlords as the white majority has been. If this sort of drastic change were legally imposed on any group other than white Americans, it would be called genocide. Yet whites are called racists merely for mentioning the fact that current immigration law is intentionally designed to reduce their percentage in the population.

Overall, Coulter’s columns are highly critical of liberals and Democrats. In 2006, she wrote:[67]

This year’s Democratic plan for the future is another inane sound bite designed to trick American voters into trusting them with national security.

To wit, they’re claiming there is no connection between the war on terror and the war in Iraq, and while they are all for the war against terror—absolutely in favor of that war—they are adamantly opposed to the Iraq war. You know, the war where the U.S. military is killing thousands upon thousands of terrorists (described in the media as “Iraqi civilians”, even if they are from Jordan, like the now-dead leader of al-Qaida in Iraq, Abu Musab al-Zarqawi). That war.

Television and radio

Ann Coulter at the 2012 Time 100

Coulter made her first national media appearance in 1996 after she was hired by the then-fledgling network MSNBC as a legal correspondent. She later appeared on CNN and Fox News.[68] Coulter went on to make frequent guest appearances on many television and radio talk shows, including American Morning, The Fifth Estate, Glenn Beck Program, The Mike Gallagher Show, The O’Reilly Factor, Real Time with Bill Maher, Red Eye w/ Greg Gutfeld, The Rush Limbaugh Show, The Sean Hannity Show, The Today Show, Lou Dobbs Tonight, Fox and Friends, The Laura Ingraham Show, The View, The Michael Medved Show, and HARDtalk.

In an interview with Bob McKeown on the edition of January 26, 2005, of The Fifth Estate, Coulter came under criticism for her statement, “Canada used to be… one of our most… most loyal friends, and vice versa. I mean, Canada sent troops to Vietnam. Was Vietnam less containable and more of a threat than Saddam Hussein?” McKeown contradicted her with, “No, actually Canada did not send troops to Vietnam.”[69] On the edition of February 18, 2005 of Washington Journal, Coulter justified her statement by referring to the thousands of Canadians who served in the American armed forces during the Vietnam era, either because they volunteered or because they were living in the United States during the war years and got drafted. She said, “The Canadian Government didn’t send troops … but … they came and fought with the Americans. So I was wrong. It turns out there were 10,000 Americans who happened to be born in Canada.” (There were actually between 5,000 and 20,000 Canadians who fought in Vietnam itself, including approximately 80 who were killed.)[70] John Cloud of Time, writing about the incident a few months later, said, “Canada [sent] noncombat troops to Indochina in the 1950s and again to Vietnam in 1972″.[68]

Films

Coulter appeared in three films released during 2004. The first was Feeding the Beast, a made-for-television documentary on the “24-Hour News Revolution”.[71] The other two films were FahrenHYPE 9/11, a direct-to-video documentary rebuttal of Michael Moore‘s Fahrenheit 911, and Is It True What They Say About Ann?, a documentary on Coulter containing clips of interviews and speeches.[72] In 2015, Coulter had a cameo as the Vice President in the made-for-TV movie Sharknado 3: Oh Hell No!.

Personal life

Coulter has been engaged several times, but she has never married and has no children.[32] She has dated Spin founder and publisher Bob Guccione, Jr.,[21] and conservative writer Dinesh D’Souza.[73] In October 2007, she began dating Andrew Stein, the former president of the New York City Council, a liberal Democrat. When asked about the relationship, Stein told the paper, “She’s attacked a lot of my friends, but what can I say, opposites attract!”[74] On January 7, 2008, however, Stein told the New York Post that the relationship was over, citing irreconcilable differences.[75]Kellyanne Conway, who refers to Coulter as a friend, told New York Magazine in 2017 that Coulter “started dating her security guard probably ten years ago because she couldn’t see anybody else.”[76]

Coulter owns a house, bought in 2005, in Palm Beach, Florida, a condominium in Manhattan, and an apartment in Los Angeles. She votes in Palm Beach and is not registered to do so in New York or California.[77][78]She is a fan of several jam bands, such as the Grateful Dead, the Dave Matthews Band, and Phish.[79][80] Some of her favorite books are the Bible, Mere Christianity, Wuthering Heights, Anna Karenina, true crime stories about serial killers, and anything by Dave Barry.[81]

Religious views

Coulter is a Christian and belongs to the Presbyterian denomination.[82][83] Her father was Catholic and her mother was a Protestant.[84] At one public lecture she said, “I don’t care about anything else; Christ died for my sins, and nothing else matters.”[85] She summarized her view of Christianity in a 2004 column, saying, “Jesus’ distinctive message was: People are sinful and need to be redeemed, and this is your lucky day, because I’m here to redeem you even though you don’t deserve it, and I have to get the crap kicked out of me to do it.” She then mocked “the message of Jesus… according to liberals”, summarizing it as “something along the lines of ‘be nice to people,'” which, in turn, she said “is, in fact, one of the incidental tenets of Christianity.”[86]

Confronting some critics’ views that her content and style of writing is un-Christian-like,[87] Coulter stated that “I’m a Christian first and a mean-spirited, bigoted conservative second, and don’t you ever forget it.”[88]She also said, “Christianity fuels everything I write. Being a Christian means that I am called upon to do battle against lies, injustice, cruelty, hypocrisy—you know, all the virtues in the church of liberalism”.[89] In Godless: The Church of Liberalism, Coulter characterized the theory of evolution as bogus science, and contrasted her beliefs to what she called the left’s “obsession with Darwinism and the Darwinian view of the world, which replaces sanctification of life with sanctification of sex and death”.[90] Coulter subscribes to intelligent design, a theory that rejects evolution.[91]

Coulter was accused of anti-semitism in an October 8, 2007, interview with Donny Deutsch on The Big Idea. During the interview, Coulter stated that the United States is a Christian nation, and said that she wants “Jews to be perfected, as they say” (referring to them being converted to Christianity).[92] Deutsch, a practicing Jew, implied that this was an anti-semitic remark, but Coulter said she didn’t consider it to be a hateful comment.[93][94] In response to Coulter’s comments on the show, the Anti-Defamation League, American Jewish Committee and Bradley Burston condemned those comments,[95] and the National Jewish Democratic Council asked media outlets to stop inviting Coulter as a guest commentator.[96] Talk show host Dennis Prager, while disagreeing with her comments, said that they were not “anti-semitic”, noting, “There is nothing in what Ann Coulter said to a Jewish interviewer on CNBC that indicates she hates Jews or wishes them ill, or does damage to the Jewish people or the Jewish state. And if none of those criteria is present, how can someone be labeled anti-Semitic?”[97] Conservative activist David Horowitz also defended Coulter against the allegation.[98]

Coulter again sparked outrage in September 2015, when she tweeted in response to multiple Republican candidates’ references to Israel during a Presidential debate, “How many f—ing Jews do these people think there are in the United States?”[99] The Anti-Defamation League referred to the tweets as “ugly, spiteful and anti-Semitic.”[100] In response to accusations of anti-Semitism, she tweeted “I like the Jews, I like fetuses, I like Reagan. Didn’t need to hear applause lines about them all night.”[99]

Political views

Coulter is a conservative columnist. She is a registered Republican and member of the advisory council of GOProud since August 9, 2011.[101]

Coulter supported George W. Bush’s presidency. She endorsed Mitt Romney in the 2008 Republican presidential primary[102] and the 2012 Republican presidential primary and presidential run.[103] In the 2016 Republican Party presidential primaries, she endorsed Donald Trump.[104] However, in the wake of the 2017 Shayrat missile strike, Coulter expressed her dismay by tweeting, “Trump campaigned on not getting involved in Mideast.”[105]

Abortion

Coulter believes Roe v. Wade should be overturned and left to the states. She is anti-abortion, but believes there should be an exception if a woman is raped.[106]

Illegal immigration

She strongly opposed amnesty for illegal immigrants, and at the 2013 CPAC said she has now become “a single-issue voter against amnesty”.[107]

Afghanistan War

Although she originally supported the war in Afghanistan during the Bush administration, beginning in 2009 she expressed concern that the war might have turned into another Vietnam, and opposed sending more troops to Afghanistan.[108]

LGBT rights

Coulter opposes same-sex marriage and once supported a federal U.S. constitutional amendment defining marriage as a union of one man and one woman.[109] She insists that her opposition to same-sex marriage “wasn’t an anti-gay thing” and that “It’s genuinely a pro-marriage position to oppose gay marriage”.[110] In an April 1, 2015, column, Coulter declared that liberals had “won the war on gay marriage (by judicial fiat)”.[111]

She also opposes civil unions[112] and privatizing marriage.[113] When addressed with the issue of rights granted by marriage, she said, “Gays already can visit loved ones in hospitals. They can also visit neighbors, random acquaintances, and total strangers in hospitals—just like everyone else. Gays can also pass on property to whomever they would like”.[114] She disagreed with the U.S. Supreme Court‘s 2003 Lawrence v. Texas ruling, stating there was no right to sodomy written in the Constitution and that under federalism each individual state and territory would have to repeal their sodomy laws. She stated she opposed banning same-sex sexual intercourse.[115] She also stated that same-sex sexual intercourse was already protected under the Fourth Amendment, which prevents police from going into your home without a search warrant or court order.[116]

In regard to Romer v. Evans described anti-discrimination laws covering LGBT as “affirmative action benefits.”[117] She also disagreed with repealing Don’t Ask Don’t Tell, stating that it is not an “anti-gay position; it is a pro-military position” because “sexual bonds are disruptive to the military bond”.[118] On April 1, 2015, in a column, Ann Coulter expressed support for Indiana‘s Religious Freedom Restoration Act and said it was an “apocryphal” assertion to claim the Religious Freedom Restoration Act would be used to discriminate against LGBTs.[111] She has also endorsed the Public Facilities Privacy & Security Act and opposes transgender individuals to use bathroom usage corresponding to their gender identity.[119]

LGBT conservatism

Since the 1990s, Coulter has had many acquaintances in the LGBT community. She considers herself “the Judy Garland of the Right.” In the last few years, Coulter has attracted many LGBT fans, namely gay men and drag queens.[10][120][121]

At the 2007 CPAC, Coulter said, “I do want to point out one thing that has been driving me crazy with the media—how they keep describing Mitt Romney‘s position as being pro-gays, and that’s going to upset the right wingers,” and “Well, you know, screw you! I’m not anti-gay. We’re against gay marriage. I don’t want gays to be discriminated against.” She added, “I don’t know why all gays aren’t Republican. I think we have the pro-gay positions, which is anti-crime and for tax cuts. Gays make a lot of money and they’re victims of crime. No, they are! They should be with us.”[122]

In Coulter’s 2007 book If Democrats Had Any Brains, They’d Be Republicans, in the chapter “Gays: No Gay Left Behind!”, she argued that Republican policies were more pro-gay than Democratic policies. Coulter attended the 2010 HomoCon of GOProud, where she commented that same-sex marriage “is not a civil right.”[123] On February 9, 2011, in a column, Coulter described the national Log Cabin Republicans as “ridiculous” and “not conservative at all.” She did however describe the Texas branch of Log Cabin Republicans, for whom she’s been signing books for years, as “comprised of real conservatives.”[124]

At the 2011 CPAC, during her question-and-answer segment, Coulter was asked about GOProud and the controversy over their exclusion from the 2011 CPAC. She boasted how she talked GOProud into dropping its support for same-sex marriage in the party’s platform, saying, “The left is trying to co-opt gays, and I don’t think we should let them. I think they should be on our side,” and “Gays are natural conservatives.”[125] Later that year, Coulter joined advisory board for GOProud. On LogosThe A-List: Dallas she told gay Republican Taylor Garrett that “The gays have got to be pro-life,” and “As soon as they find the gay gene, guess who the liberal yuppies are gonna start aborting?”[126] Coulter has referred to Democractic politicians Bill Clinton, Al Gore, and John Edwards as “fag(got).”[127]

War on Drugs

Coulter strongly supports continuing the War on Drugs.[128] However, she has said that, if there were not a welfare state, she “wouldn’t care” if drugs were legal.[129]

Coulter spoke about drugs as a guest on Piers Morgan Live, when she said that marijuana users “can’t perform daily functions.”[130]

Political activities and commentary

Ann Coulter has described herself as a “polemicist” who likes to “stir up the pot” and doesn’t “pretend to be impartial or balanced, as broadcasters do.”[4] While her political activities in the past have included advising a plaintiff suing President Bill Clinton as well as considering a run for Congress, she mostly serves as a political pundit, sometimes creating controversy ranging from rowdy uprisings at some of the colleges where she speaks to protracted discussions in the media. Time magazine’s John Cloud once observed that Coulter “likes to shock reporters by wondering aloud whether America might be better off if women lost the right to vote.”[68] This was in reference to her statement that “it would be a much better country if women did not vote. That is simply a fact. In fact, in every presidential election since 1950—except Goldwater in ’64—the Republican would have won, if only the men had voted.”[131] Similarly, in an October 2007 interview with the New York Observer, Coulter said:[132]

If we took away women’s right to vote, we’d never have to worry about another Democrat president. It’s kind of a pipe dream, it’s a personal fantasy of mine, but I don’t think it’s going to happen. And it is a good way of making the point that women are voting so stupidly, at least single women.

It also makes the point, it is kind of embarrassing, the Democratic Party ought to be hanging its head in shame, that it has so much difficulty getting men to vote for it. I mean, you do see it’s the party of women and ‘We’ll pay for health care and tuition and day care—and here, what else can we give you, soccer moms?’

In addition to questioning whether women’s right to vote is a good thing, Coulter has also appeared on Fox News and advocated for a poll tax and a literacy test for voters (this was in 1999, and she reiterated her support of a literacy test in 2015).[133] This is not a viewpoint widely shared by members of the Republican Party.

Paula Jones – Bill Clinton case

Coulter first became a public figure shortly before becoming an unpaid legal adviser for the attorneys representing Paula Jones in her sexual harassment suit against President Bill Clinton. Coulter’s friend George Conway had been asked to assist Jones’ attorneys, and shortly afterward Coulter, who wrote a column about the Paula Jones case for Human Events, was also asked to help, and she began writing legal briefs for the case.

Coulter later stated that she would come to mistrust the motives of Jones’ head lawyer, Joseph Cammaratta, who by August or September 1997 was advising Jones that her case was weak and to settle, if a favorable settlement could be negotiated.[18][134] From the outset, Jones had sought an apology from Clinton at least as eagerly as she sought a settlement.[135] However, in a later interview Coulter recounted that she herself had believed that the case was strong, that Jones was telling the truth, that Clinton should be held publicly accountable for his misconduct, and that a settlement would give the impression that Jones was merely interested in extorting money from the President.[18]

David Daley, who wrote the interview piece for The Hartford Courant recounted what followed:

Coulter played one particularly key role in keeping the Jones case alive. In Newsweek reporter Michael Isikoff’s new book Uncovering Clinton: A Reporter’s Story, Coulter is unmasked as the one who leaked word of Clinton’s “distinguishing characteristic”—his reportedly unusually large penis that Jones said she could recognize and describe—to the news media. Her hope was to foster mistrust between the Clinton and Jones camps and forestall a settlement … I thought if I leaked the distinguishing characteristic it would show bad faith in negotiations. [Clinton lawyer] Bob Bennett would think Jones had leaked it. Cammaratta would know he himself hadn’t leaked it and would get mad at Bennett. It might stall negotiations enough for me to get through to [Jones adviser] Susan Carpenter-McMillan to tell her that I thought settling would hurt Paula, that this would ruin her reputation, and that there were other lawyers working for her. Then 36 hours later, she returned my phone call. I just wanted to help Paula. I really think Paula Jones is a hero. I don’t think I could have taken the abuse she came under. She’s this poor little country girl and she has the most powerful man she’s ever met hitting on her sexually, then denying it and smearing her as president. And she never did anything tacky. It’s not like she was going on TV or trying to make a buck out of it.”[18]

In his book, Isikoff also reported Coulter as saying: “We were terrified that Jones would settle. It was contrary to our purpose of bringing down the President.”[134] After the book came out, Coulter clarified her stated motives, saying:

The only motive for leaking the distinguishing characteristic item that [Isikoff] gives in his book is my self-parodying remark that “it would humiliate the president” and that a settlement would foil our efforts to bring down the president … I suppose you could take the position, as [Isikoff] does, that we were working for Jones because we thought Clinton was a lecherous, lying scumbag, but this argument gets a bit circular. You could also say that Juanita Broaddrick’s secret motive in accusing Clinton of rape is that she hates Clinton because he raped her. The whole reason we didn’t much like Clinton was that we could see he was the sort of man who would haul a low-level government employee like Paula to his hotel room, drop his pants, and say, “Kiss it.” You know: Everything his defense said about him at the impeachment trial. It’s not like we secretly disliked Clinton because of his administration’s position on California’s citrus cartels or something, and then set to work on some crazy scheme to destroy him using a pathological intern as our Mata Hari.[136]

The case went to court after Jones broke with Coulter and her original legal team, and it was dismissed via summary judgment. The judge ruled that even if her allegations proved true, Jones did not show that she had suffered any damages, stating, “… plaintiff has not demonstrated any tangible job detriment or adverse employment action for her refusal to submit to the governor’s alleged advances. The president is therefore entitled to summary judgment on plaintiff’s claim of quid pro quo sexual harassment.” The ruling was appealed by Jones’ lawyers. During the pendency of the appeal, Clinton settled with Jones for $850,000 ($151,000 after legal fees) in November 1998, in exchange for Jones’ dismissal of the appeal. By then, the Jones lawsuit had given way to the Monica Lewinsky sex scandal.

In October 2000, Jones revealed that she would pose for nude pictures in an adult magazine, saying she wanted to use the money to pay taxes and support her grade-school-aged children, in particular saying, “I’m wanting to put them through college and maybe set up a college fund.”[137] Coulter publicly denounced Jones, calling her “the trailer-park trash they said she was” (Coulter had earlier chastened Clinton supporters for calling Jones this name),[138] after Clinton’s former campaign strategist James Carville had made the widely reported remark, “Drag a $100 bill through a trailer park, and you’ll never know what you’ll find,” and called Jones a “fraud, at least to the extent of pretending to be an honorable and moral person.”[137]

Coulter wrote:

Paula surely was given more than a million dollars in free legal assistance from an array of legal talent she will never again encounter in her life, much less have busily working on her behalf. Some of those lawyers never asked for or received a dime for hundreds of thousands of dollars in legal work performed at great professional, financial and personal cost to themselves. Others got partial payments out of the settlement. But at least they got her reputation back. And now she’s thrown it away.[139]

Jones claimed not to have been offered any help with a book deal of her own or any other additional financial help after the lawsuit.[137]

2008 presidential election

As the 2008 presidential campaign was getting under way, Coulter drew criticism for statements she made at the 2007 Conservative Political Action Conference about presidential candidate John Edwards:[140][141]

I was going to have a few comments on the other Democratic presidential candidate, John Edwards, but it turns out that you have to go into rehab if you use the word ‘faggot,’ so I’m… so, kind of at an impasse, can’t really talk about Edwards, so I think I’ll just conclude here and take your questions.

The comment was in reference to Grey’s Anatomy star Isaiah Washington‘s use of the epithet and his subsequent mandatory “psychological assessment” imposed by ABC executives.[142] It was widely interpreted as meaning that Coulter had called Edwards a “faggot,” but Coulter argued that she did not actually do so, while simultaneously indicating she would not have been wrong to say it.[143] Edwards responded on his web site by characterizing Coulter’s words as “un-American and indefensible,” and asking readers to help him “raise $100,000 in ‘Coulter Cash’ this week to keep this campaign charging ahead and fight back against the politics of bigotry.”[144] He also called her a “she-devil,” adding, “I should not have name-called. But the truth is—forget the names—people like Ann Coulter, they engage in hateful language.”[145] Coulter’s words also drew condemnation from many prominent Republicans and Democrats, as well as groups such as the Gay and Lesbian Alliance Against Defamation (GLAAD).[144][146][147] Three advertisers (Verizon, Sallie Mae and Netbank) also pulled their advertisements from Coulter’s web site,[148] and several newspapers dropped her column.[149][150] Coulter responded in an e-mail to the New York Times, “C’mon, it was a joke. I would never insult gays by suggesting that they are like John Edwards. That would be mean.”[147] On March 5, 2007, she appeared on Hannity and Colmes and said, “Faggot isn’t offensive to gays; it has nothing to do with gays. It’s a schoolyard taunt meaning ‘wuss.'”[151] Gay rights advocates were not convinced. “Ann Coulter’s use of this anti-gay slur is vile and unacceptable,” said Neil G. Giuliano, president of the Gay & Lesbian Alliance Against Defamation, “and the applause from her audience is an important reminder that Coulter’s ugly brand of bigotry is at the root of the discriminatory policies being promoted at this gathering.”[141] A spokesman for Sen. John McCain, a Republican presidential candidate, called Coulter’s comments “wildly inappropriate.”[141]

As the campaign waged on, she continued to insert her commentary regarding the candidates, both Democrats and Republicans. In a June 2007 interview, Coulter named Duncan Hunter as her choice for the 2008 Republican Presidential nomination, highlighting his views on immigration and specifically his anti-abortion credentials, saying “[t]his is a winning issue for us, protecting little babies.”[152] On January 16, 2008, Coulter began endorsing Governor Mitt Romney as her choice for the 2008 Republican nomination, saying he is “manifestly the best candidate” (contrasting Romney with Republican candidates John McCain, Mike Huckabee, and Rudy Giuliani).[153] By contrast, Coulter was critical of eventual Republican nominee John McCain. On the January 31, 2008, broadcast of Hannity and Colmes, Coulter claimed that if McCain won the Republican nomination for president, she would support and campaign for Hillary Clinton, stating, “[Clinton] is more conservative than McCain.”[154]

Regarding then-presidential-candidate Barack Obama in an April 2, 2008, column, she characterized his book Dreams from My Father as a “dimestore Mein Kampf.” Coulter writes, “He says the reason black people keep to themselves is that it’s ‘easier than spending all your time mad or trying to guess whatever it was that white folks were thinking about you.’ Here’s a little inside scoop about white people: We’re not thinking about you. Especially WASPs. We think everybody is inferior, and we are perfectly charming about it.”[155]

2010 Canadian university tour

Ann Coulter at CPAC in February 2012

In March 2010, Coulter announced that she would be embarking on a speaking tour of three Canadian universities, The University of Western Ontario, the University of Ottawa and the University of Calgary. The tour was organized by the International Free Press Society.[156]

On the eve of Coulter’s first speech at the University of Western Ontario, an e-mail to Coulter from François Houle, provost of the University of Ottawa, was leaked to the media. The e-mail warned that “promoting hatred against any identifiable group would not only be considered inappropriate, but could in fact lead to criminal charges.” Coulter released a public statement alleging that by sending her the e-mail, Houle was promoting hatred against conservatives.[157] During her speech at the University of Western Ontario, she told a Muslim student to “take a camel,” in response to the student’s question about previous comments by Coulter that Muslims should not be allowed on airplanes.[158]

On March 22, the University of Ottawa made international news when liberal protesters conspired to prevent Coulter from speaking. The event was canceled in spite of a massive security presence; Alain Boucher of the Ottawa Police Service said there were ten officers visible at the scene, “plus other resources” nearby.[159] Boucher alleged that Coulter’s security team decided to call off the event, saying, “We gave her options,” including, he said, to “find a bigger venue.” But “they opted to cancel … It’s not up to the Ottawa police to make that decision.”[160] Boucher claimed there were no arrests.[161] CTV News reported, “It was a disaster in terms of just organization, which is probably one of the reasons why it was cancelled,” citing the small number of students tasked with confirming who had signed up to attend Coulter’s talk.[162]

Event organizer and conservative activist Ezra Levant blamed the protest on the letter sent to Coulter by Houle.[163] After the cancellation, Coulter called the University of Ottawa “bush league,” stating:[164]

I go to the best schools, Harvard, the Ivy League, and those kids are too intellectually proud to threaten speakers … I would like to know when this sort of violence, this sort of protest, has been inflicted upon a Muslim—who appear to be, from what I’ve read of the human rights complaints, the only protected group in Canada. I think I’ll give my speech tomorrow night in a burka. That will protect me.

Comments on Islam, Arabs, and terrorism

On September 14, 2001, three days after the September 11 attacks (in which her friend Barbara Olson had been killed), Coulter wrote in her column:

Airports scrupulously apply the same laughably ineffective airport harassment to Suzy Chapstick as to Muslim hijackers. It is preposterous to assume every passenger is a potential crazed homicidal maniac. We know who the homicidal maniacs are. They are the ones cheering and dancing right now. We should invade their countries, kill their leaders and convert them to Christianity. We weren’t punctilious about locating and punishing only Hitler and his top officers. We carpet-bombed German cities; we killed civilians. That’s war. And this is war.[165]

This comment resulted in Coulter’s being fired as a columnist by the National Review, which she subsequently referred to as “squeamish girly-boys.”[166] Responding to this comment, Ibrahim Hooper of the Council on American-Islamic Relations remarked in The Chicago Sun Times that before September 11, Coulter “would have faced swift repudiation from her colleagues,” but “now it’s accepted as legitimate commentary.”[167]

David Horowitz, however, saw Coulter’s words as irony:

I began running Coulter columns on Frontpagemag.com shortly after she came up with her most infamous line, which urged America to put jihadists to the sword and convert them to Christianity. Liberals were horrified; I was not. I thought to myself, this is a perfect send-up of what our Islamo-fascist enemies believe—that as infidels we should be put to the sword and converted to Islam. I regarded Coulter’s phillipic (sic) as a Swiftian commentary on liberal illusions of multi-cultural outreach to people who want to rip out our hearts.[168]

One day after the attacks (when death toll estimates were higher than later), Coulter asserted that only Muslims could have been behind the attacks:

Not all Muslims may be terrorists, but all terrorists are Muslims—at least all terrorists capable of assembling a murderous plot against America that leaves 7,000 people dead in under two hours.[169]

Coulter has been highly critical of the U.S. Department of Transportation and especially its then-secretary Norman Mineta. Her many criticisms include their refusal to use racial profiling as a component of airport screening.[170] After a group of Muslims was expelled from a US Airways flight when other passengers expressed concern, sparking a call for Muslims to boycott the airline because of the ejection from a flight of six imams, Coulter wrote:

If only we could get Muslims to boycott all airlines, we could dispense with airport security altogether.[171]

Coulter also cited the 2002 Senate testimony of FBI whistleblower Coleen Rowley, who was acclaimed for condemning her superiors for refusing to authorize a search warrant for 9-11 conspirator Zacarias Moussaoui when he refused to consent to a search of his computer. They knew that he was a Muslim in flight school who had overstayed his visa, and the French Intelligence Service had confirmed his affiliations with radical fundamentalist Islamic groups. Coulter said she agreed that probable cause existed in the case, but that refusing consent, being in flight school and overstaying a visa should not constitute grounds for a search. Citing a poll which found that 98 percent of Muslims between the ages of 20 and 45 said they would not fight for Britain in the war in Afghanistan, and that 48 percent said they would fight for Osama bin Laden she asserted “any Muslim who has attended a mosque in Europe—certainly in England, where Moussaoui lived—has had ‘affiliations with radical fundamentalist Islamic groups,'” so that she parsed Rowley’s position as meaning that “‘probable cause’ existed to search Moussaoui’s computer because he was a Muslim who had lived in England.” Coulter says the poll was “by the “Daily Telegraph“, actually it was by Sunrise, an “Asian” (i.e., Indian subcontinent-oriented) radio station, canvassing the opinions of 500 Muslims in Greater London (not Britain as a whole), mainly of Pakistani origin and aged between 20 and 45. Because “FBI headquarters … refused to engage in racial profiling,” they failed to uncover the 9-11 plot, Coulter asserted. “The FBI allowed thousands of Americans to be slaughtered on the altar of political correctness. What more do liberals want?”[172][173]

Coulter wrote in another column that she had reviewed the civil rights lawsuits against certain airlines to determine which of them had subjected Arabs to the most “egregious discrimination” so that she could fly only that airline. She also said that the airline should be bragging instead of denying any of the charges of discrimination brought against them.[174] In an interview with The Guardian she said, “I think airlines ought to start advertising: ‘We have the most civil rights lawsuits brought against us by Arabs.'” When the interviewer replied by asking what Muslims would do for travel, she responded, “They could use flying carpets.”[131]

One comment that drew criticism from the blogosphere, as well as fellow conservatives,[175] was made during a speech at the Conservative Political Action Conference in February 2006, where she said, referring to the prospect of a nuclear-equipped Iran, “What if they start having one of these bipolar episodes with nuclear weapons? I think our motto should be, post-9-11: Raghead talks tough, raghead faces consequences.”[176] Coulter had previously written a nearly identical passage in her syndicated column: “… I believe our motto should be, after 9/11: Jihad monkey talks tough; jihad monkey takes the consequences. Sorry, I realize that’s offensive. How about ‘camel jockey‘? What? Now what’d I say? Boy, you tent merchants sure are touchy. Grow up, would you?”[177]

In October 2007, Coulter made further controversial remarks regarding Arabs—in this case Iraqis—when she stated in an interview with The New York Observer:

We’ve killed about 20,000 of them, of terrorists, of militants, of Al Qaeda members, and they’ve gotten a little over 3,000 of ours. That is where the war is being fought, in Iraq. That is where we are fighting Al Qaeda. Sorry we have to use your country, Iraqis, but you let Saddam come to power, and we are going to instill democracy in your country.[178]

In a May 2007 article looking back at the life of recently deceased evangelical Reverend Jerry Falwell, Coulter commented on his (later retracted) statement after the 9/11 attacks that “the pagans, and the abortionists, and the feminists, and the gays and the lesbians who are actively trying to make that an alternative lifestyle, the ACLU, People For the American Way, all of them who have tried to secularize America … helped this happen.” In her article, Coulter stated that she disagreed with Falwell’s statement, “because Falwell neglected to specifically include Teddy Kennedy and ‘the Reverend’ Barry Lynn.”[179]

In October 2007, Coulter participated in David Horowitz‘ “Islamo-Fascism Awareness Week,” remarking in a speech at the University of Southern California, “The fact of Islamo-Fascism is indisputable. I find it tedious to detail the savagery of the enemy … I want to kill them. Why don’t Democrats?”[180]

In the wake of the Boston Marathon bombings, Coulter told Hannity host Sean Hannity that the wife of bombing suspect Tamerlan Tsarnaev should be jailed for wearing a hijab. Coulter continued by saying “Assimilating immigrants into our culture isn’t really working. They’re assimilating us into their culture.”[181]

In the wake of the Charlie Hebdo shooting in Paris, Coulter said France “needs to move to the next step” in dealing with terror. Coulter said of some immigrants:

They don’t want to live in Muslim countries, and yet they want to change the non-Muslim countries they move to [into] Muslim countries. It may be a small minority of Muslims “and still it’s enough of them that maybe you take a little pause in Muslim immigration for a while.”[182]

Coulter has attributed American gun violence in America to black and Muslim American men, stating that the epidemic of gun-related deaths is “not a gun problem, it’s a demographic problem.”[183]

When asked about the financial crisis in the 2000s, Coulter claimed one reason for it was that “they gave your mortgage to a less qualified minority.”[184]

Ionizing radiation as “cancer vaccine”

On March 16, 2011, discussing the Fukushima I nuclear accidents, Coulter, citing research into radiation hormesis, wrote that there was “burgeoning evidence that excess radiation operates as a sort of cancer vaccine.”[185] Her comments were criticized by figures across the political spectrum, from Fox NewsBill O’Reilly (who told Coulter, “You have to be responsible … in something like this, you gotta get the folks out of there, and you have to report worst-case scenarios”)[186] to MSNBC‘s Ed Schulz (who stated that “You would laugh at her if she wasn’t making light of a terrible tragedy.”)[187]

2012 presidential election

During the Republican Party presidential primaries, she supported Mitt Romney over former Speaker of the HouseNewt Gingrich. On an interview during The O’Reilly Factor on Fox News, she compared Newt Gingrich’s attacks on the media to Jesse Jackson “accusing people of racism.”[188] On her website, she posted a column titled, “Re-elect Obama: Vote Newt!” arguing that if Newt Gingrich won the Republican nomination, Barack Obama would win re-election.[189] When asked to respond about her criticism, Newt Gingrich dismissed them as “the old order” and cited recent polls showing him ahead of Mitt Romney.[190]

On October 22, 2012, following a presidential debate between Mitt Romney and Barack Obama, Coulter published the following tweet from her official Twitter account: “I highly approve of Romney’s decision to be kind and gentle to the retard,” drawing stiff criticism for her use of a word which some find offensive to describe the president of the United States. The Special Olympics condemned Coulter in a tweet shortly after Coulter’s.[191] On The Alan Colmes Show, Coulter stated that she does not regret her use of the word, saying, “‘Retard’ had been used colloquially to just mean ‘loser’ for 30 years. But no, these aggressive victims have to come out and tell you what words to use.”[192]

After the election, in which Barack Obama won, Ann Coulter wrote a column titled “Romney Was Not the Problem”. In it she argued against the idea that Mitt Romney lost because he failed to get his message across. She also said that Mitt Romney lost because he was running against an incumbent.[193]

2013 CPAC Conference

In March 2013, Coulter was one of the keynote speakers at the Conservative Political Action Conference, where she made references to New Jersey Governor Chris Christie‘s weight (“CPAC had to cut back on its speakers this year about 300 pounds”) and progressive activist Sandra Fluke‘s hairdo. (Coulter quipped that Fluke didn’t need birth control pills because “that haircut is birth control enough.”) Coulter advocated against a path to citizenship for undocumented immigrants because such new citizens would never vote for Republican candidates: “If amnesty goes through, America becomes California and no Republican will ever win another election.”[194][195]

2016 presidential election

In the summer of 2015, Coulter appeared on Real Time with Bill Maher and predicted of all of the Republicans that have announced their candidacy for the presidency, that Donald Trump had the best chance of winning the general election, she was laughed at by the studio audience.[196] Coulter later endorsed Donald Trump in the general election.[197]

VDARE

Coulter has been a contributor to VDARE since 2006.[198]

VDARE is a right wing website and blog founded by anti-immigration activist and paleo-conservativePeter Brimelow.[199] VDARE is considered controversial because of its alleged ties to white supremacist rhetoric and support of scientific racism and white nationalism.[200][201][202][203][204]

Berkeley cancellation

In April 2017, The New York Times reported that the University of California, Berkeley had cancelled Ann Coulter’s speech scheduled for April 27.[205] A university spokesman said they had not discussed a specific date with her and only learned about it by reading news reports.[206] The university administrators cited threats of violence and offered to accommodate her on a later date. Coulter said she saw no way forward, telling The New York Times, “It’s a sad day for free speech.”[207] Both Bernie Sanders and Elizabeth Warren publicly called for the university to defend her right to free speech.[207]

Plagiarism accusations

In October 2001, Coulter was accused of plagiarism in her 1998 book High Crimes and Misdemeanors by Michael Chapman, a columnist for the journal Human Events who claims that passages were taken from a supplement he wrote for the journal in 1997 titled “A Case for Impeachment.”[166]

On the July 5, 2016, episode of Countdown with Keith Olbermann, guest John Barrie, the CEO of iParadigms, offers his professional opinion that Coulter plagiarized in her book Godless as well as in many columns over the past year.[208] Barrie ran “Godless” through iThenticate, his company’s machine which is able to scan works and compare them to existing texts. He points to a 25 word section of the text that exactly matches a Planned Parenthood pamphlet and a 33 word section almost duplicating a 1999 article from the Portland Press as some examples of evidence.

Media Matters for America has appealed to Random House publishing to further investigate Coulter’s work.[209] The syndicator of her columns cleared her of the plagiarism charges.[210] Universal Press Syndicate and Crown Books also defended Coulter against the charges.[211]

Columnist Bill Nemitz from the Portland Press Herald accused Coulter of plagiarizing a very specific sentence from his newspaper in her book Godless, but he also acknowledged that one sentence is insufficient grounds for filing suit.[212]

Public perception

General

Sometimes referred to as an “internet queen,”[213] Coulter’s has a high public profile. [214]

Gendered criticism

Known for rejecting “the academic convention of euphemism and circumlocution,”[215] Coulter has been subject to a fair amount of criticism from scholars. Feminist critics have criticized the way that Coulter functions as a thin, blonde, heterosexual woman in the Republican party who prefers mini skirts and heels over a business suit. The argument here is that Coulter plays to misogyny in order to further her goals; she “dominates without threatening (at least not straight men).”[216] These critics also reject Coulter’s opinion that the gains made by women have as far as to create an anti-male society[217] and her call for women to be rejected from the military because they are more vicious than men.[218] Like the famous anti-feminist Phyllis Schlafly, Coulter uses traditionally masculine rhetoric as reasoning for the need for traditional gender roles, and she carries this idea of feminized dependency into her governmental policies, according to feminist critics.[219]

2016 Comedy Central Roast

In September 2016, Coulter was invited to participate in a roast of Rob Lowe on Comedy Central, as Coulter is often considered a successful satirist.[220] There is speculation that Coulter attended with the primary goal of promoting her newest book at the time, In Trump We Trust, but she ended up becoming the main target of the vitriol, and the roast subsequently went viral. Coulter herself refers to the roast as the “Ann Coulter Roast with Rob Lowe.”[221]

Bibliography

External links

Column archives

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Tyler Cowen — The Complacent Class: The Self-Defeating Quest for the American Dream — Marginal Revolution University — Videos

Posted on April 2, 2017. Filed under: American History, Blogroll, Books, College Courses Online Videos, Economics, Family, government spending, history, media, Non-Fiction, People, Philosophy, Photos, Politics, Resources, Strategy, Success, Unemployment, Video, Wealth, Welfare, Wisdom, Work, Writing | Tags: , , , , , , , , , , , |

Image result for tyler cowen The Complacent Class: The Self-Defeating Quest for the American DreamImage result for tyler cowenMRUniversity | An Online Education PlatformMarginal Revolution University

http://www.mruniversity.com/

The Complacent Class (Episode 1/5)

The New Era of Segregation (Episode 2/5)

American Stasis (Episode 3/5)

The Missing Men (Episode 4/5)

Up Next:

 The Great Reset (Episode 5/5)

What might happen if our stagnating economy faces a crisis?

Tyler Cowen, “The Complacent Class”

The American Dream and the Complacent Class

Tyler Cowen, “The Complacent Class”

Tyler Cowen: The Great Stagnation

Peter Thiel (full) | Conversations with Tyler

Be suspicious of stories | Tyler Cowen | TEDxMidAtlantic

TEDxEast – Tyler Cowen – The Great Stagnation

This video series accompanies Tyler Cowen’s new book The Complacent Class: The Self-Defeating Quest for the American Dream. The book is available in print and digital formats from Amazon, Barnes & Noble, and other book retailers.

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American Culture and Innovation

The pioneer spirit has defined American culture for hundreds of years. We’ve been willing to cross great distances, take big risks, and adapt to change in ways that have produced a dynamic economy. From Ben Franklin to Steve Jobs, innovation has been firmly rooted in American DNA and has positively changed the world.

What if that’s no longer true?

Over the next few weeks, join economist Tyler Cowen on an exploration of how we’re working harder than ever to avoid change and letting algorithms keep us a little too comfortable.

Want to stay in the loop as we release new episodes? Sign-up for updates in your inbox.

What’s Marginal Revolution University?

We believe economics has the power to change the way you see the world.

Many of us can recall that first teacher that changed the way we saw the world. We’re aiming to recreate that experience everyday for millions worldwide, for free.

Marginal Revolution University is a nonprofit, online education platform for learning economics. Founded in 2012 by George Mason University professors Tyler Cowen and Alex Tabarrok, we have a small team operating both in Arlington, VA and remotely around the globe. Through engaging, high production quality videos on a variety of economics topics, we support teachers, students, and lifelong learners. Our goal is to help learners better understand the economic way of thinking. Several complete courses are available for free at MRUniversity.com that can be used alone or as a supplement to a traditional course.

We offer a full course on Principles of Microeconomics and are currently releasing Principles of Macroeconomics.

All of our materials are free to use in and out of the classroom.

Questions? Comments? Drop us a note at support@mruniversity.com.

Up Next:

5. The Great Reset

What might happen if our stagnating economy faces a crisis?

Looking for more like this? Check out some of our other popular videos:

“Tyler Cowen’s blog, Marginal Revolution, is the first thing I read every morning. And his brilliant new book, The Complacent Class, has been on my nightstand after I devoured it in one sitting. I am at round-the-clock Cowen saturation right now.” – Malcolm Gladwell

Tyler Cowen on…

1. The Complacent Class

The Complacent Class by Tyler Cowen
Econ Duel: Will Machines Take Our Jobs?
Econ Duel: Will Machines Take Our Jobs?

This video series accompanies Tyler Cowen’s new book The Complacent Class: The Self-Defeating Quest for the American Dream. The book is available in print and digital formats from Amazon, Barnes & Noble, and other book retailers.

2. The New Era of Segregation

3. American Stasis

Tyler Cowen

From Wikipedia, the free encyclopedia
Tyler Cowen
Tyler Cowen 1.jpg
Born January 21, 1962 (age 55)
Bergen County, New Jersey, USA
Nationality American
Field Cultural economics
School or
tradition
Neoclassical economics
Influences Chicago School
Thomas Schelling
Carl Menger

Tyler Cowen (/ˈk.ən/; born January 21, 1962) is an American economist, philosopher, and writer, who is a professor at George Mason University, where he holds the Holbert C. Harris Chair of economics. He hosts a popular economics blog, Marginal Revolution, together with his co-author, Alex Tabarrok. Cowen and Tabarrok have also started the website Marginal Revolution University, a venture in online education.

Cowen writes the “Economic Scene” column for the New York Times, and since July 2016 has been a regular opinion columnist at Bloomberg View.[1] He also writes for such publications as The New Republic, the Wall Street Journal, Forbes, Newsweek, and the Wilson Quarterly. He serves as general director of George Mason’s Mercatus Center, a university research center that focuses on the market economy.

In February 2011, Cowen received a nomination as one of the most influential economists in the last decade in a survey by The Economist.[2] He was ranked #72 among the “Top 100 Global Thinkers” in 2011 by Foreign Policy Magazine “for finding markets in everything.”[3]

Education and personal life

Cowen was born in Bergen County,[4] New Jersey. At 15, he became the youngest ever New Jersey state chess champion.[5][6]

He graduated from George Mason University with a bachelor of science degree in economics in 1983 and received his PhD in economics from Harvard University in 1987 with his thesis titled Essays in the theory of welfare economics. At Harvard, he was mentored by game theorist Thomas Schelling, the 2005 recipient of the Nobel Prize in Economics. He is married to Natasha Cowen, a lawyer.

Writings

Culture

The Los Angeles Times has described Cowen as “a man who can talk about Haitian voodoo flags, Iranian cinema, Hong Kong cuisine, Abstract Expressionism, Zairian music and Mexican folk art with seemingly equal facility.”[7] One of Cowen’s primary research interests is the economics of culture. He has written books on fame (What Price Fame?), art (In Praise of Commercial Culture), and cultural trade (Creative Destruction: How Globalization is Changing the World’s Cultures). In Markets and Cultural Voices, he relays how globalization is changing the world of three Mexican amate painters. Cowen argues that free markets change culture for the better, allowing them to evolve into something more people want. Other books include Public Goods and Market Failures, The Theory of Market Failure, Explorations in the New Monetary Economics, Risk and Business Cycles, Economic Welfare, and New Theories of Market Failure.

Recent books

Cowen followed the controversial success of his The Great Stagnation with An Economist Gets Lunch: New Rules for Everyday Foodies, “taking on food with equally provocative ideas.”[8]

The Great Stagnation: How America Ate All The Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better is a short, 15,000-word, take on the United States’ recent economic trajectory released in January 2011. Create Your Own Economy: The Path to Prosperity in a Disordered World was released in July 2009 (and rereleased in 2010, with the new title The Age of the Infovore: Succeeding in the Information Economy) and received favorable reviews from critics including Matthew Yglesias and Tim Harford.

In 2013, he published Average is Over, on the future of modern economies.

HIs most recent book, The Complacent Class: The Self-Defeating Quest for the American Dream (St. Martins Press, February 2017) discusses how the change that has moved America forward has stopped. According to Malcolm Gladwell, “His brilliant new book…has been on my nightstand after I devoured it in one sitting. I am at round-the-clock Cowen saturation right now.”

New York Times columns

Cowen’s New York Times columns cover a wide range of issues, such as the 2008 financial crisis: “Too Few Regulations? No, Just Ineffective Ones”.

Dining guide

His dining guide for the DC area, “Tyler Cowen’s Ethnic Dining Guide,” was reprinted in the Food section of the Washington Post.

Political philosophy

Cowen has written papers in political philosophy and ethics: for example, he co-wrote a paper with the philosopher Derek Parfit, arguing against the social discount rate.[9] A recent paper has argued that the epistemic problem fails to refute consequentialist forms of argument.[10] Cowen has been described as a “libertarian bargainer,” a moderate libertarian[clarification needed] who can influence practical policy making.[11] In a 2007 article entitled “The Paradox of Libertarianism,” Cowen argued that libertarians “should embrace a world with growing wealth, growing positive liberty, and yes, growing government. We don’t have to favor the growth in government per se, but we do need to recognize that sometimes it is a package deal.”

Cowen endorsed bailouts in a March 2, 2009 column in the New York Times.[12]

In 2012, David Brooks called Cowen one of the most influential bloggers on the right, writing that he is among those who “start from broadly libertarian premises but do not apply them in a doctrinaire way.”[13]

In an August 2014 blog post, Cowen wrote, “Just to summarize, I generally favor much more immigration but not open borders, I am a liberal on most but not all social issues, and I am market-oriented on economic issues. On most current foreign policy issues I am genuinely agnostic as to what exactly we should do but skeptical that we are doing the right thing at the moment. I don’t like voting for either party or for third parties.”[14]

Attack

On March 26, 2014, Cowen was attacked while teaching “Law and Literature” in his classroom by Jonathan Pendleton, who tried to perform a “citizen’s arrest” of the professor and then pepper sprayed him.[15][16][17] A bystander intervened and Pendelton was detained and arrested shortly after by police. Cowen and his students reportedly suffered no lasting injuries. Pendelton reportedly believed that Cowen had “controlled his mind at a distance” and sexually harassed him.[17]

Publications

Books

Select journal articles

Select articles

References

  1. Jump up^ https://www.bloomberg.com/view/contributors/AS6n2t3d_iA/tyler-cowen
  2. Jump up^ “Economics’ most influential people”. Economist.com. February 1, 2011. Retrieved 2012-06-30.
  3. Jump up^ “The FP Top 100 Global Thinkers (#72 Tyler Cowan:For finding markets in everything)”. Foreign Policy. December 2011. Retrieved March 21, 2012.
  4. Jump up^ “Correction: Tyler Cowen”. Financial Times. London: Pearson. 29 December 2012. Retrieved 1 February 2014.
  5. Jump up^ “Interview with the Former “Youngest New Jersey Chess Champion,” Tyler Cowen”. Kenilworthchessclub.org. 2006-09-08. Retrieved 2012-06-30.
  6. Jump up^ New Jersey State Champions 1946 – Present New Jersey State Chess Federation, Official Site
  7. Jump up^ The joy of thinking globally, February 7, 2003, Daniel Akst, Los Angeles Times
  8. Jump up^ Cowen, Tyler (2012-04-12). “Penny Pleasance in The New York Journal of Books”. Nyjournalofbooks.com. Retrieved 2012-06-30.
  9. Jump up^ ‘Against the social discount rate’, Derek Parfit and Tyler Cowen, in Peter Laslett & James S. Fishkin (eds.) Justice between age groups and generations, Yale University Press: New Haven, 1992, pp. 144–161.
  10. Jump up^ The Epistemic Problem Does Not Refute Consequentialism, Tyler Cowen, Utilitas (2006), 18: 383–399
  11. Jump up^ Klein, Daniel B.Mere Libertarianism: Blending Hayek and Rothbard“. Reason Papers. Vol. 27: Fall 2004.
  12. Jump up^ Cowen, Tyler (March 1, 2009). “Message to Regulators: Bank Fix Needed Quickly”. New York Times.
  13. Jump up^ Brooks, David (2012-11-19). “The Conservative Future”. New York Times. Retrieved 28 November 2012.
  14. Jump up^ Cowen, Tyler (4 August 2014). “Matt Yglesias on Tyler Cowen”. Marginal Revolution. Retrieved 24 March 2017.
  15. Jump up^ Greenwood, Arin (2014-03-27). “Tyler Cowen Pepper Sprayed While Teaching Law School Class On Vigilantism”. Huffington Post.
  16. Jump up^ McNeal, Greg (2014-03-27). “Law Professor Pepper Sprayed During Class By Man Demanding A ‘Citizen’s Arrest'”. Forbes.
  17. ^ Jump up to:a b Weiner, Rachel (April 29, 2014). “Tyler Cowen’s attacker thought the professor was controlling his mind, Cowen testifies”. The Washington Post. Retrieved April 29, 2014.

External links

https://en.wikipedia.org/wiki/Tyler_Cowen

 

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Progressive Interventionist Neoconservative Warmonger Senator John McCain — Let The NATO Nations Defend Themselves and Pay For Their Own Defense — Progressive Democrats and Republicans Have Given The American People The Warfare and Welfare State and Replaced The Constitutional American Republic With A Declining and Falling American Empire of The Two Party Tyranny — $20 Trillion in Debt and Unfunced Liabilities Exceeding $210 Trillion and Growing — A Day of Reckoning — United States Is Bankrupt — Steve Bannon and President Trump Know It — Videos

Posted on March 16, 2017. Filed under: Articles, Banking, Blogroll, Books, Business, Communications, Computers, Congress, conservatives, Constitution, Corruption, Culture, Demographics, Diasters, Documentary, Economics, History of Economic Thought, Investments, Macroeconomics, Microeconomics, Monetary Policy, Money, Non-Fiction, Technology, Unemployment, Video, War, Wealth, Weather, Welfare, Wisdom, World War II, Writing | Tags: , , , , , , , , , , , , , , , , , , , , , , |

 “It is our true policy to steer clear of permanent alliance with any portion of the foreign world”

~George Washington

 “Peace, commerce, and honest friendship with all nations-entangling alliances with none.”

~Thomas Jefferson

Image result for quotes george washington on steer clear of permanent alliancesImage result for quotes george washington on alliances

Image result for NATO map

Image result for NATO list of countries and date joined

Image result for NATO list of countries and date joined

Image result for NATO list of countries and date joined

Image result for NATO list of countries and date joined

Image result for quotes george washington on alliances

Image result for quotes george washington on alliancesImage result for thomas jefferson on debt burdening future generationsImage result for thomas jefferson on debt burdening future generations

National Debt Clock

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Sen McCain on Sen. Paul: “The Senator from Kentucky is now working for Vladimir Putin.” (C-SPAN)

Rand Paul ‘John McCain is proof we need term limits’

[youtube3=https://www.youtube.com/watch?v=AGT4wCmKjas]

RAND PAUL VS. JOHN MCCAIN: RAND REACTS TO MCCAIN’S RUSSIAN AGENT CLAIM!!

Rand Paul: McCain ‘past his prime,’ maybe ‘unhinged’

Pence: Time For Allies To Pay Fair Share For NATO

Other NATO members need to pay their fair share?

Trump complains at NATO countries for not paying defense share

Congressman Ron Paul, MD – We’ve Been NeoConned

Steve Bannon Lays Out His AMAZING Political Philosophy

Published on Nov 18, 2016

Speech by Stephen K. Bannon (Steve Bannon), Donald Trump’s senior strategic advisor and architect of his winning 2016 election. In this speech delivered to the Liberty Restoration Foundation, Bannon layed out the poliitical philosophy both he and Trump embrace, and which appealed to the American people in the election. It is conservative, perhaps explaining why the political liberal left has resorted to evidently incorrect allegations of antisemitism or racism to try to derail his appointment. Bannon was a Hollywood producer who invested in the Seinfeld comedy TV series, and later became the chair of the Brietbart News Service, expanding it into one of the leading news sources nationally, as an alternative to liberal media outlets that previously dominated US media. He joined the Trump campaign in June 2016, leading him to victory and the White House. Do you think that Bannon is racist, as the democrats have alleged?

Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending

Uploaded on May 10, 2010

Huge budget deficits and record levels of national debt are getting a lot of attention, but this video explains that unfunded liabilities for entitlement programs are Americas real red-ink challenge. More important, this CF&P mini-documentary reveals that deficits and debt are symptoms of the real problem of an excessive burden of government spending. http://www.freedomandprosperity.org

III – Unfunded Liabilities

Rhett Talks – Is the United States Bankrupt?

Laurence Kotlikoff at MTSU November 5, 2015

‘US hides real debt, in worse shape than Greece’

Unfunded Liabilities: James Cox of Silver Bullion interviews Professor Kotlikoff

The Actual Fiscal Gap Is Approximately $210 Trillion Dollars With All The Unfunded Liabilities, The Average Person, Every Man, Woman, And Child Owes……$666,666.667

8 years ago, when Obama took office, the Debt Clock was at 9 TRILLION Dollars.
Today, the US Debt Clock at almost 20 TRILLION Dollars.
http://www.usdebtclock.org/

This is an 87% increase.

The actual Fiscal Gap is approximately $210 TRILLION Dollars.
with all the unfunded liabilities.

With the population of the US is over 315 MILLION People, this means that the average person, every man, woman, and child owes……$666,666.667

Where does this lead?
Look at Brazil, Argentina, Cyprus, Greece, Italy,……

Who ends up with the bill?
THE TAXPAYER!

http://investmentwatchblog.com/the-actual-fiscal-gap-is-approximately-210-trillion-dollars-with-all-the-unfunded-liabilities-the-average-person-every-man-woman-and-child-owes-666666-667/

17 Nobel Laureates and 1200+ Economists Agree with Ben Carson re U.S. Fiscal Gap

I cover economics, personal, national, and international.

Michelle Lee, a fact checker with the Washington Post, just posted a long and, to my mind, highly political column. Her column, read carefully, undermines Presidential candidate Ben Carson’s absolutely correct claim, made in announcing his candidacy, that the true measure of U.S. fiscal debt is not the $13 trillion our government reports as its debt. Instead, our true debt is over $200 trillion. Obviously, most of this true debt has been kept off the books by our politicians.

In this column, I’m going to defend Dr. Carson’s statement. But I want to point out that I don’t know Dr. Carson. I have never spoken with him. And I don’t yet know enough about Dr. Carson’s positions to have a view about his overall suitability for President. I am, however, impressed that out of the gate he is talking about the right measure of our nation’s fiscal condition.

I spoke at length to Michelle Lee prior to her writing her column. She told me she was a fact checker. But when fact checking turns into disguised political commentary, there’s a problem. Fact checkers are supposed to check the facts with experts. When it comes to economics, the experts are PhD economists, not political organizations or people, without real economics training, parading as economists, both of which she quotes in undermining Dr. Carson’s credibility.

Now let me turn to the substance. In referring to $211 trillion in unfunded mandates, Dr. Carson was referencing my calculation of the U.S. fiscal gap. As I explained in a NY Times op ed, the U.S. fiscal gap is $210 trillion. So Dr. Carson was off by $1 trillion – by less than one half of one percent.

The fiscal gap is the present value of all projected future expenditures less the present value of all projected future taxes. The fiscal gap is calculated over the infinite horizon. But since future expenditures and taxes far off in the future are being discounted, their contribution to the fiscal gap is smaller the farther out one goes. The $210 trillion figure is based on the Congressional Budget Office’s July 2014 Alternative Fiscal Scenario projections, which I extended beyond their 75-year horizon.

Dr. Carson referenced $211 trillion as the size of “unfunded mandates.” Michelle Lee correctly points out that Dr. Carson was referencing the U.S. fiscal gap, not the present value of mandatory spending. What she knew (because I told her), but failed to say, is that the present value of mandatory spending is far larger than $210 trillion because the fiscal gap is a net, not a gross number.

Michelle Lee is not a PhD economist. Nor is Bruce Barlett, whose truly absurd statement about the debt being an asset she quotes. Yes, it’s an asset, but it’s an asset that young and future generations must pay off. Social Security benefits are also an asset to their recipients, but again, they must be paid off by people who aren’t getting the benefits.

Michelle Lee apparently takes Bruce Bartell’s views more seriously than the views of 17 Nobel Laureates in economics and over 1200 PhD economists from MIT, Harvard, Stanford, Chicago, Berkeley, Yale, Columbia, Penn, and lesser known universities and colleges around the country. Each of these economists has endorsed The Inform Act, a bi-partisan bill that requires the CBO, GAO, and OMB to do infinite horizon fiscal gap accounting on a routine and ongoing basis.

https://www.forbes.com/sites/kotlikoff/2015/05/13/17-nobel-laureates-and-1200-economists-agree-with-ben-carson-re-u-s-fiscal-gap/#46c13e954d17

National Debt

What You’ll Find

Comprehensive and meticulously documented facts about the national debt. Learn about various measures of the national debt, contributing factors, consequences, and more. For example:


Citation Generator

Introductory Notes

In keeping with the practice of the Congressional Budget Office and other federal agencies that deal with budget policy, many of the federal debt, spending, and revenue figures in this research are expressed as a portion of gross domestic product (GDP). This is because debates about the size of government and the effects of its debt are frequently centered upon how much of a nation’s economy is consumed by government. This measure also accounts for population growth, some of the effects of inflation, and the relative capacity of government to service its debt.

However, the federal government does not have the entire U.S. economy at its disposal to service federal debt. The private sector, which produces the goods and services that comprise most of the economy, utilizes some of these resources, and local and state governments also consume some of the nation’s GDP. Hence, this research sometimes expresses federal debt as a portion of annual federal revenues. This is a more direct measure of the federal government’s capacity to service its debt.

In keeping with Just Facts’ Standards of Credibility, all graphs in this research show the full range of available data, and all facts are cited based upon availability and relevance, not to slant results by singling out specific years that are different from others.

Click here for a video that summarizes some of the key facts in this research.

Quantifying the National Debt

* As of March 1, 2017, the official debt of the United States government is $19.9 trillion ($19,920,418,771,289).[1] This amounts to:

  • $61,365 for every person living in the U.S.[2]
  • $158,326 for every household in the U.S.[3]
  • 106% of the U.S. gross domestic product.[4]
  • 560% of annual federal revenues.[5]
Debt as a Portion of the Economy

[6]

* Publicly traded companies are legally required to account for “explicit” and “implicit” future obligations such as employee pensions and retirement benefits.[7] [8] [9] The federal budget, which is the “government’s primary financial planning and control tool,” is not bound by this rule.[10] [11]

* At the close of the federal government’s 2016 fiscal year (September 30, 2016), the federal government had roughly:

  • $8.5 trillion ($8,542,000,000,000) in liabilities that are not accounted for in the publicly held national debt, such as federal employee retirement benefits, accounts payable, and environmental/disposal liabilities.[12]
  • $29.0 trillion ($29,038,000,000,000) in obligations for current Social Security participants above and beyond projected revenues from their payroll and benefit taxes, certain transfers from the general fund of the U.S. Treasury, and assets of the Social Security trust fund.[13] [14]
  • $32.9 trillion ($32,900,000,000,000) in obligations for current Medicare participants above and beyond projected revenues from their payroll taxes, benefit taxes, premium payments, and assets of the Medicare trust fund.[15] [16]

* The figures above are determined in a manner that approximates how publicly traded companies are required to calculate their liabilities and obligations.[17] [18] [19] The obligations for Social Security and Medicare represent how much money must be immediately placed in interest-bearing investments to cover the projected shortfalls between dedicated revenues and expenditures for all current participants in these programs (both taxpayers and beneficiaries).[20] [21] [22]

* Combining the figures above with the national debt and subtracting the value of federal assets, the federal government had about $84.3 trillion ($84,306,000,000,000) in debts, liabilities, and unfunded obligations at the close of its 2016 fiscal year.[23]

* This $84.3 trillion shortfall is 93% of the combined net worth of all U.S. households and nonprofit organizations, including all assets in savings, real estate, corporate stocks, private businesses, and consumer durable goods such as automobiles and furniture.[24] [25]

* This shortfall equates to:

  • $260,382 for every person living in the U.S.[26]
  • $670,058 for every household in the U.S.[27]
  • 451% of the U.S. gross domestic product.[28]
  • 2,370% of annual federal revenues.[29]

* These figures do not account for the future costs implied by any current policies except those of the Social Security and Medicare programs.[30]

* These figures are based upon current federal law and “a wide range of complex assumptions” made by federal agencies.[31] Regarding this:

  • The Board of Social Security Trustees has stated that “significant uncertainty” surrounds the “best estimates” of future circumstances.”[32]
  • The Board of Medicare Trustees has stated that the program’s financial projections “are highly uncertain, especially when looking out more than several decades.”
  • The Board of Medicare Trustees has stated that the program’s long-term costs may be “substantially higher” than projected under current law. This is because current law includes the effects of the Affordable Care Act, which will cut Medicare prices for “many” healthcare services to “less than half of their level” under prior law. Per the Trustees:
Absent an unprecedented change in health care delivery systems and payment mechanisms, the prices paid by Medicare for health services will fall increasingly short of the costs of providing these services. … Before such an outcome would occur, lawmakers would likely intervene to prevent the withdrawal of providers from the Medicare market and the severe problems with beneficiary access to care that would result.[33]

Causes of the National Debt

Spending and Taxes

Current Expenditures and Receipts

† To measure the entirety of government expenditures and receipts, “total” instead of “current” figures are preferable, but such data (shown in the next graph) only extends back to 1960.[34]

‡ In 2015, receipts consisted of: 97% taxes; 2% premiums, settlements, donations, fines, fees, & penalties; 1% interest & dividends.[35]

[36]

* Data from the graph above:

Year Receipts
(Portion of GDP)
Expenditures
(Portion of GDP)
1930 3% 3%
1940 8% 9%
1950 16% 16%
1960 17% 17%
1970 17% 20%
1980 19% 22%
1990 18% 22%
2000 20% 19%
2010 16% 25%
2015 19% 22%

Total Expenditures and Receipts

[37]

* Data from the graph above:

Year Receipts
(Portion of GDP)
Expenditures
(Portion of GDP)
1960 18% 19%
1970 18% 21%
1980 19% 23%
1990 18% 22%
2000 20% 19%
2010 16% 27%
2015 19% 22%

Spending Distribution

Current Expenditures by Function

† Social programs include income security, healthcare, education, housing, and recreation.

‡ National defense includes military spending and veterans’ benefits.

§ General government and debt service includes the executive & legislative branches, tax collection, financial management, and interest payments.

# Economic affairs includes transportation, general economic & labor affairs, agriculture, natural resources, energy, and space. (This excludes spending for infrastructure projects such as new highways, which is not accounted for in this graph.[38])

£ Public order and safety includes police, fire, law courts, prisons, and immigration enforcement.

[39]

* Data from the graph above:

Category Portion of Total Federal Spending
1960 1970 1980 1990 2000 2010 2015
Social Programs 21% 32% 45% 44% 54% 61% 63%
National Defense 53% 42% 26% 25% 19% 20% 19%
General Government & Debt Service 19% 18% 21% 25% 21% 13% 13%
Economic Affairs & Infrastructure 6% 7% 7% 5% 5% 4% 4%
Public Order & Safety 0% 0% 1% 1% 1% 1% 1%

Tax Distribution

Effective Tax Rates by Income

NOTE: This data does not account for 7% of federal revenues that could not be allocated to households by income group.

[40]

* Data from the graph above:

Average Effective Federal Tax Burdens (2013)
Income Group Household Income Tax Rate Taxes Paid
Lowest 20% $25,400 3.3% $838
Second 20% $47,400 8.4% $3,982
Middle 20% $69,700 12.8% $8,922
Fourth 20% $103,700 17.0% $17,629
Highest 20% $265,000 26.3% $69,695

* Breakdown of the highest 20%:

Income Group Household Income Tax Rate Taxes Paid
81st – 90th $147,100 20.7% $30,450
91st – 95th $201,400 23.0% $46,322
96th – 99th $326,800 26.3% $85,948
Top 1 % $1,571,600 34.0% $534,344

Consequences

* As detailed in publications of the Congressional Budget Office, the Brookings Institution, and Princeton University Press, the following are some potential consequences of unchecked government debt:

  • reduced “future national income and living standards.”[41] [42] [43]
  • “reductions in spending” on “government programs.”[44]
  • “higher marginal tax rates.”[45]
  • “higher inflation” that increases “the size of future budget deficits” and decreases the “the purchasing power” of citizens’ savings and income.”[46] [47]
  • restricted “ability of policymakers to use fiscal policy to respond to unexpected challenges, such as economic downturns or international crises.”[48]
  • “losses for mutual funds, pension funds, insurance companies, banks, and other holders of federal debt.”[49]
  • increased “probability of a fiscal crisis in which investors would lose confidence in the government’s ability to manage its budget, and the government would be forced to pay much more to borrow money.”[50] [51]

* In 2012, the Journal of Economic Perspectives published a paper about the economic consequences of government debt. Using 2,000+ data points on national debt and economic growth in 20 advanced economies (such as the United States, France, and Japan) from 1800–2009, the authors found that countries with national debts above 90% of GDP averaged 34% less real annual economic growth than when their debts were below 90% of GDP.[52]

* The United States exceeded a debt/GDP level of 90% in the second quarter of 2010.[53]

* Per the textbook Microeconomics for Today:

GDP per capita provides a general index of a country’s standard of living. Countries with low GDP per capita and slow growth in GDP per capita are less able to satisfy basic needs for food, shelter, clothing, education, and health.[54]

* In 2013, the Political Economy Research Institute at the University of Massachusetts, Amherst, published a working paper about the economic consequences of government debt. Using data on national debt and economic growth in 20 advanced economies from 1946-2009, the authors found that countries with national debts over 90% of GDP averaged:

  • 31% less real annual economic growth than countries with debts from 60% to 90% of GDP,
  • 29% less real annual economic growth than countries with debts from 30% to 60% of GDP,
  • and 48% less real annual economic growth than countries with debts from 0% to 30% of GDP.[55]

* The authors of the above-cited papers have engaged in a heated dispute about the results of their respective papers and the effects of government debt on economic growth. Facts about these issues can be found in the Just Facts Daily article, “Do large national debts harm economies?

Politics

Responsibility

* The U.S. Constitution vests Congress with the powers to tax, spend, and pay the debts of the federal government. Legislation to carry out these functions must either be:

  • passed by majorities in both houses of Congress and approved by the President; or
  • passed by majorities in both houses of Congress, vetoed by the President, and then passed by two-thirds of both houses of Congress; or
  • passed by majorities in both houses of Congress and left unaddressed by the President for ten days.[56]

* Other factors impacting the national debt include but are not limited to legislation passed by previous congresses and presidents,[57] economic cycles, terrorist attacks, natural disasters, demographics, and the actions of U.S. citizens and foreign governments.[58]


Current Policies

* In 2014, the Congressional Budget Office (CBO) projected the debt that the U.S. government would accumulate under current federal policies.[59] The projection used the following assumptions:

  • Unemployment will incrementally decline from 6.8% in 2014 to 5.8% in 2018 and 5.3% in 2027, where it will remain thereafter.[60] (For reference, the average of the previous 40 years is 6.5%.[61])
  • GDP growth will incrementally decline from an average rate of 3.4% above the rate of inflation in 2015 to 1.9% in 2021 and remain constant thereafter.[62] (The average of the previous 40 years is 2.9%.[63])
  • Federal revenues (i.e., taxes) will incrementally increase from 17.4% of GDP in 2014 to 18.0% in 2024 and remain constant thereafter.[64] (The average of the previous 40 years is 17.4%.[65])
  • Federal spending will incrementally increase from 20.4% of GDP in 2014 to 23.6% in 2025 and 31.8% in 2040.[66] (The average of the previous 40 years is 20.5%.[67])
  • Payments for Medicare services will undergo scheduled reductions that would likely cause “severe problems with beneficiary access to care.”[68] [69]

* Combining these projections with historical data yields the following results:

Revenues and Spending Under Current Policies

[70]

Debt Under Current Policies

† To measure the entirety of the national debt, it would be preferable to show “gross” debt instead of “publicly held” debt, but this data is not presented in this report. Nonetheless, it would make little difference because the excluded debt primarily resides in federal government trust funds that dwindle and become insolvent during the projection period.[71] Facts regarding why and how the federal government keeps its books in this manner are covered in the section of this research entitled “Government Accounting.”

[72]

* Per CBO, postponing action to stabilize the debt will:

  • punish younger generations of Americans, because most of the burden would fall on them.
  • reward older generations of Americans, because “they would partly or entirely avoid the policy changes needed to stabilize the debt.”
  • “substantially increase the size of the policy adjustments needed to put the budget on a sustainable course.”[73] [74]

* The following Ph.D. economists and political scientists have claimed that the level of national debt during World War II is a good reason to not be overly concerned about the modern national debt:

  • Paul Davidson, editor of the Journal of Post Keynesian Economics and author of The Keynes Solution: The Path to Global Economic Prosperity:[75]
Rather than bankrupting the nation, this large growth in the national debt [during World War II] promoted a prosperous economy. By 1946, the average American household was living much better economically than in the prewar days. Moreover, the children of that Depression–World War II generation were not burdened by having to pay off what then was considered a huge national debt. Instead, for the next quarter century, the economy continued on a path of unprecedented economic growth and prosperity….[76]
  • Douglas J. Amy, professor of politics at Mount Holyoke College:[77]
Conservatives are also wrong when they argue that deficit spending and a large national debt will inevitably undermine economic growth. To see why, we need to simply look back at times when we have run up large deficits and increased the national debt. The best example is World War II when the national debt soared to 120% of GDP—nearly twice the size of today’s debt. This spending not only got us out of the Great Depression but set the stage for a prolonged period of sustained economic growth in the 50s and 60s.[78]
  • Paul Krugman, Nobel Prize-winning economist and Princeton University professor:[79]
Right now, federal debt is about 50% of GDP. So even if we do run these deficits, federal debt as a share of GDP will be substantially less than it was at the end of World War II.
Again, the debt outlook is bad. But we’re not looking at something inconceivable, impossible to deal with; we’re looking at debt levels that a number of advanced countries, the U.S. included, have had in the past, and dealt with.[80]

* In the 40 years that followed the end of World War II (1946–1985):

  • federal spending as a percent of GDP averaged 42% lower than the last year of the war.[81]
  • publicly held debt as a percent of GDP decreased by 72 percentage points.[82]

* In 2010, around the time when the statements above were written, the Congressional Budget Office projected that under current policy and a sustained economic recovery over the next 40 years:

  • federal spending as a percent of GDP will average over 78% higher than in the four decades that followed World War II.[83]
  • publicly held debt as a percent of GDP will rise by 277 percentage points.[84]

Alternative Policies

* As alternatives to the CBO’s current policy projections detailed above, the CBO also ran projections for scenarios such as these:

1) Current law:[85]

  • Federal revenues will incrementally increase from 17.6% of GDP in 2014 to 18.0% in 2020, 19.9% in 2044, and 23.5% in 2084.[86] [87] At this point, federal revenues (i.e., taxes) will be 35% higher than the average of the previous 40 years.[88]
  • Federal spending on all government functions will incrementally increase from 20.4% of GDP in 2014 to 21.5% in 2020, and 26.0% in 2040.[89] At this point, spending will be 27% higher than the average of the previous 40 years.[90]
  • Payments for Medicare services will undergo reductions that will likely cause “severe problems with beneficiary access to care.”[91] [92]

2) Republican Congressman Paul Ryan’s 2014 budget resolution, called the “The Path to Prosperity”:[93]

  • Starting in 2024, Medicare beneficiaries will have a choice to enroll in private plans paid for by Medicare or remain in the traditional Medicare program.[94] Also starting in 2024, the eligibility age for Medicare benefits will incrementally rise to correspond with Social Security’s retirement age.[95] Compared to the projections under the current policy scenario, Medicare spending will be 0.5% lower in 2016, 2% lower in 2020, and 4% lower in 2024.[96]
  • Federal Medicaid spending will be converted to an “allotment that each state could tailor to meet its needs, indexed for inflation and population growth.”[97] The expansion of Medicaid manadated by the Affordable Care Act (a.k.a. Obamacare) will be repealed.[98] Compared to the projections under the current policy scenario, Medicaid spending will be 9% lower in 2016, 19% lower in 2020, and 24% lower in 2024.[99]
  • All federal spending related to Obamacare’s exchange subsidies will be repealed.[100]
  • Spending on all government functions except for interest payments on the national debt will incrementally decline from 18.9% of GDP in 2015 to 16% in 2025 before increasing to 16.4% in 2035.[101] (The average of the previous 40 years is 18.3%).[102]
  • Revenues will increase from 18.2% of GDP in 2015 to 18.4% in 2025, 19% in 2032 and stay constant thereafter.[103] (The average of the previous 40 years is 17.4%.[104])

* Combining historical data on the national debt with CBO’s projections for current policy, current law, and the Ryan plan yields the following results:

Debt Under Different Policies

[105] [106]


Public Opinion

* A poll conducted by NBC News and the Wall Street Journal in February 2011 found that:

  • 80% of Americans are concerned “a great deal” or “quite a bit” about federal budget deficits and the national debt.
  • if the deficit cannot be eliminated by cutting wasteful spending, 35% of Americans prefer to cut important programs while 33% prefer to raise taxes.
  • 22% think cuts in Social Security spending will be needed to “significantly reduce the federal budget deficit,” 49% do not, and 29% have no opinion or are not sure.
  • 18% think cuts in Medicare spending will be needed to “significantly reduce the federal budget deficit,” 54% do not, and 28% have no opinion or are not sure.[107]

* Other than interest on the national debt, most of the long-term growth in federal spending (as a percent of GDP) under the CBO’s current policy and current law scenarios stems from Social Security, Medicare, Medicaid, the Children’s Health Insurance Program, and Affordable Care Act (a.k.a. Obamacare) subsidies.[108]

* A poll conducted in November 2010 by the Associated Press and CNBC found that:

  • 85% of Americans are worried that the national debt “will harm future generations.”
  • 56% think “the shortfalls will spark a major economic crisis in the coming decade.”
  • when asked to choose between two options to balance the budget, 59% prefer to cut unspecified government services, while 30% prefer to raise unspecified taxes.[109]

* A poll conducted in July 2005 by the Associated Press and Ipsos found that:

  • 70% of Americans were worried about the size of the federal deficit.
  • 35% were willing to cut government spending.
  • 18% were willing to raise taxes.
  • 1% were willing to cut government spending and raise taxes.[110]

Congresses

* During the first session of the 113th Congress (January–December 2013), U.S. Representatives and Senators introduced 168 bills that would have reduced spending and 828 bills that would have raised spending.[111]

* The table below quantifies the costs and savings of these bills by political party. This data is provided by the National Taxpayers Union Foundation:

Costs/Savings of Bills Sponsored or Cosponsored

in 2013 by Typical Congressman (in Billions)

Increases Decreases Net Agenda
House Democrats $407 $10 $397
Senate Democrats $22 $3 $18
House Republicans $9 $91 -$83
Senate Republicans $6 $165 -$159

[112] [113]

* Click here to look up any member of Congress and see the annual costs or savings from the legislation he or she has sponsored or cosponsored.

* The table below quantifies the net agendas of the political parties in previous Congresses:

Costs/Savings of Bills Sponsored or Cosponsored in the First

Sessions of Congress by Typical Congressman (in Billions)

2011 2009 2007 2005 2003 2001 1999
House Democrats $497 $500 $547 $547 $402 $262 $34
Senate Democrats $24 $134 $59 $52 $174 $88 $15
House Republicans -$130 -$45 $7 $12 $31 $20 -$5
Senate Republicans -$239 $51 $7 $11 $26 $19 -$324
NOTE: Data not adjusted for inflation.

[114]


Presidents

* In February 2001, Republican President George W. Bush stated:

Many of you have talked about the need to pay down our national debt. I listened, and I agree. We owe it to our children and grandchildren to act now, and I hope you will join me to pay down $2 trillion in debt during the next 10 years. At the end of those 10 years, we will have paid down all the debt that is available to retire. That is more debt, repaid more quickly than has ever been repaid by any nation at any time in history.[115]

* From the time that Congress enacted Bush’s first major economic proposal (June 7, 2001[116]) until the time that he left office (January 20, 2009), the national debt rose from 53% of GDP to 74%, or an average of 2.7 percentage points per year.[117]

* During eight years in office, President Bush vetoed 12 bills, four of which were overridden by Congress and thus enacted without his approval.[118] These bills were projected by the Congressional Budget Office to increase the deficit by $26 billion during 2008–2022.[119]


* In February 2009, Democratic President Barack Obama stated:

I refuse to leave our children with a debt that they cannot repay—and that means taking responsibility right now, in this administration, for getting our spending under control.[120]

* From the time that Congress enacted Obama’s first major economic proposal (February 17, 2009[121]) until September 30, 2016, the national debt rose from 74% of GDP to 105%, or an average of 4.0 percentage points per year.[122]

* As of November 4, 2016, President Obama has vetoed twelve bills, one of which has been overridden by Congress and thus enacted without his approval.[123] This bill is projected by the Congressional Budget Office to “have no significant effect on the federal budget.”[124]

Government Accounting

Trust Funds and the Two Main Categories of Debt

* Some federal programs (such as Social Security) have “trust funds” that are legally separated from the rest of the federal government.[125]

* When these programs spend less than the federal government allocates to them, their surpluses are loaned to the federal government. This creates a legal obligation for the federal government to pay money and interest to these programs, thus adding to the national debt.[126] [127] [128] [129] [130]

* The federal government divides the national debt into two main categories:[131] [132]

  1. Money that it owes to federal entities such as the Social Security program.
  2. Money that it owes to non-federal entities such as individuals, corporations, local governments, and foreign governments.[133] Also, money owed to the Federal Reserve is classified under this category, even though the Federal Reserve is a federal entity.[134] [135]

NOTE: Just Facts has identified numerous instances in which politicians and journalists have used terms that technically refer to the overall national debt, when in fact, they are only referring to a portion of it. In order to clear up some of the confusion this has created, below are common terms for the national debt categorized by their proper meanings:

  • Overall national debt: gross debt, federal debt, public debt[136]
  • Portion of the national debt owed to federal entities: debt held by government accounts, government-held debt, intragovernmental holdings[137] [138] [139]
  • Portion of the national debt owed to non-federal entities: debt held by the public, publicly held debt[140][141]

* On September 30, 2016, the national debt consisted of:

  • $5.4 trillion owed to federal entities
  • $14.2 trillion owed to non-federal entities
  • $19.6 trillion owed in total[142]

* The federal law that governs the repayment of the national debt draws no distinction between the debt owed to federal and non-federal entities. Both must be repaid with interest.[143]

* The White House Office,[144] [145] Congressional Budget Office,[146] and other federal agencies[147] sometimes exclude the debt owed to federal entities in their reckonings of the national debt because this portion of the debt “represents internal transactions of the government and thus has no effect on credit markets.”

* Federal programs to which this money is owed, such as Social Security and Medicare, include this money and the interest it generates in their assets and financial projections.[148] [149] [150]

* In the 2000 presidential race, the Gore-Liebermann campaign released a 192-page economic plan that contains over 150 uses of the word “debt.” In none of these instances does the plan mention or account for any of the debt owed to federal entities.[151] The same plan includes the debt owed to federal entities in the assets of the Social Security and Medicare programs.[152]


“Deficits” and “Surpluses”

* During the federal government’s 2010 fiscal year (October 1, 2009 to September 30, 2010[153]), the national debt rose from $12.0 trillion to $13.6 trillion, thus increasing by $1.6 trillion.[154]

* The White House,[155] USA Today,[156] Reuters,[157] and other government and media entities reported that the 2010 federal “deficit” was $1.3 trillion.

* The difference between the national debt increase of $1.6 trillion and the reported deficit of $1.3 trillion is attributable to the following accounting practices:

  • When calculating the reported deficit, the federal government merges the finances of all federal programs into what is called the “unified budget.” Hence, the deficit does not account for the intergovernmental debt that arises when programs such as Social Security loan their surpluses to the federal government.[158]
  • When the federal government lays out money for programs such as TARP and student loans, the outgo is not fully counted in the deficit. The deficit reflects only what the government expects to lose or gain on these loans.[159] [160]

* PolitiFact, a Pulitzer Prize-winning project of the Tampa Bay Times to “help you find the truth in politics,”[161] has stated that there were “several years of budget surpluses” during Bill Clinton’s presidency. This same article cites the rise in “national debt” during the tenure of George W. Bush.[162]

* Using the same criterion PolitiFact applied to Bush’s presidency (change in gross national debt), the national debt rose every year of Clinton’s presidency:

Year National Debt on Inauguration Date†

(billions)

1993 $4,188
1994 $4,501
1995 $4,797
1996 $4,988
1997 $5,310
1998 $5,496
1999 $5,624
2000 $5,706
2001 $5,728
† NOTE: PolitiFact used the inauguration date for its debt baseline.

The national debt also rose every fiscal year of Clinton’s presidency.

[163] [164]

Ownership

* As of September 30, 2016, the national debt consists of:

Amount Owed To: Portion of Total
$14.2 trillion owed to non-federal entities (i.e., publicly held debt) 72%
$5.4 trillion owed to federal entities (i.e., intragovernmental debt) 28%

[165]


Debt Owed to Non-Federal Entities

* Ownership of publicly held debt as of September 30, 2016:

Debt Owed to Non-Federal Entities

* Data from the chart above:

Entities Amount (billions) Portion of Total
Foreign & International $6,148 45%
Federal Reserve[166] $2,462 18%
Other Investors $1,343 10%
Mutual Funds $1,315 10%
State & Local Governments $687 5%
Banks & Savings Institutions $547 4%
Private Pension Funds $540 4%
Insurance Companies $297 2%
U.S. Savings Bonds $172 1%
State and Local Government Pension Funds $164 1%

[167]


Debt Owed to Foreign Entities

* Per the White House Office of Management and Budget (2016):

During most of American history, the Federal debt was held almost entirely by individuals and institutions within the United States. In the late 1960s, foreign holdings were just over $10 billion, less than 5 percent of the total Federal debt held by the public. Foreign holdings began to grow significantly starting in the 1970s and now represent almost half of outstanding [publicly held] debt.[168]

* Ownership of U.S. government debt by foreign creditors as of August 31, 2016:

Debt Owed to Foreign Entities

* Data from the chart above:

Country Amount (billions) Portion of Total
China, Mainland $1,185 19%
Japan $1,144 18%
Ireland $266 4%
Cayman Islands $264 4%
Brazil $256 4%
Switzerland $238 4%
Luxembourg $220 4%
United Kingdom $205 3%
Hong Kong $192 3%
Taiwan $190 3%
Others $2,037 33%
Total $6,196 100%

[169]

* Foreign purchases of U.S. government debt increase the demand for this debt, thus putting downward pressure on U.S. interest rates. Conversely, foreign sales of U.S. government debt place upward pressure on U.S. interest rates.[170] [171]

* Per a 2008 Congressional Research Service report, a “potentially serious short-term problem would emerge if China decided to suddenly” sell its holding of U.S. government debt. Possible effects could include:

  • “a more general financial reaction (or panic), in which all foreigners responded by reducing their holdings of U.S. assets”;
  • “a sudden and large depreciation in the value of the dollar”;
  • “a sudden and large increase in U.S. interest rates”;
  • a stock market fall; and/or
  • “a recession.”[172]

* The same report states:

The likelihood that China would suddenly reduce its holdings of U.S. securities is questionable because it is unlikely that doing so would be in China’s economic interests. First, a large sell-off of China’s U.S. holdings could diminish the value of these securities in international markets…. Second, such a move would diminish U.S. demand for Chinese imports…. A sharp reduction of U.S. imports from China could have a significant impact on China’s economy….[173]

* During a visit to China in February 2009, Secretary of State Hillary Clinton said:

By continuing to support American Treasury instruments [i.e., buy U.S. government debt] the Chinese are recognizing our interconnection. … We have to incur more debt. It would not be in China’s interest if we were unable to get our economy moving again. … The U.S. needs the investment in Treasury bonds to shore up its economy to continue to buy Chinese products.[174]

* In August 2007 during a currency dispute between the U.S. and China, two leading officials of Chinese Communist Party bodies suggested that China use the threat of selling U.S. debt as a “bargaining chip.”[175]

* In February 2009 during a dispute over U.S. arms sales to Taiwan, a Chinese general made the following statements in the state-run magazine Outlook Weekly:

Our retaliation should not be restricted to merely military matters, and we should adopt a strategic package of counterpunches covering politics, military affairs, diplomacy and economics to treat both the symptoms and root cause of this disease. … [W]e could sanction them using economic means, such as dumping some U.S. government bonds.[176]

* One month later while appearing before China’s parliament, the head of China’s State Administration of Foreign Exchange said:

the U.S. Treasury market is important to us. … This is purely market-driven investment behavior. I would hope not to see this matter politicized.[177]

Debt Owed to Federal Entities

* Ownership of intergovernmental debt as of September 30, 2016:

Debt Owed to Federal Entities

* Data from the chart above:

Funds Amount (billions) Portion of Total
Social Security $2,843 53%
Civil Service Retirement and Disability $874 16%
Military Retirement $591 11%
Medicare $256 5%
Department of Defense Retiree Healthcare $213 4%
Postal Service Retiree Health Benefits $51 1%
Other $572 11%

[178]

Media

Budget Cuts

* In April 2011, journalists reported on a $38 billion federal budget cut agreement with the following headlines and phraseology:

  • “New Cuts Detailed in Agreement for $38 Billion in Reductions”; “deep budget cuts in programs for the poor, law enforcement, the environment and civic projects” – Los Angeles Times[179]
  • “Congress Sends Budget Cut Bill to Obama”; “cutting a record $38 billion from domestic spending” – Associated Press[180]
  • “Budget Deal to Cut $38 Billion Averts Shutdown”; “Republicans were able to force significant spending concessions from Democrats….” – New York Times[181]

* None of these articles reported that this figure of $38 billion in cuts was primarily relative to a portion of the budget called “discretionary non-emergency appropriations.”[182] Relative to the entire federal budget, this cut left a projected spending increase of $135 billion from 2010 to 2011. This equates to an inflation-adjusted increase of $49 billion or 0.1 percentage points of GDP:[183]

Federal Outlays

[184]

* None of the articles quoted above contains a budget-wide frame of reference for the cuts. A spending reduction of $38 billion equates to 1.0% of the estimated 2011 budget or 2.7% of the projected deficit:

Budget Cut

[185]


Bush Tax Cuts

* In February 2010, Fareed Zakaria of CNN stated:

Now, please understand that the Bush tax cuts are the single largest part of the black hole that is the federal budget deficit.[186]

* In 2010, the Bush tax cuts lowered federal revenues by about $283 billion.[187] [188] This was equivalent to 8% of the federal budget or 22% of the deficit.[189]

* Per the Congressional Budget Office (CBO), “Most parameters of the tax code are not indexed for real income growth, and some are not indexed for inflation.” Thus, if tax cuts are not periodically implemented, average federal tax rates “increase in the long run.”[190]

* In 2000, the year before the first Bush tax cuts were passed,[191] the federal government collected revenues equal to 20.4% of the nation’s gross domestic product (GDP), the highest level in the history of the United States.[192] Over the previous 30 years, federal revenues averaged 18.3% of GDP.[193]

* In 2000, the stock market “dot.com” bubble burst,[194] the NASDAQ lost 39% of its value,[195] and profits for nonfinancial corporations fell by 18%.[196] In the first quarter of 2001, the nation’s GDP contracted and a recession began.[197] [198]

* In June 2001 and May 2003, Congress passed and President Bush signed laws that implemented various tax cuts.[199] [200]

* After the Bush tax cuts were fully implemented, federal revenues were 17.8% of GDP in 2005, 18.5% in 2006, and 18.6% in 2007.[201] Average federal revenues for the 30 years preceding the Bush tax cuts were 18.4%.[202]

* The Great Recession began in December 2007,[203] and federal revenues declined to 17.7% of GDP in 2008.[204]

* In February 2009, Congress passed and President Obama signed a law that implemented various tax cuts.[205]

* Federal revenues declined to 15.7% of GDP in 2009 and 16.4% in 2010.[206]

* Federal spending rose from 21.0% of GDP in 2007 to 26.5% in 2010.[207] Average federal spending for the 30 years preceding the Great Recession was 21.8%.[208]


The “Do Nothing” Plan

* In April 2011, Ezra Klein of the Washington Post posted a graph of spending and revenue projections based upon CBO’s “current law” scenario and wrote that it:

shows what happens if we do … nothing. The answer, as you can see, is that the budget comes roughly into balance.[209]

* Klein’s graph and commentary omitted the interest and outcome of the national debt under this plan.[210] In the “do nothing” scenario, outlays were projected to exceed revenues every year through 2084, and the publicly held debt was projected to increase from 62% of GDP in 2010, to 74% in 2030, 90% in 2050, and 113% in 2084.[211]

* In the same commentary, Klein wrote that the “current law” scenario is “a pretty good plan” that contains:

a balanced mix of revenues, through returning tax rates to Clinton-era levels and implementing the taxes in the Affordable Care Act, and program cuts … in Medicare….[212]

* Under this scenario:

  • Certain elements of the tax code are not indexed for inflation or wage growth. Consequently, taxpayers are shifted over time into higher tax brackets.
  • According to the Congressional Budget Office, by 2020 revenues “reach higher levels relative to the size of the economy than ever recorded in the nation’s history.”
  • Revenues as a portion of GDP continue climbing through 2084, rising 69% higher than the average of the past 40 years and 47% higher than ever recorded in the history of the United States.[213] [214]
  • As a portion of GDP, federal spending without interest on the national debt rises by 2084 to 68% higher than the average of the past 40 years.[215]

Context

* Without mentioning the role of Congress in taxes, spending, or the national debt,[216] [217] PolitiFact (in the same article cited above) wrote that the national debt increased by $5.73 trillion “under” George W. Bush whereas there were budget surpluses “at the end of the Clinton administration.”[218]

* Below are the fluctuations in national debt organized by the tenures of recent presidents and congressional majorities:

Political Power

Dates

Average Annual Change in National Debt

(Percentage Points of GDP)

Bill Clinton with Democratic House and Senate 1/20/93 – 1/4/95 0.9
Bill Clinton with Republican House and Senate 1/4/95 – 1/19/01 -1.6
George W. Bush with Republican House and Senate 1/19/01 – 6/6/01, 11/12/02 – 1/4/07 0.8
George W. Bush with Republican House and Democratic Senate 6/6/01 – 11/12/02 2.3
George W. Bush with Democratic House and Senate 1/4/07 – 1/20/09 6.5
Barack Obama with Democratic House and Senate 1/20/09 – 1/4/11 9.3
Barack Obama with Republican House and Democratic Senate 1/5/11 – 1/6/15 1.9

[219]

* Other factors impacting the national debt include but are not limited to: legislation passed by previous congresses and presidents,[220] economic cycles, terrorist attacks, natural disasters, demographics, and the actions of U.S. citizens and foreign governments.[221]

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Non-accelarating Inflation Rate of Unemployment (NAIRU) — Phillips Curve — Money and Inflation — No Real Tradeoff Between Price Increases and Unemployment Rate In The Long Run — States and Nations Cutting Taxes Resulted In Higher Growth and Lower Unemployment — Videos

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NAIRU

From Wikipedia, the free encyclopedia

NAIRU is an acronym for non-accelerating inflation rate of unemployment,[1] and refers to a level of unemployment below which inflation rises. It was first introduced as NIRU (non-inflationary rate of unemployment) by Franco Modigliani and Lucas Papademos in 1975, as an improvement over the “natural rate of unemployment” concept,[2][3][4] which was proposed earlier by Milton Friedman.[5]

Monetary policy conducted under the assumption of a NAIRU involves allowing just enough unemployment in the economy to prevent inflation rising above a given target figure. Prices are allowed to increase gradually and some unemployment is tolerated.

Contents

 [show] 

Origins

An early form of NAIRU is found in the work of Abba P. Lerner (Lerner 1951, Chapter 14), who referred to it as “low full employment” attained via the expansion of aggregate demand, in contrast with the “high full employment” which adds incomes policies (wage and price controls) to demand stimulation.

The concept arose in the wake of the popularity of the Phillips curve which summarized the observed negative correlation between the rate of unemployment and the rate of inflation (measured as annual nominal wage growth of employees) for number of industrialised countries with more or less mixed economies. This correlation (previously seen for the U.S. by Irving Fisher) persuaded some analysts that it was impossible for governments simultaneously to target both arbitrarily low unemployment and price stability, and that, therefore, it was government’s role to seek a point on the trade-off between unemployment and inflation which matched a domestic social consensus.

During the 1970s in the United States and several other industrialized countries, Phillips curve analysis became less popular, because inflation rose at the same time that unemployment rose (see stagflation).

Worse, as far as many economists were concerned, was that the Phillips curve had little or no theoretical basis. Critics of this analysis (such as Milton Friedman and Edmund Phelps) argued that the Phillips curve could not be a fundamental characteristic of economic general equilibrium because it showed a correlation between a real economic variable (the unemployment rate) and a nominal economic variable (the inflation rate). Their counter-analysis was that government macroeconomic policy (primarily monetary policy) was being driven by a low unemployment target and that this caused expectations of inflation to change, so that steadily accelerating inflation rather than reduced unemployment was the result. The resulting prescription was that government economic policy (or at least monetary policy) should not be influenced by any level of unemployment below a critical level – the “natural rate” or NAIRU.[6]

The natural rate hypothesis

The idea behind the natural rate hypothesis put forward by Friedman was that any given labor market structure must involve a certain amount of unemployment, including frictional unemployment associated with individuals changing jobs and possibly classical unemployment arising from real wages being held above the market-clearing level by minimum wage laws, trade unions or other labour market institutions. Unexpected inflation might allow unemployment to fall below the natural rate by temporarily depressing real wages, but this effect would dissipate once expectations about inflation were corrected. Only with continuously accelerating inflation could rates of unemployment below the natural rate be maintained.

The analysis supporting the natural rate hypothesis was controversial, and empirical evidence suggested that the natural rate varied over time in ways that could not easily be explained by changes in labor market structures. As a result, the “natural rate” terminology was largely supplanted by that of the NAIRU, which referred to a rate of unemployment below which inflation would accelerate, but did not imply a commitment to any particular theoretical explanation, or a prediction that the rate would be stable over time.

Properties

If {\displaystyle U*}U* is the NAIRU and {\displaystyle U}U is the actual unemployment rate, the theory says that:

if {\displaystyle U<U*}U<U* for a few years, inflationary expectations rise, so that the inflation rate tends to increase;
if {\displaystyle U>U*}U>U* for a few years, inflationary expectations fall, so that the inflation rate tends to slow (there is disinflation); and
if {\displaystyle U=U*}U=U*, the inflation rate tends to stay the same, unless there is an exogenous shock.

Okun’s law can be stated as saying that for every one percentage point by which the actual unemployment rate exceeds the so-called “natural” rate of unemployment, real gross domestic product is reduced by 2% to 3%.

Criticism

The NAIRU analysis assumes that if inflation increases, workers and employers can create contracts that take into account expectations of higher inflation and agree on a level of wage inflation that matches the expected level of price inflation to maintain constant real wages. Therefore, the analysis requires inflation to accelerate to maintain low unemployment. However, this argument implicitly assumes that workers and employers cannot contract to incorporate accelerating inflation into wage expectations, but there is no clear justification for assuming that expectations or contract structures are limited in this way aside from the fact that such wage arrangements are not commonly observed.

The NAIRU analysis is especially problematic if the Phillips curve displays hysteresis, that is, if episodes of high unemployment raise the NAIRU.[7] This could happen, for example, if unemployed workers lose skills so that employers prefer to bid up of the wages of existing workers when demand increases, rather than hiring the unemployed.

Others, such as Abba Lerner (1951, 1967) and Hyman Minsky (1965) have argued that a similar effect can be achieved without the human costs of unemployment via a job guarantee, where rather than being unemployed, those who cannot find work in the private sector should be employed by the government. This theory, and the policy of the job guarantee replaces the NAIRU with the NAIBER (non-accelerating-inflation-buffer employment ratio).[8]

Relationship to other economic theories

Most economists do not see the NAIRU theory as explaining all inflation. Instead, it is possible to move along a short run Phillips Curve (even though the NAIRU theory says that this curve shifts in the longer run) so that unemployment can rise or fall due to changes in inflation. Exogenous supply-shock inflation is also possible, as with the “energy crises” of the 1970s or the credit crunch of the early 21st century.

The NAIRU theory was mainly intended as an argument against active Keynesian demand management and in favor of free markets (at least on the macroeconomic level). There is, for instance, no theoretical basis for predicting the NAIRU. Monetarists instead support the generalized assertion that the correct approach to unemployment is through microeconomic measures (to lower the NAIRU whatever its exact level), rather than macroeconomic activity based on an estimate of the NAIRU in relation to the actual level of unemployment. Monetary policy, they maintain, should aim instead at stabilizing the inflation rate.

Naming

The NAIRU, non-accelerating inflation rate of unemployment, is actually misnamed. It is the price level that is accelerating (or decelerating), not the inflation rate. The inflation rate is just changing, not accelerating.[9]

See also

References

  1. Jump up^ Coe, David T, Nominal Wages. The NAIRU and Wage Flexibility. (PDF), Organisation for Economic Co-operation and Development
  2. Jump up^ Modigliani, Franco; Papademos, Lucas (1975). “Targets for Monetary Policy in the Coming Year”. Brookings Papers on Economic Activity. The Brookings Institution. 1975 (1): 141–165. doi:10.2307/2534063. JSTOR 2534063.
  3. Jump up^ Robert M. Solow, Modigliani and Monetarism, p. 6.
  4. Jump up^ Snowdon, Brian; Vane, Howard R. (2005). Modern Macroeconomics: Its Origins, Development and Current State. Cheltenham: E. Elgar. p. 187. ISBN 1-84376-394-X.
  5. Jump up^ Friedman, Milton (1968). “The Role of Monetary Policy”. American Economic Review. 58 (1): 1–17. JSTOR 1831652.
  6. Jump up^ Hoover, Kevin D, “Phillips Curve”, The Concise Encyclopedia of Economics, The Library of Economics and Liberty, retrieved 16 July 2007
  7. Jump up^ Ball, Laurence (2009), Hysteresis in Unemployment: Old and New Evidence (PDF)
  8. Jump up^ William Mitchell, J. Muysken (2008), Full employment abandoned: shifting sands and policy failures, Edward Elgar Publishing, ISBN 1-85898-507-2
  9. Jump up^ Case, K.E. and Fair, R.C. and Oster, S.M. (2016). Principles of Macroeconomics. Pearson. ISBN 9780133023671.

Further reading

External links

https://en.wikipedia.org/wiki/NAIRU

Phillips curve

From Wikipedia, the free encyclopedia
For the Phillips curve in supernova astrophysics, see Phillips relationship.

The Phillips curve is a single-equation empirical model, named after A. W. Phillips, describing a historical inverse relationship between rates of unemployment and corresponding rates of inflation that result within an economy. Stated simply, decreased unemployment, (i.e., increased levels of employment) in an economy will correlate with higher rates of inflation.

While there is a short run tradeoff between unemployment and inflation, it has not been observed in the long run.[1] In 1968, Milton Friedman asserted that the Phillips curve was only applicable in the short-run and that in the long-run, inflationary policies will not decrease unemployment.[2][3] Friedman then correctly predicted that, in the 1973–75 recession, both inflation and unemployment would increase.[3] The long-run Phillips curve is now seen as a vertical line at the natural rate of unemployment, where the rate of inflation has no effect on unemployment.[4] Accordingly, the Phillips curve is now seen as too simplistic, with the unemployment rate supplanted by more accurate predictors of inflation based on velocity of moneysupply measures such as the MZM (“money zero maturity”) velocity,[5] which is affected by unemployment in the short but not the long term.[6]

Contents

 [show] 

History

Rate of Change of Wages against Unemployment, United Kingdom 1913–1948 from Phillips (1958)

William Phillips, a New Zealand born economist, wrote a paper in 1958 titled The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957, which was published in the quarterly journal Economica.[7] In the paper Phillips describes how he observed an inverse relationship between money wage changes and unemployment in the British economy over the period examined. Similar patterns were found in other countries and in 1960 Paul Samuelson and Robert Solow took Phillips’ work and made explicit the link between inflation and unemployment: when inflation was high, unemployment was low, and vice versa.[8]

In the 1920s, an American economist Irving Fisher noted this kind of Phillips curve relationship. However, Phillips’ original curve described the behavior of money wages.[9]

In the years following Phillips’ 1958 paper, many economists in the advanced industrial countries believed that his results showed that there was a permanently stable relationship between inflation and unemployment.[citation needed] One implication of this for government policy was that governments could control unemployment and inflation with a Keynesian policy. They could tolerate a reasonably high rate of inflation as this would lead to lower unemployment – there would be a trade-off between inflation and unemployment. For example, monetary policy and/or fiscal policy could be used to stimulate the economy, raising gross domestic product and lowering the unemployment rate. Moving along the Phillips curve, this would lead to a higher inflation rate, the cost of enjoying lower unemployment rates.[citation needed] Economist James Forder argues that this view is historically false and that neither economists nor governments took that view and that the ‘Phillips curve myth’ was an invention of the 1970s.[10]

Since 1974, seven Nobel Prizes have been given to economists for, among other things, work critical of some variations of the Phillips curve. Some of this criticism is based on the United States’ experience during the 1970s, which had periods of high unemployment and high inflation at the same time. The authors receiving those prizes include Thomas Sargent, Christopher Sims, Edmund Phelps, Edward Prescott, Robert A. Mundell, Robert E. Lucas, Milton Friedman, and F.A. Hayek.[11]

Stagflation

In the 1970s, many countries experienced high levels of both inflation and unemployment also known as stagflation. Theories based on the Phillips curve suggested that this could not happen, and the curve came under a concerted attack from a group of economists headed by Milton Friedman.[citation needed] Friedman argued that the Phillips curve relationship was only a short-run phenomenon. In this he followed eight years after Samuelson and Solow [1960] who wrote ” All of our discussion has been phrased in short-run terms, dealing with what might happen in the next few years. It would be wrong, though, to think that our Figure 2 menu that related obtainable price and unemployment behavior will maintain its same shape in the longer run. What we do in a policy way during the next few years might cause it to shift in a definite way.”[8] As Samuelson and Solow had argued 8 years earlier, he argued that in the long run, workers and employers will take inflation into account, resulting in employment contracts that increase pay at rates near anticipated inflation. Unemployment would then begin to rise back to its previous level, but now with higher inflation rates. This result implies that over the longer-run there is no trade-off between inflation and unemployment. This implication is significant for practical reasons because it implies that central banks should not set employment targets above the natural rate.[1]

More recent research has shown that there is a moderate trade-off between low-levels of inflation and unemployment. Work by George Akerlof, William Dickens, and George Perry,[12]implies that if inflation is reduced from two to zero percent, unemployment will be permanently increased by 1.5 percent. This is because workers generally have a higher tolerance for real wage cuts than nominal ones. For example, a worker will more likely accept a wage increase of two percent when inflation is three percent, than a wage cut of one percent when the inflation rate is zero.

Today

U.S. Inflation and Unemployment 1/2000 to 4/2013

Most economists no longer use the Phillips curve in its original form because it was shown to be too simplistic.[6] This can be seen in a cursory analysis of US inflation and unemployment data from 1953–92. There is no single curve that will fit the data, but there are three rough aggregations—1955–71, 1974–84, and 1985–92—each of which shows a general, downwards slope, but at three very different levels with the shifts occurring abruptly. The data for 1953–54 and 1972–73 do not group easily, and a more formal analysis posits up to five groups/curves over the period.[1]

But still today, modified forms of the Phillips Curve that take inflationary expectations into account remain influential. The theory goes under several names, with some variation in its details, but all modern versions distinguish between short-run and long-run effects on unemployment. Modern Phillips curve models include both a short-run Phillips Curve and a long-run Phillips Curve. This is because in the short run, there is generally an inverse relationship between inflation and the unemployment rate; as illustrated in the downward sloping short-run Phillips curve. In the long run, that relationship breaks down and the economy eventually returns to the natural rate of unemployment regardless of the inflation rate.[13]

The “short-run Phillips curve” is also called the “expectations-augmented Phillips curve”, since it shifts up when inflationary expectations rise, Edmund Phelps and Milton Friedman argued. In the long run, this implies that monetary policy cannot affect unemployment, which adjusts back to its “natural rate“, also called the “NAIRU” or “long-run Phillips curve”. However, this long-run “neutrality” of monetary policy does allow for short run fluctuations and the ability of the monetary authority to temporarily decrease unemployment by increasing permanent inflation, and vice versa. The popular textbook of Blanchard gives a textbook presentation of the expectations-augmented Phillips curve.[14]

An equation like the expectations-augmented Phillips curve also appears in many recent New Keynesiandynamic stochastic general equilibrium models. In these macroeconomic models with sticky prices, there is a positive relation between the rate of inflation and the level of demand, and therefore a negative relation between the rate of inflation and the rate of unemployment. This relationship is often called the “New Keynesian Phillips curve.” Like the expectations-augmented Phillips curve, the New Keynesian Phillips curve implies that increased inflation can lower unemployment temporarily, but cannot lower it permanently. Two influential papers that incorporate a New Keynesian Phillips curve are Clarida, Galí, and Gertler (1999),[15] and Blanchard and Galí (2007).[16]

Mathematics

There are at least two different mathematical derivations of the Phillips curve. First, there is the traditional or Keynesian version. Then, there is the new Classical version associated with Robert E. Lucas, Jr.

The traditional Phillips curve

The original Phillips curve literature was not based on the unaided application of economic theory. Instead, it was based on empirical generalizations. After that, economists tried to develop theories that fit the data.

Money wage determination

The traditional Phillips curve story starts with a wage Phillips Curve, of the sort described by A.W. Phillips himself. This describes the rate of growth of money wages (gW). Here and below, the operator g is the equivalent of “the percentage rate of growth of” the variable that follows.

{\displaystyle gW=gW^{T}-f(U)}gW=gW^{{T}}-f(U)

The “money wage rate” (W) is shorthand for total money wage costs per production employee, including benefits and payroll taxes. The focus is on only production workers’ money wages, because (as discussed below) these costs are crucial to pricing decisions by the firms.

This equation tells us that the growth of money wages rises with the trend rate of growth of money wages (indicated by the superscript “T”) and falls with the unemployment rate (U). The function f() is assumed to be monotonically increasing with U so that the dampening of money-wage increases by unemployment is shown by the negative sign in the equation above.

There are several possible stories behind this equation. A major one is that money wages are set by bilateral negotiations under partial bilateral monopoly: as the unemployment rate rises, all else constant worker bargaining power falls, so that workers are less able to increase their wages in the face of employer resistance.

During the 1970s, this story had to be modified, because (as the late Abba Lerner had suggested in the 1940s) workers try to keep up with inflation. Since the 1970s, the equation has been changed to introduce the role of inflationary expectations (or the expected inflation rate, gPex). This produces the expectations-augmented wage Phillips curve:

{\displaystyle gW=gW^{T}-f(U)+\lambda .gP^{ex}.}gW=gW^{{T}}-f(U)+\lambda .gP^{{ex}}.

The introduction of inflationary expectations into the equation implies that actual inflation can feed back into inflationary expectations and thus cause further inflation. The late economist James Tobin dubbed the last term “inflationary inertia,” because in the current period, inflation exists which represents an inflationary impulse left over from the past.

It also involved much more than expectations, including the price-wage spiral. In this spiral, employers try to protect profits by raising their prices and employees try to keep up with inflation to protect their real wages. This process can feed on itself, becoming a self-fulfilling prophecy.

The parameter λ (which is presumed constant during any time period) represents the degree to which employees can gain money wage increases to keep up with expected inflation, preventing a fall in expected real wages. It is usually assumed that this parameter equals unity in the long run.

In addition, the function f() was modified to introduce the idea of the Non-Accelerating Inflation Rate of Unemployment (NAIRU) or what’s sometimes called the “natural” rate of unemployment or the inflation-threshold unemployment rate:

[1] gW = gWTf(UU*) + λ·gPex.

Here, U* is the NAIRU. As discussed below, if U < U*, inflation tends to accelerate. Similarly, if U > U*, inflation tends to slow. It is assumed that f(0) = 0, so that when U = U*, the f term drops out of the equation.

In equation [1], the roles of gWT and gPex seem to be redundant, playing much the same role. However, assuming that λ is equal to unity, it can be seen that they are not. If the trend rate of growth of money wages equals zero, then the case where U equals U* implies that gW equals expected inflation. That is, expected real wages are constant.

In any reasonable economy, however, having constant expected real wages could only be consistent with actual real wages that are constant over the long haul. This does not fit with economic experience in the U.S. or any other major industrial country. Even though real wages have not risen much in recent years, there have been important increases over the decades.

An alternative is to assume that the trend rate of growth of money wages equals the trend rate of growth of average labor productivity (Z). That is:

[2] gWT = gZT.

Under assumption [2], when U equals U* and λ equals unity, expected real wages would increase with labor productivity. This would be consistent with an economy in which actual real wages increase with labor productivity. Deviations of real-wage trends from those of labor productivity might be explained by reference to other variables in the model.

Pricing decisions

Next, there is price behavior. The standard assumption is that markets are imperfectly competitive, where most businesses have some power to set prices. So the model assumes that the average business sets a unit price (P) as a mark-up (M) over the unit labor cost in production measured at a standard rate of capacity utilization (say, at 90 percent use of plant and equipment) and then adds in the unit materials cost.

The standardization involves later ignoring deviations from the trend in labor productivity. For example, assume that the growth of labor productivity is the same as that in the trend and that current productivity equals its trend value:

gZ = gZT and Z = ZT.

The markup reflects both the firm’s degree of market power and the extent to which overhead costs have to be paid. Put another way, all else equal, M rises with the firm’s power to set prices or with a rise of overhead costs relative to total costs.

So pricing follows this equation:

P = M × (unit labor cost) + (unit materials cost)
= M × (total production employment cost)/(quantity of output) + UMC.

UMC is unit raw materials cost (total raw materials costs divided by total output). So the equation can be restated as:

P = M × (production employment cost per worker)/(output per production employee) + UMC.

This equation can again be stated as:

P = M×(average money wage)/(production labor productivity) + UMC
= M×(W/Z) + UMC.

Now, assume that both the average price/cost mark-up (M) and UMC are constant. On the other hand, labor productivity grows, as before. Thus, an equation determining the price inflation rate (gP) is:

gP = gWgZT.

Price[edit]

Then, combined with the wage Phillips curve [equation 1] and the assumption made above about the trend behavior of money wages [equation 2], this price-inflation equation gives us a simple expectations-augmented price Phillips curve:

gP = −f(UU*) + λ·gPex.

Some assume that we can simply add in gUMC, the rate of growth of UMC, in order to represent the role of supply shocks (of the sort that plagued the U.S. during the 1970s). This produces a standard short-term Phillips curve:

gP = −f(UU*) + λ·gPex + gUMC.

Economist Robert J. Gordon has called this the “Triangle Model” because it explains short-run inflationary behavior by three factors: demand inflation (due to low unemployment), supply-shock inflation (gUMC), and inflationary expectations or inertial inflation.

In the long run, it is assumed, inflationary expectations catch up with and equal actual inflation so that gP = gPex. This represents the long-term equilibrium of expectations adjustment. Part of this adjustment may involve the adaptation of expectations to the experience with actual inflation. Another might involve guesses made by people in the economy based on other evidence. (The latter idea gave us the notion of so-called rational expectations.)

Expectational equilibrium gives us the long-term Phillips curve. First, with λ less than unity:

gP = [1/(1 − λ)]·(−f(UU*) + gUMC).

This is nothing but a steeper version of the short-run Phillips curve above. Inflation rises as unemployment falls, while this connection is stronger. That is, a low unemployment rate (less than U*) will be associated with a higher inflation rate in the long run than in the short run. This occurs because the actual higher-inflation situation seen in the short run feeds back to raise inflationary expectations, which in turn raises the inflation rate further. Similarly, at high unemployment rates (greater than U*) lead to low inflation rates. These in turn encourage lower inflationary expectations, so that inflation itself drops again.

This logic goes further if λ is equal to unity, i.e., if workers are able to protect their wages completely from expected inflation, even in the short run. Now, the Triangle Model equation becomes:

f(UU*) = gUMC.

If we further assume (as seems reasonable) that there are no long-term supply shocks, this can be simplified to become:

f(UU*) = 0 which implies that U = U*.

All of the assumptions imply that in the long run, there is only one possible unemployment rate, U* at any one time. This uniqueness explains why some call this unemployment rate “natural.”

To truly understand and criticize the uniqueness of U*, a more sophisticated and realistic model is needed. For example, we might introduce the idea that workers in different sectors push for money wage increases that are similar to those in other sectors. Or we might make the model even more realistic. One important place to look is at the determination of the mark-up, M.

New classical version

The Phillips curve equation can be derived from the (short-run) Lucas aggregate supply function. The Lucas approach is very different from that the traditional view. Instead of starting with empirical data, he started with a classical economic model following very simple economic principles.

Start with the aggregate supply function:

{\displaystyle Y=Y_{n}+a(P-P_{e})\,}Y=Y_{n}+a(P-P_{e})\,

where Y is log value of the actual output, Yn is log value of the “natural” level of output, a is a positive constant, P is log value of the actual price level, and Pe is log value of the expected price level. Lucas assumes that Yn has a unique value.

Note that this equation indicates that when expectations of future inflation (or, more correctly, the future price level) are totally accurate, the last term drops out, so that actual output equals the so-called “natural” level of real GDP. This means that in the Lucas aggregate supply curve, the only reason why actual real GDP should deviate from potential—and the actual unemployment rate should deviate from the “natural” rate—is because of incorrect expectations of what is going to happen with prices in the future. (The idea has been expressed first by Keynes, General Theory, Chapter 20 section III paragraph 4).

This differs from other views of the Phillips curve, in which the failure to attain the “natural” level of output can be due to the imperfection or incompleteness of markets, the stickiness of prices, and the like. In the non-Lucas view, incorrect expectations can contribute to aggregate demand failure, but they are not the only cause. To the “new Classical” followers of Lucas, markets are presumed to be perfect and always attain equilibrium (given inflationary expectations).

We re-arrange the equation into:

{\displaystyle P=P_{e}+{\frac {Y-Y_{n}}{a}}}P=P_{e}+{\frac {Y-Y_{n}}{a}}

Next we add unexpected exogenous shocks to the world supply v:

{\displaystyle P=P_{e}+{\frac {Y-Y_{n}}{a}}+v}P=P_{e}+{\frac {Y-Y_{n}}{a}}+v

Subtracting last year’s price levels P−1 will give us inflation rates, because

{\displaystyle P-P_{-1}\ \approx \pi }P-P_{{-1}}\ \approx \pi

and

{\displaystyle P_{e}-P_{-1}\ \approx \pi _{e}}P_{e}-P_{{-1}}\ \approx \pi _{e}

where π and πe are the inflation and expected inflation respectively.

There is also a negative relationship between output and unemployment (as expressed by Okun’s law). Therefore, using

{\displaystyle {\frac {Y-Y_{n}}{a}}=-b(U-U_{n})}{\frac {Y-Y_{n}}{a}}=-b(U-U_{n})

where b is a positive constant, U is unemployment, and Un is the natural rate of unemployment or NAIRU, we arrive at the final form of the short-run Phillips curve:

{\displaystyle \pi =\pi _{e}-b(U-U_{n})+v\,}\pi =\pi _{e}-b(U-U_{n})+v\,

This equation, plotting inflation rate π against unemployment U gives the downward-sloping curve in the diagram that characterises the Phillips curve.

New Keynesian version

The New Keynesian Phillips curve was originally derived by Roberts in 1995,[17] and since been used in most state-of-the-art New Keynesian DSGE models like the one of Clarida, Galí, and Gertler (2000).[18][19]

{\displaystyle \pi _{t}=\beta E_{t}[\pi _{t+1}]+\kappa y_{t}}\pi _{{t}}=\beta E_{{t}}[\pi _{{t+1}}]+\kappa y_{{t}}

where {\displaystyle \kappa ={\frac {\alpha [1-(1-\alpha )\beta ]\phi }{1-\alpha }}}\kappa ={\frac {\alpha [1-(1-\alpha )\beta ]\phi }{1-\alpha }}. The current expectations of next period’s inflation are incorporated as {\displaystyle \beta E_{t}[\pi _{t+1}]}\beta E_{{t}}[\pi _{{t+1}}]

NAIRU and rational expectations

Short-Run Phillips Curve before and after Expansionary Policy, with Long-Run Phillips Curve (NAIRU)

In the 1970s, new theories, such as rational expectations and the NAIRU (non-accelerating inflation rate of unemployment) arose to explain how stagflation could occur. The latter theory, also known as the “natural rate of unemployment“, distinguished between the “short-term” Phillips curve and the “long-term” one. The short-term Phillips Curve looked like a normal Phillips Curve, but shifted in the long run as expectations changed. In the long run, only a single rate of unemployment (the NAIRU or “natural” rate) was consistent with a stable inflation rate. The long-run Phillips Curve was thus vertical, so there was no trade-off between inflation and unemployment. Edmund Phelps won the Nobel Prize in Economics in 2006 in part for this. However, the expectations argument was in fact very widely understood before his work on it.[20]

In the diagram, the long-run Phillips curve is the vertical red line. The NAIRU theory says that when unemployment is at the rate defined by this line, inflation will be stable. However, in the short-run policymakers will face an inflation-unemployment rate tradeoff marked by the “Initial Short-Run Phillips Curve” in the graph. Policymakers can therefore reduce the unemployment rate temporarily, moving from point A to point B through expansionary policy. However, according to the NAIRU, exploiting this short-run tradeoff will raise inflation expectations, shifting the short-run curve rightward to the “New Short-Run Phillips Curve” and moving the point of equilibrium from B to C. Thus the reduction in unemployment below the “Natural Rate” will be temporary, and lead only to higher inflation in the long run.

Since the short-run curve shifts outward due to the attempt to reduce unemployment, the expansionary policy ultimately worsens the exploitable tradeoff between unemployment and inflation. That is, it results in more inflation at each short-run unemployment rate. The name “NAIRU” arises because with actual unemployment below it, inflation accelerates, while with unemployment above it, inflation decelerates. With the actual rate equal to it, inflation is stable, neither accelerating nor decelerating. One practical use of this model was to provide an explanation for stagflation, which confounded the traditional Phillips curve.

The rational expectations theory said that expectations of inflation were equal to what actually happened, with some minor and temporary errors. This in turn suggested that the short-run period was so short that it was non-existent: any effort to reduce unemployment below the NAIRU, for example, would immediately cause inflationary expectations to rise and thus imply that the policy would fail. Unemployment would never deviate from the NAIRU except due to random and transitory mistakes in developing expectations about future inflation rates. In this perspective, any deviation of the actual unemployment rate from the NAIRU was an illusion.

However, in the 1990s in the U.S., it became increasingly clear that the NAIRU did not have a unique equilibrium and could change in unpredictable ways. In the late 1990s, the actual unemployment rate fell below 4% of the labor force, much lower than almost all estimates of the NAIRU. But inflation stayed very moderate rather than accelerating. So, just as the Phillips curve had become a subject of debate, so did the NAIRU.

Furthermore, the concept of rational expectations had become subject to much doubt when it became clear that the main assumption of models based on it was that there exists a single (unique) equilibrium in the economy that is set ahead of time, determined independently of demand conditions. The experience of the 1990s suggests that this assumption cannot be sustained.

Theoretical questions

The Phillips curve started as an empirical observation in search of a theoretical explanation.[citation needed] Specifically, the Phillips curve tried to determine whether the inflation-unemployment link was causal or simply correlational. There are several major explanations of the short-term Phillips curve regularity.

To Milton Friedman there is a short-term correlation between inflation shocks and employment. When an inflationary surprise occurs, workers are fooled into accepting lower pay because they do not see the fall in real wages right away. Firms hire them because they see the inflation as allowing higher profits for given nominal wages. This is a movement along the Phillips curve as with change A. Eventually, workers discover that real wages have fallen, so they push for higher money wages. This causes the Phillips curve to shift upward and to the right, as with B. Some research underlines that some implicit and serious assumptions are actually in the background of the Friedmanian Phillips curve. This information asymmetry and a special pattern of flexibility of prices and wages are both necessary if one wants to maintain the mechanism told by Friedman. However, as it is argued, these presumptions remain completely unrevealed and theoretically ungrounded by Friedman.[21]

Economists such as Milton Friedman and Edmund Phelps reject this theory because it implies that workers suffer from money illusion. According to them, rational workers would only react to real wages, that is, inflation adjusted wages. However, one of the characteristics of a modern industrial economy is that workers do not encounter their employers in an atomized and perfect market. They operate in a complex combination of imperfect markets, monopolies, monopsonies, labor unions, and other institutions. In many cases, they may lack the bargaining power to act on their expectations, no matter how rational they are, or their perceptions, no matter how free of money illusion they are. It is not that high inflation causes low unemployment (as in Milton Friedman’s theory) as much as vice versa: Low unemployment raises worker bargaining power, allowing them to successfully push for higher nominal wages. To protect profits, employers raise prices.

Similarly, built-in inflation is not simply a matter of subjective “inflationary expectations” but also reflects the fact that high inflation can gather momentum and continue beyond the time when it was started, due to the objective price/wage spiral.

However, other economists, like Jeffrey Herbener, argue that price is market-determined and competitive firms cannot simply raise prices.[citation needed] They reject the Phillips curve entirely, concluding that unemployment’s influence is only a small portion of a much larger inflation picture that includes prices of raw materials, intermediate goods, cost of raising capital, worker productivity, land, and other factors.

Gordon’s triangle model

Robert J. Gordon of Northwestern University has analyzed the Phillips curve to produce what he calls the triangle model, in which the actual inflation rate is determined by the sum of

  1. demand pull or short-term Phillips curve inflation,
  2. cost push or supply shocks, and
  3. built-in inflation.

The last reflects inflationary expectations and the price/wage spiral. Supply shocks and changes in built-in inflation are the main factors shifting the short-run Phillips Curve and changing the trade-off. In this theory, it is not only inflationary expectations that can cause stagflation. For example, the steep climb of oil prices during the 1970s could have this result.

Changes in built-in inflation follow the partial-adjustment logic behind most theories of the NAIRU:

  1. Low unemployment encourages high inflation, as with the simple Phillips curve. But if unemployment stays low and inflation stays high for a long time, as in the late 1960s in the U.S., both inflationary expectations and the price/wage spiral accelerate. This shifts the short-run Phillips curve upward and rightward, so that more inflation is seen at any given unemployment rate. (This is with shift B in the diagram.)
  2. High unemployment encourages low inflation, again as with a simple Phillips curve. But if unemployment stays high and inflation stays low for a long time, as in the early 1980s in the U.S., both inflationary expectations and the price/wage spiral slow. This shifts the short-run Phillips curve downward and leftward, so that less inflation is seen at each unemployment rate.

In between these two lies the NAIRU, where the Phillips curve does not have any inherent tendency to shift, so that the inflation rate is stable. However, there seems to be a range in the middle between “high” and “low” where built-in inflation stays stable. The ends of this “non-accelerating inflation range of unemployment rates” change over time.

Joke article

In 2008, Gregor Smith published a joke article in the prestigious Journal of Money, Credit and Banking titled “Japan’s Phillips Curve Looks Like Japan”. This article points out the uncanny resemblance between Japan’s Phillips curve and the country’s geographic shape.[22]

See also

References

  1. ^ Jump up to:a b c Chang, R. (1997) “Is Low Unemployment Inflationary?” Federal Reserve Bank of Atlanta Economic Review 1Q97:4-13
  2. Jump up^ Friedman, Milton (1968). “The role of monetary policy”. American Economic Review. 68 (1): 1–17. JSTOR 1831652.
  3. ^ Jump up to:a b Phelan, John (23 October 2012). “Milton Friedman and the rise and fall of the Phillips Curve”. thecommentator.com. Retrieved September 29, 2014.
  4. Jump up^ “Phillips Curve: The Concise Encyclopedia of Economics – Library of Economics and Liberty”.
  5. Jump up^ “Velocity of MZM Money Stock”. 22 December 2016.
  6. ^ Jump up to:a b Oliver Hossfeld (2010) “US Money Demand, Monetary Overhang, and Inflation Prediction” International Network for Economic Research working paper no. 2010.4
  7. Jump up^ Phillips, A. W. (1958). “The Relationship between Unemployment and the Rate of Change of Money Wages in the United Kingdom 1861-1957”. Economica. 25 (100): 283–299. doi:10.1111/j.1468-0335.1958.tb00003.x.
  8. ^ Jump up to:a b Samuelson, Paul A.; Solow, Robert M. (1960). “Analytical Aspects of Anti-Inflation Policy”. American Economic Review. 50 (2): 177–194. JSTOR 1815021.
  9. Jump up^ Fisher, Irving (1973). “I discovered the Phillips curve: ‘A statistical relation between unemployment and price changes'”. Journal of Political Economy. The University of Chicago Press. 81 (2): 496–502. doi:10.1086/260048. JSTOR 1830534. Reprinted from 1926 edition of International Labour Review.
  10. Jump up^ Forder, James (2014). Macroeconomics and the Phillips Curve Myth. Oxford University Press. ISBN 978-0-19-968365-9.
  11. Jump up^ Domitrovic, Brain (10 October 2011). “The Economics Nobel Goes to Sargent & Sims: Attackers of the Phillips Curve”. Forbes.com. Retrieved 12 October 2011.
  12. Jump up^ Akerlof, George A.; Dickens, William T.; Perry, George L. (2000). “Near-Rational Wage and Price Setting and the Long-Run Phillips Curve”. Brookings Papers on Economic Activity. 2000 (1): 1–60.
  13. Jump up^ Jacob, Reed (2016). “AP Macroeconomics Review: Phillips Curve”. APEconReview.com.
  14. Jump up^ Blanchard, Olivier (2000). Macroeconomics (Second ed.). Prentice Hall. pp. 149–55. ISBN 0-13-013306-X.
  15. Jump up^ Clarida, Richard; Galí, Jordi; Gertler, Mark (1999). “The science of monetary policy: a New-Keynesian perspective”. Journal of Economic Literature. American Economic Association. 37 (4): 1661–1707. doi:10.1257/jel.37.4.1661. JSTOR 2565488.
  16. Jump up^ Blanchard, Olivier; Galí, Jordi (2007). “Real Wage Rigidities and the New Keynesian Model”. Journal of Money, Credit, and Banking. 39 (s1): 35–65. doi:10.1111/j.1538-4616.2007.00015.x.
  17. Jump up^ Roberts, John M. (1995). “New Keynesian Economics and the Phillips Curve”. Journal of Money, Credit and Banking. 27 (4): 975–984. JSTOR 2077783.
  18. Jump up^ Clarida, Richard; Galí, Jordi; Gertler, Mark (2000). “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”. The Quarterly Journal of Economics. 115 (1): 147–180. doi:10.1162/003355300554692.
  19. Jump up^ Romer, David (2012). “Dynamic Stochastic General Equilibrium Models of Fluctuation”. Advanced Macroeconomics. New York: McGraw-Hill Irwin. pp. 312–364. ISBN 978-0-07-351137-5.
  20. Jump up^ Forder, James (2010). “The historical place of the ‘Friedman-Phelps’ expectations critique”. European Journal of the History of Economic Thought. 17 (3): 493–511. doi:10.1080/09672560903114875.
  21. Jump up^ Galbács, Peter (2015). The Theory of New Classical Macroeconomics. A Positive Critique. Heidelberg/New York/Dordrecht/London: Springer. doi:10.1007/978-3-319-17578-2. ISBN 978-3-319-17578-2.
  22. Jump up^ Smith, Gregor W. (1 September 2008). “Japan’s Phillips Curve Looks Like Japan”. 40 (6): 1325–1326. doi:10.1111/j.1538-4616.2008.00160.x – via Wiley Online Library.

Further reading

External links

https://en.wikipedia.org/wiki/Phillips_curve

Milton Friedman

From Wikipedia, the free encyclopedia
  (Redirected from Milton friedman)
Milton Friedman
Portrait of Milton Friedman.jpg

Friedman in 2004
Born July 31, 1912
Brooklyn, New York, U.S.
Died November 16, 2006 (aged 94)
San Francisco, California, U.S.
Nationality American
Spouse(s) Rose Friedman
Institution
School or
tradition
Chicago School
Alma mater
Doctoral
advisor
Simon Kuznets
Doctoral
students
Phillip Cagan
Harry Markowitz
Lester G. Telser[1]
David I. Meiselman
Neil Wallace
Miguel Sidrauski
Influences
Influenced
Contributions
Awards
Information at IDEAS / RePEc
Signature
Milton friedman signature.svg
Notes

Milton Friedman (July 31, 1912 – November 16, 2006) was an American economist who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy.[4] With George Stigler and others, Friedman was among the intellectual leaders of the second generation of Chicago price theory, a methodological movement at the University of Chicago’s Department of Economics, Law School, and Graduate School of Business from the 1940s onward. Several students and young professors that were recruited or mentored by Friedman at Chicago went on to become leading economists; they include Gary Becker, Robert Fogel, Thomas Sowell,[5] and Robert Lucas, Jr.[6]

Friedman’s challenges to what he later called “naive Keynesian” theory[7] began with his 1950s reinterpretation of the consumption function. In the 1960s, he became the main advocate opposing Keynesian government policies,[8] and described his approach (along with mainstream economics) as using “Keynesian language and apparatus” yet rejecting its “initial” conclusions.[9] He theorized that there existed a “natural” rate of unemployment, and argued that employment above this rate would cause inflation to accelerate.[10] He argued that the Phillips curve was, in the long run, vertical at the “natural rate” and predicted what would come to be known as stagflation.[11] Friedman promoted an alternative macroeconomic viewpoint known as “monetarism“, and argued that a steady, small expansion of the money supply was the preferred policy.[12] His ideas concerning monetary policy, taxation, privatization and deregulation influenced government policies, especially during the 1980s. His monetary theory influenced the Federal Reserve’s response to the global financial crisis of 2007–08.[13]

Friedman was an advisor to Republican U.S. President Ronald Reagan[14] and Conservative British Prime Minister Margaret Thatcher.[15] His political philosophy extolled the virtues of a free market economic system with minimal intervention. He once stated that his role in eliminating U.S. conscription was his proudest accomplishment. In his 1962 book Capitalism and Freedom, Friedman advocated policies such as a volunteer military, freely floating exchange rates, abolition of medical licenses, a negative income tax, and school vouchers.[16] His support for school choice led him to found the Friedman Foundation for Educational Choice, later renamed EdChoice.[17]

Milton Friedman’s works include many monographs, books, scholarly articles, papers, magazine columns, television programs, and lectures, and cover a broad range of economic topics and public policy issues. His books and essays have had an international influence, including in former communist states.[18][19][20][21] A survey of economists ranked Friedman as the second-most popular economist of the twentieth century after John Maynard Keynes,[22] and The Economist described him as “the most influential economist of the second half of the 20th century … possibly of all of it”.[23]

Contents

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Early life

Friedman was born in Brooklyn, New York on July 31, 1912. His parents, Sára Ethel (née Landau) and Jenő Saul Friedman,[24] were Jewish immigrants from Beregszász in Carpathian Ruthenia, Kingdom of Hungary (now Berehove in Ukraine). They both worked as dry goods merchants. Shortly after Milton’s birth, the family relocated to Rahway, New Jersey. In his early teens, Friedman was injured in a car accident, which scarred his upper lip.[25] A talented student, Friedman graduated from Rahway High School in 1928, just before his 16th birthday.[26][27]

In 1932, Friedman graduated from Rutgers University, where he specialized in mathematics and economics and initially intended to become an actuary. During his time at Rutgers, Friedman became influenced by two economics professors, Arthur F. Burns and Homer Jones, who convinced him that modern economics could help end the Great Depression.

After graduating from Rutgers, Friedman was offered two scholarships to do graduate work—one in mathematics at Brown University and the other in economics at the University of Chicago.[28] Friedman chose the latter, thus earning a Master of Arts degree in 1933. He was strongly influenced by Jacob Viner, Frank Knight, and Henry Simons. It was at Chicago that Friedman met his future wife, economist Rose Director. During the 1933–1934 academic year he had a fellowship at Columbia University, where he studied statistics with renowned statistician and economist Harold Hotelling. He was back in Chicago for the 1934–1935 academic year, working as a research assistant for Henry Schultz, who was then working on Theory and Measurement of Demand. That year, Friedman formed what would prove to be lifelong friendships with George Stigler and W. Allen Wallis.[29]

Public service

Friedman was initially unable to find academic employment, so in 1935 he followed his friend W. Allen Wallis to Washington, where Franklin D. Roosevelt‘s New Deal was “a lifesaver” for many young economists.[30] At this stage, Friedman said that he and his wife “regarded the job-creation programs such as the WPA, CCC, and PWA appropriate responses to the critical situation,” but not “the price- and wage-fixing measures of the National Recovery Administration and the Agricultural Adjustment Administration.”[31] Foreshadowing his later ideas, he believed price controls interfered with an essential signaling mechanism to help resources be used where they were most valued. Indeed, Friedman later concluded that all government intervention associated with the New Deal was “the wrong cure for the wrong disease,” arguing that the money supply should simply have been expanded, instead of contracted.[32] Later, Friedman and his colleague Anna Schwartz wrote A Monetary History of the United States, 1867–1960, which argued that the Great Depression was caused by a severe monetary contraction due to banking crises and poor policy on the part of the Federal Reserve.[33]

During 1935, he began work for the National Resources Committee, which was then working on a large consumer budget survey. Ideas from this project later became a part of his Theory of the Consumption Function. Friedman began employment with the National Bureau of Economic Research during autumn 1937 to assist Simon Kuznets in his work on professional income. This work resulted in their jointly authored publication Incomes from Independent Professional Practice, which introduced the concepts of permanent and transitory income, a major component of the Permanent Income Hypothesis that Friedman worked out in greater detail in the 1950s. The book hypothesizes that professional licensing artificially restricts the supply of services and raises prices.

During 1940, Friedman was appointed an assistant professor teaching Economics at the University of Wisconsin–Madison, but encountered antisemitism in the Economics department and decided to return to government service.[34][35] From 1941 to 1943 Friedman worked on wartime tax policy for the Federal Government, as an advisor to senior officials of the United States Department of the Treasury. As a Treasury spokesman during 1942 he advocated a Keynesian policy of taxation. He helped to invent the payroll withholding tax system, since the federal government badly needed money in order to fight the war.[36] He later said, “I have no apologies for it, but I really wish we hadn’t found it necessary and I wish there were some way of abolishing withholding now.”[37]

Academic career

Early years

In 1940, Friedman accepted a position at the University of Wisconsin–Madison, but left because of differences with faculty regarding United States involvement in World War II. Friedman believed the United States should enter the war.[38] In 1943, Friedman joined the Division of War Research at Columbia University (headed by W. Allen Wallis and Harold Hotelling), where he spent the rest of World War II working as a mathematical statistician, focusing on problems of weapons design, military tactics, and metallurgical experiments.[38][39]

In 1945, Friedman submitted Incomes from Independent Professional Practice (co-authored with Kuznets and completed during 1940) to Columbia as his doctoral dissertation. The university awarded him a PhD in 1946. Friedman spent the 1945–1946 academic year teaching at the University of Minnesota (where his friend George Stigler was employed). On February 12, 1945, his son, David D. Friedman was born.

University of Chicago

In 1946, Friedman accepted an offer to teach economic theory at the University of Chicago (a position opened by departure of his former professor Jacob Viner to Princeton University). Friedman would work for the University of Chicago for the next 30 years. There he contributed to the establishment of an intellectual community that produced a number of Nobel Prize winners, known collectively as the Chicago school of economics.

At that time, Arthur F. Burns, who was then the head of the National Bureau of Economic Research, asked Friedman to rejoin the Bureau’s staff. He accepted the invitation, and assumed responsibility for the Bureau’s inquiry into the role of money in the business cycle. As a result, he initiated the “Workshop in Money and Banking” (the “Chicago Workshop”), which promoted a revival of monetary studies. During the latter half of the 1940s, Friedman began a collaboration with Anna Schwartz, an economic historian at the Bureau, that would ultimately result in the 1963 publication of a book co-authored by Friedman and Schwartz, A Monetary History of the United States, 1867–1960.

Friedman spent the 1954–1955 academic year as a Fulbright Visiting Fellow at Gonville and Caius College, Cambridge. At the time, the Cambridge economics faculty was divided into a Keynesian majority (including Joan Robinson and Richard Kahn) and an anti-Keynesian minority (headed by Dennis Robertson). Friedman speculated that he was invited to the fellowship, because his views were unacceptable to both of the Cambridge factions. Later his weekly columns for Newsweek magazine (1966–84) were well read and increasingly influential among political and business people.[40] From 1968 to 1978, he and Paul Samuelson participated in the Economics Cassette Series, a biweekly subscription series where the economist would discuss the days’ issues for about a half-hour at a time.[41][42]

Friedman was an economic adviser to Republican presidential candidate Barry Goldwater during 1964.

Personal life

Retirement

In 1977, at the age of 65, Friedman retired from the University of Chicago after teaching there for 30 years. He and his wife moved to San Francisco where he became a visiting scholar at the Federal Reserve Bank of San Francisco. From 1977 on, he was affiliated with the Hoover Institution at Stanford University. During the same year, Friedman was approached by the Free To Choose Network and asked to create a television program presenting his economic and social philosophy.

The Friedmans worked on this project for the next three years, and during 1980, the ten-part series, titled Free to Choose, was broadcast by the Public Broadcasting Service (PBS). The companion book to the series (co-authored by Milton and his wife, Rose Friedman), also titled Free To Choose, was the bestselling nonfiction book of 1980 and has since been translated into 14 foreign languages.

Friedman served as an unofficial adviser to Ronald Reagan during his 1980 presidential campaign, and then served on the President’s Economic Policy Advisory Board for the rest of the Reagan Administration. Ebenstein says Friedman was “the ‘guru’ of the Reagan administration.”[43] In 1988 he received the National Medal of Science and Reagan honored him with the Presidential Medal of Freedom. Milton Friedman is known now as one of the most influential economists of the 20th century.[44][45] Throughout the 1980s and 1990s, Friedman continued to write editorials and appear on television. He made several visits to Eastern Europe and to China, where he also advised governments. He was also for many years a Trustee of the Philadelphia Society.[46][47][48]

Later life

According to a 2007 article in Commentary magazine, his “parents were moderately observant [Jews], but Friedman, after an intense burst of childhood piety, rejected religion altogether.”[49] He described himself as an agnostic.[50] Friedman wrote extensively of his life and experiences, especially in 1998 in his memoirs with his wife Rose, titled Two Lucky People.

Death

Friedman died of heart failure at the age of 94 years in San Francisco on November 16, 2006.[51] He was still a working economist performing original economic research; his last column was published in The Wall Street Journal the day after his death.[52] He was survived by his wife (who died on August 18, 2009) and their two children, David, known for the anarcho-capitalist book The Machinery of Freedom, and Janet.

Scholarly contributions

Economics

Friedman was best known for reviving interest in the money supply as a determinant of the nominal value of output, that is, the quantity theory of money. Monetarism is the set of views associated with modern quantity theory. Its origins can be traced back to the 16th-century School of Salamanca or even further; however, Friedman’s contribution is largely responsible for its modern popularization. He co-authored, with Anna Schwartz, A Monetary History of the United States, 1867–1960 (1963), which was an examination of the role of the money supply and economic activity in the U.S. history. A striking conclusion of their research regarded the way in which money supply fluctuations contribute to economic fluctuations. Several regression studies with David Meiselman during the 1960s suggested the primacy of the money supply over investment and government spending in determining consumption and output. These challenged a prevailing, but largely untested, view on their relative importance. Friedman’s empirical research and some theory supported the conclusion that the short-run effect of a change of the money supply was primarily on output but that the longer-run effect was primarily on the price level.

Friedman was the main proponent of the monetarist school of economics. He maintained that there is a close and stable association between inflation and the money supply, mainly that inflation could be avoided with proper regulation of the monetary base’s growth rate. He famously used the analogy of “dropping money out of a helicopter.”,[53] in order to avoid dealing with money injection mechanisms and other factors that would overcomplicate his models.

Friedman’s arguments were designed to counter the popular concept of cost-push inflation, that the increased general price level at the time was the result of increases in the price of oil, or increases in wages; as he wrote,

Inflation is always and everywhere a monetary phenomenon.

— Milton Friedman, 1963.[54]

Friedman rejected the use of fiscal policy as a tool of demand management; and he held that the government’s role in the guidance of the economy should be restricted severely. Friedman wrote extensively on the Great Depression, which he termed the Great Contraction, arguing that it had been caused by an ordinary financial shock whose duration and seriousness were greatly increased by the subsequent contraction of the money supply caused by the misguided policies of the directors of the Federal Reserve.

The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe. Instead of using its powers to offset the depression, it presided over a decline in the quantity of money by one-third from 1929 to 1933 … Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government.

— Milton Friedman, Two Lucky People, 233[55]

Friedman also argued for the cessation of government intervention in currency markets, thereby spawning an enormous literature on the subject, as well as promoting the practice of freely floating exchange rates. His close friend George Stigler explained, “As is customary in science, he did not win a full victory, in part because research was directed along different lines by the theory of rational expectations, a newer approach developed by Robert Lucas, also at the University of Chicago.”[56] The relationship between Friedman and Lucas, or new classical macroeconomics as a whole, was highly complex. The Friedmanian Phillips curve was an interesting starting point for Lucas, but he soon realized that the solution provided by Friedman was not quite satisfactory. Lucas elaborated a new approach in which rational expectations were presumed instead of the Friedmanian adaptive expectations. Due to this reformulation, the story in which the theory of the new classical Phillips curve was embedded radically changed. This modification, however, had a significant effect on Friedman’s own approach, so, as a result, the theory of the Friedmanian Phillips curve also changed.[57] Moreover, new classical Neil Wallace, who was a graduate student at the University of Chicago between 1960 and 1963, regarded Friedman’s theoretical courses as a mess.[58] This evaluation clearly indicates the broken relationship between Friedmanian monetarism and new classical macroeconomics.

Friedman was also known for his work on the consumption function, the permanent income hypothesis (1957), which Friedman himself referred to as his best scientific work.[59] This work contended that rational consumers would spend a proportional amount of what they perceived to be their permanent income. Windfall gains would mostly be saved. Tax reductions likewise, as rational consumers would predict that taxes would have to increase later to balance public finances. Other important contributions include his critique of the Phillips curve and the concept of the natural rate of unemployment (1968). This critique associated his name, together with that of Edmund Phelps, with the insight that a government that brings about greater inflation cannot permanently reduce unemployment by doing so. Unemployment may be temporarily lower, if the inflation is a surprise, but in the long run unemployment will be determined by the frictions and imperfections of the labor market.

Friedman’s essay “The Methodology of Positive Economics” (1953) provided the epistemological pattern for his own subsequent research and to a degree that of the Chicago School. There he argued that economics as science should be free of value judgments for it to be objective. Moreover, a useful economic theory should be judged not by its descriptive realism but by its simplicity and fruitfulness as an engine of prediction. That is, students should measure the accuracy of its predictions, rather than the ‘soundness of its assumptions’. His argument was part of an ongoing debate among such statisticians as Jerzy Neyman, Leonard Savage, and Ronald Fisher.[60]

Statistics

One of his most famous contributions to statistics is sequential sampling. Friedman did statistical work at the Division of War Research at Columbia, where he and his colleagues came up with the technique. It later became, in the words of The New Palgrave Dictionary of Economics, “the standard analysis of quality control inspection”. The dictionary adds, “Like many of Friedman’s contributions, in retrospect it seems remarkably simple and obvious to apply basic economic ideas to quality control; that however is a measure of his genius.”[61]

Public policy positions

Federal Reserve

Due to its poor performance,[62] Friedman believed that the Federal Reserve Board should be abolished.[63][64] Friedman was deeply critical about Federal Reserve policies, even during the so-called ‘Volcker shock’ that was labelled ‘monetarist.’[65] He further believed that if the money supply was to be centrally controlled (as by the Federal Reserve System) that the preferable way to do it would be with a mechanical system that would keep the quantity of money increasing at a steady rate.

Exchange rates

Friedman was a strong advocate for floating exchange rates throughout the entire Bretton-Woods period. He argued that a flexible exchange rate would make external adjustment possible and allow countries to avoid Balance of Payments crises. He saw fixed exchange rates as an undesirable form of government intervention. The case was articulated in an influential 1953 paper, “The Case for Flexible Exchange Rates”, at a time, when most commentators regarded the possibility of floating exchange rates as a fantasy.[66][67]

School choice

In his 1955 article “The Role of Government in Education”[68] Friedman proposed supplementing publicly operated schools with privately run but publicly funded schools through a system of school vouchers.[69] Reforms similar to those proposed in the article were implemented in, for example, Chile in 1981 and Sweden in 1992.[70] In 1996, Friedman, together with his wife, founded the Friedman Foundation for Educational Choice to advocate school choice and vouchers. In 2016, the Friedman Foundation changed its name to EdChoice to honor the Friedmans’ desire to have the educational choice movement live on without their names attached to it after their deaths.[17]

Conscription

While Walter Oi is credited with establishing the economic basis for a volunteer military, Milton Friedman was a proponent, stating that the draft was “inconsistent with a free society.”[71][72] In Capitalism and Freedom, he argued that conscription is inequitable and arbitrary, preventing young men from shaping their lives as they see fit.[73] During the Nixon administration he headed the committee to research a conversion to paid/volunteer armed force. He would later state that his role in eliminating the conscription in the United States was his proudest accomplishment.[12] Friedman did, however, believe a nation could compel military training as a reserve in case of war time.[73]

Foreign policy

Biographer Lanny Ebenstein noted a drift over time in Friedman’s views from an interventionist to a more cautious foreign policy.[74] He supported US involvement in the Second World War and initially supported a hard line against Communism, but moderated over time.[74] He opposed the Gulf War and the Iraq War.[74] In a spring 2006 interview, Friedman said that the USA’s stature in the world had been eroded by the Iraq War, but that it might be improved if Iraq were to become a peaceful independent country.[75]

Libertarianism and the Republican Party

He served as a member of President Reagan’s Economic Policy Advisory Board starting at 1981. In 1988, he received the Presidential Medal of Freedom and the National Medal of Science. He said that he was a libertarian philosophically, but a member of the U.S. Republican Party for the sake of “expediency” (“I am a libertarian with a small ‘l’ and a Republican with a capital ‘R.’ And I am a Republican with a capital ‘R’ on grounds of expediency, not on principle.”) But, he said, “I think the term classical liberal is also equally applicable. I don’t really care very much what I’m called. I’m much more interested in having people thinking about the ideas, rather than the person.”[76]

Public goods and monopoly

Friedman was supportive of the state provision of some public goods that private businesses are not considered as being able to provide. However, he argued that many of the services performed by government could be performed better by the private sector. Above all, if some public goods are provided by the state, he believed that they should not be a legal monopoly where private competition is prohibited; for example, he wrote:

There is no way to justify our present public monopoly of the post office. It may be argued that the carrying of mail is a technical monopoly and that a government monopoly is the least of evils. Along these lines, one could perhaps justify a government post office, but not the present law, which makes it illegal for anybody else to carry the mail. If the delivery of mail is a technical monopoly, no one else will be able to succeed in competition with the government. If it is not, there is no reason why the government should be engaged in it. The only way to find out is to leave other people free to enter.

— Milton Friedman, Friedman, Milton & Rose D. Capitalism and Freedom, University of Chicago Press, 1982, p. 29

Social security, welfare programs, and negative income tax

After 1960 Friedman attacked Social Security from a free market view stating that it had created welfare dependency.[77]

Friedman proposed that if there had to be a welfare system of any kind, he would replace the existing U.S. welfare system with a negative income tax, a progressive tax system in which the poor receive a basic living income from the government.[78] According to the New York Times, Friedman’s views in this regard were grounded in a belief that while “market forces … accomplish wonderful things”, they “cannot ensure a distribution of income that enables all citizens to meet basic economic needs”.[78]

Drug policy

Friedman also supported libertarian policies such as legalization of drugs and prostitution. During 2005, Friedman and more than 500 other economists advocated discussions regarding the economic benefits of the legalization of marijuana.[79]

Gay rights

Friedman was also a supporter of gay rights.[80][81] He never specifically supported same-sex marriage, instead saying “I do not believe there should be any discrimination against gays.”[81]

Economic freedom

Michael Walker of the Fraser Institute and Friedman hosted a series of conferences from 1986 to 1994. The goal was to create a clear definition of economic freedom and a method for measuring it. Eventually this resulted in the first report on worldwide economic freedom, Economic Freedom in the World.[82] This annual report has since provided data for numerous peer-reviewed studies and has influenced policy in several nations.

Along with sixteen other distinguished economists he opposed the Copyright Term Extension Act and filed an amicus brief in Eldred v. Ashcroft.[83] He supported the inclusion of the word “no-brainer” in the brief.[84]

Friedman argued for stronger basic legal (constitutional) protection of economic rights and freedoms to further promote industrial-commercial growth and prosperity and buttress democracy and freedom and the rule of law generally in society.[85]

Honors, recognition, and influence

George H. Nash, a leading historian of American conservatism, says that by, “the end of the 1960s he was probably the most highly regarded and influential conservative scholar in the country, and one of the few with an international reputation.”[86] Friedman allowed the libertarian Cato Institute to use his name for its biannual Milton Friedman Prize for Advancing Liberty beginning in 2001. A Friedman Prize was given to the late British economist Peter Bauer in 2002, Peruvian economist Hernando de Soto in 2004, Mart Laar, former Estonian Prime Minister in 2006 and a young Venezuelan student Yon Goicoechea in 2008. His wife Rose, sister of Aaron Director, with whom he initiated the Friedman Foundation for Educational Choice, served on the international selection committee.[87][88] Friedman was also a recipient of the Nobel Prize in Economics.

Upon Friedman’s death, Harvard President Lawrence Summers called him “The Great Liberator” saying “… any honest Democrat will admit that we are now all Friedmanites.” He said Friedman’s great popular contribution was “in convincing people of the importance of allowing free markets to operate.”[89]

In 2013 Stephen Moore, a member of the editorial forward of the Wall Street Journal said, “Quoting the most-revered champion of free-market economics since Adam Smith has become a little like quoting the Bible.” He adds, “There are sometimes multiple and conflicting interpretations.”[90]

Nobel Memorial Prize in Economic Sciences

Friedman won the Nobel Memorial Prize in Economic Sciences, the sole recipient for 1976, “for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilization policy.”[4]

Hong Kong

Friedman once said, “If you want to see capitalism in action, go to Hong Kong.”[91] He wrote in 1990 that the Hong Kong economy was perhaps the best example of a free market economy.[92]

One month before his death, he wrote the article “Hong Kong Wrong – What would Cowperthwaite say?” in the Wall Street Journal, criticizing Donald Tsang, the Chief Executive of Hong Kong, for abandoning “positive noninterventionism.”[93] Tsang later said he was merely changing the slogan to “big market, small government,” where small government is defined as less than 20% of GDP. In a debate between Tsang and his rival, Alan Leong, before the 2007 Chief Executive election, Leong introduced the topic and jokingly accused Tsang of angering Friedman to death.

Chile

Main articles: Miracle of Chile and Chicago Boys

During 1975, two years after the military coup that brought military dictator President Augusto Pinochet to power and ended the government of Salvador Allende, the economy of Chile experienced a severe crisis. Friedman and Arnold Harberger accepted an invitation of a private Chilean foundation to visit Chile and speak on principles of economic freedom.[94] He spent seven days in Chile giving a series of lectures at the Universidad Católica de Chile and the (National) University of Chile. One of the lectures was entitled “The Fragility of Freedom” and according to Friedman, “dealt with precisely the threat to freedom from a centralized military government.”[95]

In an April 21, 1975, letter to Pinochet, Friedman considered the “key economic problems of Chile are clearly … inflation and the promotion of a healthy social market economy“.[96] He stated that “There is only one way to end inflation: by drastically reducing the rate of increase of the quantity of money …” and that “… cutting government spending is by far and away the most desirable way to reduce the fiscal deficit, because it … strengthens the private sector thereby laying the foundations for healthy economic growth”.[96] As to how rapidly inflation should be ended, Friedman felt that “for Chile where inflation is raging at 10–20% a month … gradualism is not feasible. It would involve so painful an operation over so long a period that the patient would not survive.” Choosing “a brief period of higher unemployment…” was the lesser evil.. and that “the experience of Germany, … of Brazil …, of the post-war adjustment in the U.S. … all argue for shock treatment“. In the letter Friedman recommended to deliver the shock approach with “… a package to eliminate the surprise and to relieve acute distress” and “… for definiteness let me sketch the contents of a package proposal … to be taken as illustrative” although his knowledge of Chile was “too limited to enable [him] to be precise or comprehensive”. He listed a “sample proposal” of 8 monetary and fiscal measures including “the removal of as many as obstacles as possible that now hinder the private market. For example, suspend … the present law against discharging employees”. He closed, stating “Such a shock program could end inflation in months”. His letter suggested that cutting spending to reduce the fiscal deficit would result in less transitional unemployment than raising taxes.

Sergio de Castro, a Chilean Chicago School graduate, became the nation’s Minister of Finance in 1975. During his six-year tenure, foreign investment increased, restrictions were placed on striking and labor unions, and GDP rose yearly.[97] A foreign exchange program was created between the Catholic University of Chile and the University of Chicago. Many other Chicago School alumni were appointed government posts during and after the Pinochet years; others taught its economic doctrine at Chilean universities. They became known as the Chicago Boys.[98]

Friedman did not criticize Pinochet’s dictatorship at the time, nor the assassinations, illegal imprisonments, torture, or other atrocities that were well known by then.[99] In 1976 Friedman defended his unofficial adviser position with: “I do not consider it as evil for an economist to render technical economic advice to the Chilean Government, any more than I would regard it as evil for a physician to give technical medical advice to the Chilean Government to help end a medical plague.”[100]

Friedman defended his activity in Chile on the grounds that, in his opinion, the adoption of free market policies not only improved the economic situation of Chile but also contributed to the amelioration of Pinochet’s rule and to the eventual transition to a democratic government during 1990. That idea is included in Capitalism and Freedom, in which he declared that economic freedom is not only desirable in itself but is also a necessary condition for political freedom. In his 1980 documentary Free to Choose, he said the following: “Chile is not a politically free system, and I do not condone the system. But the people there are freer than the people in Communist societies because government plays a smaller role. … The conditions of the people in the past few years has been getting better and not worse. They would be still better to get rid of the junta and to be able to have a free democratic system.”[101][102] In 1984, Friedman stated that he has “never refrained from criticizing the political system in Chile.”[95] In 1991 he said: “I have nothing good to say about the political regime that Pinochet imposed. It was a terrible political regime. The real miracle of Chile is not how well it has done economically; the real miracle of Chile is that a military junta was willing to go against its principles and support a free market regime designed by principled believers in a free market. […] In Chile, the drive for political freedom, that was generated by economic freedom and the resulting economic success, ultimately resulted in a referendum that introduced political democracy. Now, at long last, Chile has all three things: political freedom, human freedom and economic freedom. Chile will continue to be an interesting experiment to watch to see whether it can keep all three or whether, now that it has political freedom,that political freedom will tend to be used to destroy or reduce economic freedom.”[103] He stressed that the lectures he gave in Chile were the same lectures he later gave in China and other socialist states.[104]

During the 2000 PBS documentary The Commanding Heights (based on the book), Friedman continued to argue that “free markets would undermine [Pinochet’s] political centralization and political control.”,[105][106] and that criticism over his role in Chile missed his main contention that freer markets resulted in freer people, and that Chile’s unfree economy had caused the military government. Friedman advocated for free markets which undermined “political centralization and political control”.[107]

Iceland

Friedman visited Iceland during the autumn of 1984, met with important Icelanders and gave a lecture at the University of Iceland on the “tyranny of the status quo.” He participated in a lively television debate on August 31, 1984 with socialist intellectuals, including Ólafur Ragnar Grímsson, who later became the president of Iceland.[108] When they complained that a fee was charged for attending his lecture at the University and that, hitherto, lectures by visiting scholars had been free-of-charge, Friedman replied that previous lectures had not been free-of-charge in a meaningful sense: lectures always have related costs. What mattered was whether attendees or non-attendees covered those costs. Friedman thought that it was fairer that only those who attended paid. In this discussion Friedman also stated that he did not receive any money for delivering that lecture.

Estonia

Although Friedman never visited Estonia, his book Free to Choose exercised a great influence on that nation’s then 32-year-old prime minister, Mart Laar, who has claimed that it was the only book on economics he had read before taking office. Laar’s reforms are often credited with responsibility for transforming Estonia from an impoverished Soviet Republic to the “Baltic Tiger.” A prime element of Laar’s program was introduction of the flat tax. Laar won the 2006 Milton Friedman Prize for Advancing Liberty, awarded by the Cato Institute.[109]

United Kingdom

After 1950 Friedman was frequently invited to lecture in Britain, and by the 1970s his ideas had gained widespread attention in conservative circles. For example, he was a regular speaker at the Institute of Economic Affairs (IEA), a libertarian think tank. Conservative politician Margaret Thatcher closely followed IEA programs and ideas, and met Friedman there in 1978. He also strongly influenced Keith Joseph, who became Thatcher’s senior advisor on economic affairs, as well as Alan Walters and Patrick Minford, two other key advisers. Major newspapers, including the Daily Telegraph, The Times, and The Financial Times all promulgated Friedman’s monetarist ideas to British decision-makers. Friedman’s ideas strongly influenced Thatcher and her allies when she became Prime Minister in 1979.[110][111]

Criticism

Econometrician David Hendry criticized part of Friedman’s and Anna Schwartz’s 1982 Monetary Trends.[112] When asked about it during an interview with Icelandic TV in 1984,[113] Friedman said that the criticism referred to a different problem from that which he and Schwartz had tackled, and hence was irrelevant,[114] and pointed out the lack of consequential peer review amongst econometricians on Hendry’s work.[115] In 2006, Hendry said that Friedman was guilty of “serious errors” of misunderstanding that meant “the t-ratios he reported for UK money demand were overstated by nearly 100 per cent”, and said that, in a paper published in 1991 with Neil Ericsson,[116] he had refuted “almost every empirical claim […] made about UK money demand” by Friedman and Schwartz.[117] A 2004 paper updated and confirmed the validity of the Hendry–Ericsson findings through 2000.[118]

Although Keynesian Nobel laureate Paul Krugman praised Friedman as a “great economist and a great man” after Friedman’s death in 2006, and acknowledged his many, widely accepted contributions to empirical economics, Krugman had been, and remains, a prominent critic of Friedman. Krugman has written that “he slipped all too easily into claiming both that markets always work and that only markets work. It’s extremely hard to find cases in which Friedman acknowledged the possibility that markets could go wrong, or that government intervention could serve a useful purpose.”[119]

In her book The Shock Doctrine, author and social activist Naomi Klein criticized Friedman’s economic liberalism, identifying it with the principles that guided the economic restructuring that followed the military coups in countries such as Chile and Indonesia. Based on their assessments of the extent to which what she describes as neoliberal policies contributed to income disparities and inequality, both Klein and Noam Chomsky have suggested that the primary role of what they describe as neoliberalism was as an ideological cover for capital accumulation by multinational corporations.[120]

Visit to Chile

Because of his involvement with the Pinochet government, there were international protests when Friedman was awarded the Nobel Prize in 1976.[121] Friedman was accused of supporting the military dictatorship in Chile because of the relation of economists of the University of Chicago to Pinochet, and a controversial six-day trip[122] he took to Chile during March 1975 (less than two years after the coup that deposed President Salvador Allende). Friedman answered that he never was an adviser to the dictatorship, but only gave some lectures and seminars on inflation, and met with officials, including Augusto Pinochet, while in Chile.[123]

Chilean economist Orlando Letelier asserted that Pinochet’s dictatorship resorted to oppression because of popular opposition to Chicago School policies in Chile.[124] After a 1991 speech on drug legalisation, Friedman answered a question on his involvement with the Pinochet regime, saying that he was never an advisor to Pinochet (also mentioned in his 1984 Iceland interview[95]), but that a group of his students at the University of Chicago were involved in Chile’s economic reforms. Friedman credited these reforms with high levels of economic growth and with the establishment of democracy that has subsequently occurred in Chile.[125][126] In October 1988, after returning from a lecture tour of China during which he had met with Zhao Ziyang, Friedman wrote to The Stanford Daily asking if he should anticipate a similar “avalanche of protests for having been willing to give advice to so evil a government? And if not, why not?”[127]

Capitalism and Freedom

Capitalism and Freedom is a seminal work by Friedman. In the book, Friedman talks about the need to move to a classically liberal society, that free markets would help nations and individuals in the long-run and fix the efficiency problems currently faced by the United States and other major countries of the 1950s and 1960s. He goes through the chapters specifying a specific issue in each respective chapter from the role of government and money supply to social welfare programs to a special chapter on occupational licensure. Friedman concludes Capitalism and Freedom with his “classical liberal” stance, that government should stay out of matters that do not need and should only involve itself when absolutely necessary for the survival of its people and the country. He recounts how the best of a country’s abilities come from its free markets while its failures come from government intervention.[77]

Selected bibliography

  • A Theory of the Consumption Function (1957)
  • A Program for Monetary Stability (Fordham University Press, 1960) 110 pp. online version
  • Capitalism and Freedom (1962), highly influential series of essays that established Friedman’s position on major issues of public policy excerpts
  • A Monetary History of the United States, 1867–1960, with Anna J. Schwartz, 1963; part 3 reprinted as The Great Contraction
  • “The Role of Monetary Policy.” American Economic Review, Vol. 58, No. 1 (Mar., 1968), pp. 1–17 JSTOR presidential address to American Economics Association
  • “Inflation and Unemployment: Nobel lecture”, 1977, Journal of Political Economy. Vol. 85, pp. 451–72. JSTOR
  • Free to Choose: A personal statement, with Rose Friedman, (1980), highly influential restatement of policy views
  • The Essence of Friedman, essays edited by Kurt R. Leube, (1987) (ISBN 0-8179-8662-6)
  • Two Lucky People: Memoirs (with Rose Friedman) ISBN 0-226-26414-9 (1998) excerpt and text search
  • Milton Friedman on Economics: Selected Papers by Milton Friedman, edited by Gary S. Becker (2008)
  • An Interview with Milton Friedman, John B. Taylor (2001). Macroeconomic Dynamics, 5, pp 101–31

See also

Notes

  1. Jump up^ Ebenstein, Lanny (2007). Milton Friedman: A Biography. Palgrave Macmillan. p. 89.
  2. Jump up^ Charles Moore (2013). Margaret Thatcher: The Authorized Biography, Volume One: Not For Turning. Penguin. pp. 576–77.
  3. Jump up^ Lanny Ebenstein (2007). Milton Friedman: A Biography. St. Martin’s Press. p. 208.
  4. ^ Jump up to:a b “Milton Friedman on nobelprize.org”. Nobel Prize. 1976. Retrieved February 20, 2008.
  5. Jump up^ Thomas Sowell (2016-09-16). A Personal Odyssey. Free Press. p. 320. ISBN 0743215087.
  6. Jump up^ The Chicago School: How the University of Chicago Assembled the Thinkers Who Revolutionized Economics and Business
  7. Jump up^ “Milton Friedman”. Commanding Heights. PBS. October 1, 2000. Retrieved September 19, 2011.
  8. Jump up^ Milton Friedman—Economist as Public Intellectual
  9. Jump up^ Mark Skousen (2009-02-28). The Making of Modern Economics: The Lives and Ideas of the Great Thinkers. M.E. Sharpe. p. 407. ISBN 0-7656-2227-0.
  10. Jump up^ Among macroeconomists, the “natural” rate has been increasingly replaced by James Tobin‘s NAIRU, the non-accelerating inflation rate of unemployment, which is seen as having fewer normative connotations.
  11. Jump up^ Nobel prize winner Paul Krugman stated that, “In 1968 in one of the decisive intellectual achievements of postwar economics, Friedman not only showed why the apparent tradeoff embodied in the idea of the Phillips curve was wrong; he also predicted the emergence of combined inflation and high unemployment … dubbed ‘stagflation.” Paul Krugman, Peddling Prosperity: Economic Sense and Nonsense in an Age of Diminished Expectations (1995) p. 43 online
  12. ^ Jump up to:a b Doherty, Brian (June 1, 1995). “Best of Both Worlds”. Reason Magazine. Retrieved October 24, 2009
  13. Jump up^ Edward Nelson, “Friedman’s Monetary Economics in Practice,” Finance and Economics Discussion Series, Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, April 13, 2011. Nelson stated, “in important respects, the overall monetary and financial policy response to the crisis can be viewed as Friedman’s monetary economics in practice.” and “Friedman’s recommendations for responding to a financial crisis largely lined up with the principal financial and monetary policy measures taken since 2007.” Nelson, “Review,” in Journal of Economic Literature (Dec, 2012) 50#4 pp. 1106–09
  14. Jump up^ Lanny Ebenstein (2007). Milton Friedman: A Biography. St. Martin’s Press. p. 208.
  15. Jump up^ Charles Moore (2013). Margaret Thatcher: The Authorized Biography, Volume One: Not For Turning. Penguin. pp. 576–77.
  16. Jump up^ Milton Friedman (1912–2006)
  17. ^ Jump up to:a b Sullivan, Maureen (July 30, 2016). “Milton Friedman’s Name Disappears From Foundation, But His School-Choice Beliefs Live On”. Forbes. Retrieved 14 September 2016.
  18. Jump up^ “Capitalism and Friedman” (editorial), The Wall Street Journal November 17, 2006
  19. Jump up^ Václav Klaus (January 29, 2007). “Remarks at Milton Friedman Memorial Service”. Retrieved August 22, 2008.
  20. Jump up^ Johan Norberg, Defaming Milton Friedman: Naomi Klein’s disastrous yet popular polemic against the great free market economist, Reason Magazine, Washington, D.C., Oct. 2008
  21. Jump up^ Friedman 1999, p. 506
  22. Jump up^ Davis, William L, Bob Figgins, David Hedengren, and Daniel B. Klein. “Economic Professors’ Favorite Economic Thinkers, Journals, and Blogs”, Econ Journal Watch 8(2): 126–46, May 2011.
  23. Jump up^ “Milton Friedman, a giant among economists”. The Economist. November 23, 2006. Retrieved February 20, 2008.
  24. Jump up^ “Who’s who in American Jewry”. 1980.
  25. Jump up^ Alan O. Ebenstein, Milton Friedman: a biography (2007) p. 10; Milton & Rose Friedman, Two Lucky People. Memoirs, Chicago 1998, p. 22.
  26. Jump up^ Eamonn Butler, Milton Friedman (2011) ch 1
  27. Jump up^ Alan O. Ebenstein, Milton Friedman: a biography (2007) pp. 5–12
  28. Jump up^ “Milton Friedman and his start in economics”. Young America’s Foundation. August 2006. Retrieved March 12, 2012.
  29. Jump up^ Ebenstein, Milton Friedman: a biography (2007) pp. 13–30
  30. Jump up^ Feeney, Mark (November 16, 2006). “Nobel laureate economist Milton Friedman dies at 94”. The Boston Globe. Retrieved February 20, 2008.
  31. Jump up^ Friedman 1999, p. 59
  32. Jump up^ “Right from the Start? What Milton Friedman can teach progressives.” (PDF). J. Bradford DeLong. Retrieved February 20, 2008.
  33. Jump up^ Bernanke 2004, p. 7
  34. Jump up^ Friedman 1999, p. 42
  35. Jump up^ Friedman 1999, pp. 84–85
  36. Jump up^ Milton Friedman; Rose D. Friedman (1999). Two Lucky People: Memoirs. University of Chicago Press. pp. 122–23. ISBN 9780226264158.
  37. Jump up^ Doherty, Brian (June 1995). “Best of Both Worlds”. Reason. Retrieved July 28, 2010.
  38. ^ Jump up to:a b “Milton Friedman Biography – Academy of Achievement”. Achievement.org. Retrieved 2014-04-22.
  39. Jump up^ Philip Mirowski (2002). Machine Dreams: Economics Becomes a Cyborg Science. Cambridge University Press. pp. 202–03. ISBN 9780521775267.
  40. Jump up^ CATO, “Letter from Washington,” National Review, September 19, 1980, Vol. 32 Issue 19, p. 1119
  41. Jump up^ Rose and Milton Friedman
  42. Jump up^ Inventory of the Paul A. Samuelson Papers, 1933–2010 and undated | Finding Aids | Rubenstein Library
  43. Jump up^ Ebenstein (2007). Milton Friedman: A Biography. p. 208.
  44. Jump up^ “Milton Friedman: An enduring legacy”. The Economist. November 17, 2006. Retrieved February 20, 2008.
  45. Jump up^ Sullivan, Patricia (November 17, 2006). “Economist Touted Laissez-Faire Policy”. The Washington Post. Retrieved February 20, 2008.
  46. Jump up^ Milton Friedman – Biography | Cato Institute
  47. Jump up^ Trustees
  48. Jump up^ Milton Friedman
  49. Jump up^ Lanny Ebenstein, Milton Friedman, Commentary, May 2007, p. 286.
  50. Jump up^ Asman, David (November 16, 2006). “‘Your World’ Interview With Economist Milton Friedman”. Fox News. Retrieved August 2, 2011.
  51. Jump up^ Christie, Jim (November 16, 2006). “Free market economist Milton Friedman dead at 94”. Reuters. Retrieved February 20, 2008.
  52. Jump up^ Peter Robinson (2008-10-17). “What Would Milton Friedman Say?”. forbes.com. Retrieved 2014-12-13.
  53. Jump up^ Optimum Quantity of Money. Aldine Publishing Company. 1969. p. 4.
  54. Jump up^ Friedman, Milton. Inflation: Causes and Consequences. New York: Asia Publishing House.
  55. Jump up^ “Milton Friedman: END THE FED”. Themoneymasters.com. Retrieved 2014-04-22.
  56. Jump up^ Friedman, Milton (1969). Memoirs of an Unregulated Economist. Aldine Publishing Company. p. 4.
  57. Jump up^ Galbács, Peter (2015). The Theory of New Classical Macroeconomics. A Positive Critique. Heidelberg/New York/Dordrecht/London: Springer. doi:10.1007/978-3-319-17578-2. ISBN 978-3-319-17578-2.
  58. Jump up^ Kevin Hoover; Warren Young (2011). Rational Expectations – Retrospect and Prospect (PDF). Durham: Center for the History of Political Economy at Duke University.
  59. Jump up^ “Charlie Rose Show”. December 26, 2005. Missing or empty |series= (help)
  60. Jump up^ David Teira, “Milton Friedman, the Statistical Methodologist,” History of Political Economy (2007) 39#3 pp. 511–27,
  61. Jump up^ The Life and Times of Milton Friedman – Remembering the 20th century’s most influential libertarian
  62. Jump up^ https://www.youtube.com/watch?v=m6fkdagNrjI “There in no institution in the US that has such a high public standing and such a poor record of performance” “It’s done more harm than good”
  63. Jump up^ “My first preference would be to abolish the Federal Reserve” on YouTube
  64. Jump up^ https://www.youtube.com/watch?v=m6fkdagNrjI “I have long been in favor of abolishing it.”
  65. Jump up^ Reichart Alexandre & Abdelkader Slifi (2016). ‘The Influence of Monetarism on Federal Reserve Policy during the 1980s.’ Cahiers d’économie Politique/Papers in Political Economy, (1), pp. 107–50. https://www.cairn.info/revue-cahiers-d-economie-politique-2016-1-page-107.htm
  66. Jump up^ [1]
  67. Jump up^ [2]
  68. Jump up^ Friedman, Milton (1955). Solo, Robert A., ed. “The Role of Government in Education,” as printed in the book Economics and the Public Interest (PDF). Rutgers University Press. pp. 123–144.
  69. Jump up^ Leonard Ross and Richard Zeckhauser (December 1970). “Review: Education Vouchers”. The Yale Law Journal. 80 (2): 451–61. doi:10.2307/795126. JSTOR 795126.
  70. Jump up^ Martin Carnoy (August 1998). “National Voucher Plans in Chile and Sweden: Did Privatization Reforms Make for Better Education?”. Comparative Education Review. 42 (3): 309–37. doi:10.1086/447510. JSTOR 1189163.
  71. Jump up^ Milton Friedman (1991). The War on Drugs. America’s Drug Forum.
  72. Jump up^ Rostker, Bernard (2006). I Want You!: The Evolution of the All-Volunteer Force. Rand Corporation. p. 4. ISBN 978-0-8330-3895-1.
  73. ^ Jump up to:a b Friedman, Milton (November 15, 2002). Capitalism and Freedom. University Of Chicago Press. p. 36.
  74. ^ Jump up to:a b c Ebenstein, Lanny (2007). Milton Friedman: a biography. New York: St. Martin’s Press. pp. 231–32. ISBN 978-0-230-60409-4.
  75. Jump up^ Ebenstein, Lanny (2007). Milton Friedman: a biography. New York: St. Martin’s Press. p. 243. ISBN 978-0-230-60409-4.
  76. Jump up^ Friedman and Freedom. Queen’s Journal. Archived from the original on August 11, 2006. Retrieved February 20, 2008., Interview with Peter Jaworski. The Journal, Queen’s University, March 15, 2002 – Issue 37, Volume 129
  77. ^ Jump up to:a b Milton Friedman; Rose D. Friedman (1962). Capitalism and Freedom: Fortieth Anniversary Edition. U. of Chicago Press. ISBN 9780226264189.
  78. ^ Jump up to:a b Frank, Robert H (2006-11-23). “The Other Milton Friedman: A Conservative With a Social Welfare Program”. New York Times. The New York Times.
  79. Jump up^ “An open letter”. Prohibition Costs. Retrieved November 9, 2012.
  80. Jump up^ “Milton Friedman”. Liberal Democratic Party (Australia). Retrieved February 19, 2013.
  81. ^ Jump up to:a b Alan O. Ebenstein, Milton Friedman: A Biography (2007) p. 228
  82. Jump up^ “Economic Freedom of the World project”. Fraser Institute. Retrieved 16 February 2016.
  83. Jump up^ “In the Supreme Court of the United States” (PDF). Harvard Law School. Retrieved February 20, 2008.
  84. Jump up^ Lessig, Lawrence (November 19, 2006). “only if the word ‘no-brainer’ appears in it somewhere: RIP Milton Friedman (Lessig Blog)”. Lessig.org. Retrieved April 2, 2013.
  85. Jump up^ “A New British Bill of Rights: The Case For”. ISR Online Guide. Retrieved 16 February 2016.
  86. Jump up^ Lanny Ebenstein (2007). Milton Friedman: A Biography. Palgrave Macmillan. p. 260.
  87. Jump up^ Selection Committee Announced for the 2008 Milton Friedman Prize for Advancing Liberty,” Cato Institute, September 5, 2007. Accessed 4 January 2014.
  88. Jump up^ Milton Friedman Prize page at Cato Institute website. Accessed 5 January 2014.
  89. Jump up^ Summers, Larry (November 19, 2006). “The Great Liberator”. The New York Times.
  90. Jump up^ Stephen Moore, What Would Milton Friedman Say?” Wall Street Journal, May 30, 2013 p. A13
  91. Jump up^ Ingdahl, Waldemar (March 22, 2007). “Real Virtuality”. The American. Retrieved February 20, 2008.
  92. Jump up^ Friedman, Milton; Friedman, Rose (1990). Free to Choose: A Personal Statement. Harvest Books. p. 34. ISBN 0-15-633460-7.
  93. Jump up^ Friedman, Milton (October 6, 2006). “Dr. Milton Friedman”. Opinion Journal. Retrieved February 20, 2008.
  94. Jump up^ Letter from Arnold Harberger to Stig Ramel as reprinted in the Wall Street Journal 12/10/1976, and in Two Lucky People: Memoirs By Milton Friedman, Rose D. Friedman. Appendix A, pp. 598–99. Accessible at books.google.com
  95. ^ Jump up to:a b c Milton Friedman (August 31, 1984). Iceland Television Debate (Flash Video) (Television production). Reykjavík: Icelandic State Television. Event occurs at 009:48:00. Retrieved June 27, 2010.
  96. ^ Jump up to:a b [http:// Two Lucky People: Memoirs By Milton Friedman, Rose D. Friedman. Appendix A, pp. 591–93. Letter from Friedman to Pinochet, April 21, 1975.]
  97. Jump up^ Mask II, William Ray (May 2013). The Great Chilean Recovery: Assigning Responsibility For The Chilean Miracle(s) (Thesis). California State University, Fresno.
  98. Jump up^ “Chile and the “Chicago Boys””. The Hoover Institution. Stanford University. Retrieved 20 June 2014.
  99. Jump up^ O’Shaughnessy, Hugh (December 11, 2006). “General Augusto Pinochet”. The Independent. Retrieved February 20, 2008.
  100. Jump up^ Newsweek of June 14, 1976
  101. Jump up^ “Free to Choose Vol. 5”. Archived from the original on February 9, 2008. Retrieved February 20, 2008.
  102. Jump up^ Frances Fox Piven vs. Milton Friedman, Thomas Sowell, debate, 1980, YouTube.
  103. Jump up^ The Smith Center: Milton Friedman’s lecture, “Economic Freedom, Human Freedom, Political Freedom”, by Milton Friedman, delivered November 1, 1991.
  104. Jump up^ Friedman 1999, pp. 600–01
  105. Jump up^ “Interview with Jeffery Sachs on the “Miracle of Chile””. PBS. Retrieved February 20, 2008.
  106. Jump up^ “Commanding Heights: Milton Friedman”. PBS. Retrieved December 29, 2008.
  107. Jump up^ “Milton Friedman interview”. PBS. Retrieved February 20, 2008.
  108. Jump up^ Friedman, Milton; Grímsson, Ólafur Ragnar. Milton Friedman on Icelandic State Television in 1984.
  109. Jump up^ “Mart Laar”. Cato Institute. Retrieved February 20, 2008.
  110. Jump up^ John F. Lyons (2013). America in the British Imagination: 1945 to the Present. Palgrave Macmillan. p. 102.
  111. Jump up^ Subroto Roy & John Clarke, eds., Margaret Thatcher’s Revolution: How it Happened and What it Meant (Continuum 2005)
  112. Jump up^ David F. Hendry; Neil R. Ericsson (October 1983). “Assertion without Empirical Basis: An Econometric Appraisal of ‘Monetary Trends in … the United Kingdom’ by Milton Friedman and Anna Schwartz,” in Monetary Trends in the United Kingdom, Bank of England Panel of Academic Consultants, Panel Paper No. 22, pp. 45–101.See also Federal Reserve International Finance Discussion Paper No. 270 (December 1985), which is a revised and shortened version of Hendry–Ericsson 1983.
  113. Jump up^ “M.Friedman – Iceland TV (1984)”. YouTube. Retrieved 16 February 2016.
  114. Jump up^ van Steven Moore, CMA (1984-08-31). “Milton Friedman – Iceland 2 of 8”. YouTube. Retrieved 2014-04-22.
  115. Jump up^ J. Daniel Hammond (2005). Theory and Measurement: Causality Issues in Milton Friedman’s Monetary Economics. Cambridge U.P. pp. 193–99.
  116. Jump up^ David F. Hendry; Neil R. Ericsson (July 1989). “An Econometric Analysis of UK Money Demand in Monetary Trends in the United States and the United Kingdom by Milton Friedman and Anna J. Schwartz” (PDF). International Finance Discussion Papers: 355. Federal Reserve. Retrieved 2 August 2013.
  117. Jump up^ Hendry, David F. (25 April 2013). “Friedman’s t-ratios were overstated by nearly 100%”. ft.com. Retrieved 1 May 2013.
  118. Jump up^ Escribano, Alvaro (2004). “Nonlinear error correction: The case of money demand in the United Kingdom (1878–2000)” (PDF). Macroeconomic Dynamics. 8 (1): 76–116. doi:10.1017/S1365100503030013.
    Escribano’s approach had already been recognized by Friedman, Schwartz, Hendry et al. (p. 14 of the pdf) as yielding significant improvements over previous money demand equations.
  119. Jump up^ The New York Review of Books, Who Was Milton Friedman?, February 15, 2007
  120. Jump up^ Noam Chomsky (1999). Profit Over People: Neoliberalism and Global Order. New York, NY: Seven Stories Press.
  121. Jump up^ Feldman, Burton (2000). “Chapter 9: The Economics Memorial Prize”. The Nobel Prize: A History of Genius, Controversy, and Prestige. New York: Arcade Publishing. p. 350. ISBN 1-55970-537-X.
  122. Jump up^ O’Shaughnessy, Hugh (11 December 2006). “General Augusto Pinochet”. The Independent.
  123. Jump up^ Friedman, Milton; Friedman, Rose D. “Two Lucky People: One Week in Stockholm”. Hoover Digest: Research and Opinion on Public Policy. 1998 (4).
  124. Jump up^ Orlando Letelier, “Economic Freedom’s Awful Toll”, The Nation, August 28, 1976.
  125. Jump up^ The Drug War as a Socialist Enterprise, Milton Friedman, From: Friedman & Szasz on Liberty and Drugs, edited and with a Preface by Arnold S. Trebach and Kevin B. Zeese. Washington, D.C.: The Drug Policy Foundation, 1992.
  126. Jump up^ YouTube clip: Milton Friedman – Pinochet and Chile
  127. Jump up^ Friedman, Milton; Friedman, Rose D. Two Lucky People: Memoirs. University of Chicago Press. ISBN 9780226264158. Retrieved 18 October 2016.

References

  • Bernanke, Ben (2004). Essays on the Great Depression. Princeton University Press. ISBN 0-691-11820-5
  • Butler, Eamonn (2011). Milton Friedman. Harriman Economic Essentials.
  • Ebenstein, Alan O. (2007). Milton Friedman: a biography.
  • Friedman, Milton (1999). Two Lucky People: Memoirs. University of Chicago Press. ISBN 0-226-26415-7.
  • Wood, John Cunningham, and Ronald N. Wood, ed. (1990), Milton Friedman: Critical Assessments, v. 3. Scroll to chapter-preview links. Routledge.

Further reading

External links

Free to Choose (original series) https://www.youtube.com/watch?v=f1Fj5tzuYBE

Videos

Robert Mundell

From Wikipedia, the free encyclopedia
Robert Mundell
Rmundell.jpg
Born October 24, 1932 (age 84)
Kingston, Ontario, Canada
Nationality Canadian
Institution Johns Hopkins University (1959–61, 1997–98, 2000–01)
University of Chicago (1965–72)
Graduate Institute of International Studies in Geneva, Switzerland (1965–75) [1]
University of Waterloo (1972–74)
McGill University (1989–1990)[2]
Columbia University (1974 – present)
Chinese University of Hong Kong (2009 – present)
Field Monetary economics
School or
tradition
Supply-side economics
Alma mater London School of Economics
UBC Vancouver School of Economics
University of Washington
Massachusetts Institute of Technology
University of Waterloo
Doctoral
advisor
Charles Kindleberger[3]
Doctoral
students
Jacob A. Frenkel
Rudi Dornbusch[4]
Carmen Reinhart[5]
Influences Ludwig Von Mises
Influenced Arthur Laffer
Jude Wanniski
Michael Mussa
Contributions Mundell–Fleming model
Optimum currency areas
Research on the gold standard
Awards Nobel Memorial Prize in Economics (1999)
Information at IDEAS / RePEc

Robert Alexander Mundell, CC (born October 24, 1932) is a Nobel Prize-winning Canadian economist. Currently, he is a professor of economics at Columbia University and the Chinese University of Hong Kong.

He received the Nobel Memorial Prize in Economics in 1999 for his pioneering work in monetary dynamics and optimum currency areas. Mundell is known as the “father”[6] of the Euro, as he laid the groundwork for its introduction through this work and helped to start the movement known as supply-side economics. Mundell is also known for the Mundell–Fleming model and Mundell–Tobin effect.

Background

Mundell was born in Kingston, Ontario, Canada. He earned his BA in Economics at the University of British Columbia in Vancouver, Canada, and his MA at the University of Washington in Seattle. After studying at the University of British Columbia and at The London School of Economics in 1956,[7] he then attended the Massachusetts Institute of Technology (MIT), where he obtained his PhD in Economics in 1956. In 2006 Mundell earned an honorary Doctor of Laws degree from the University of Waterloo in Canada.[8] He was Professor of Economics and Editor of the Journal of Political Economy at the University of Chicago from 1965 to 1972, Chairman of the Department of Economics at the University of Waterloo 1972 to 1974 and since 1974 he was Professor of Economics at Columbia University.[9] He also held the post of Repap Professor of Economics at McGill University.[10][11]

Career

Since 1974 he has been a professor in the Economics department at Columbia University; since 2001 he has held Columbia’s highest academic rank – University Professor. After completing his post-doctoral fellowship at the University of Chicago in 1957, he began teaching economics at Stanford University, and then Paul H. Nitze School of Advanced International Studies at Johns Hopkins University during 1959–1961.[2] In 1961, he went on to staff the International Monetary Fund. Mundell returned to academics as professor of economics at the University of Chicago from 1966 to 1971, and then served as professor during summers at the Graduate Institute of International Studies in Geneva until 1975. In 1989, he was appointed to the post of Repap Professor of Economics at McGill University.,[10][11] In the 1970s, he laid the groundwork for the introduction of the euro through his pioneering work in monetary dynamics and optimum currency forms for which he won the 1999 Nobel Prize in Economics. During this time he continued to serve as an economic adviser to the United Nations, the IMF, the World Bank, the European Commission, the Federal Reserve Board, the United States Department of Treasury and the governments of Canada and other countries. He is currently the Distinguished Professor-at-Large of The Chinese University of Hong Kong.

Among his major contributions are:

Awards

Mundell was awarded the Guggenheim Fellowship in 1971 and the Nobel Memorial Prize in Economics in 1999. In 2002 he was made a Companion of the Order of Canada.

In 1992, Mundell received the Docteur Honoris Causa from the University of Paris. Mundell’s honorary professorships and fellowships were from Brookings Institution, the University of Chicago, the University of Southern California, McGill University, the University of Pennsylvania, the Bologna Center and Renmin University of China. He became a fellow of the American Academy of Arts and Sciences in 1998. In June 2005 he was awarded the Global Economics Prize World Economics Institute in Kiel, Germany and in September 2005 he was made a Cavaliere di Gran Croce del Reale Ordine del Merito sotto il Titolo di San Ludovico by Principe Don Carlo Ugo di Borbone Parma.

The Mundell International University of Entrepreneurship in the Zhongguancun district of Beijing, People’s Republic of China is named in his honor.

International monetary flows

Mundell is best known in politics for his support of tax cuts and supply-side economics; however, in economics it is for his work on currency areas[12] and international exchange rates[13] that he was awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel by the Bank of Sweden (Sveriges Riksbank). Nevertheless, supply-side economics featured prominently in his Bank of Sweden prize speech.

In the 1960s, Canada, of which Mundell is a native, floated its exchange: this caused Mundell to begin investigating the results of floating exchange rates, a phenomenon not widely seen since the 1930s “Stockholm School” successfully lobbied Sweden to leave the gold standard.

In 1962, along with Marcus Fleming, he co-authored the Mundell–Fleming model of exchange rates, and noted that it was impossible to have domestic autonomy, fixed exchange rates, and free capital flows: no more than two of those objectives could be met. The model is, in effect, an extension of the IS/LM model applied to currency rates.

According to Mundell’s analysis:

  • Discipline under the Bretton Woods system was more due to the US Federal Reserve than to the discipline of gold.
  • Demand side fiscal policy would be ineffective in restraining central banks under a floating exchange rate system.
  • Single currency zones relied, therefore, on similar levels of price stability, where a single monetary policy would suffice for all.

His analysis led to his conclusion that it was a disagreement between Europe and the United States over the rate of inflation, partially to finance the Vietnam War, and that Bretton Woods disintegrated because of the undervaluing of gold and the consequent monetary discipline breakdown. There is a famous point/counterpoint over this issue between Mundell and Milton Friedman.[14]

This work later led to the creation of the euro and his prediction that leaving the Bretton Woods system would lead to “stagflation” so long as highly progressive income tax rates applied. In 1974, he advocated a drastic tax reduction and a flattening of income tax rates.

Mundell, though lionized by some conservatives, has many of his harshest critics from the right: he denies the need for a fixed gold based currency or currency board[citation needed] (he still often recommends this as a policy in hyperinflationary environments) and he is both a fiscal and balance of payments deficit hawk. He is well known for stating that in a floating exchange rate system, expansion of the money supply can come about only by a positive balance of payments.

In 2000, he predicted that before 2010, the euro zone would expand to cover 50 countries, while the dollar would spread throughout Latin America, and much of Asia would look towards the yen.[15] Such predictions have proved highly inaccurate.

Nobel Prize winner

Mundell won the Nobel Memorial Prize in Economic Science in 1999 and gave as his prize lecture a speech titled “A Reconsideration of the Twentieth Century”. According to the Nobel Prize Committee, he got the honor for “his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas”.

Mundell concluded in that lecture that “the international monetary system depends only on the power configuration of the countries that make it up”. He divided the entire twentieth century into three parts by different periods of time:

  • The first third of the century, from its beginning to the Great Depression of the 1930s, economics was dominated by the confrontation of the Federal Reserve System with the gold standard.
  • The second third of the century was from World War II to 1973, when the international monetary system was dominated by fixing the price of gold with the US dollar.
  • The last third of the century started with the destruction of the old monetary system due to the problem of inflation.

With the destruction of the old monetary system, a new international monetary system was finally founded. Controlling inflation by each country became a main topic during this era.

Television appearances

Mundell has appeared on CBS‘s Late Show with David Letterman. His first appearance was on October 17, 2002[16] where he gave The Top 10 List on “Ways My Life has Changed Since Winning the Nobel Prize.” In March 2004[17] he told “You might be a redneck” jokes followed in May 2004[18] with “Yo Mama” jokes. In September 2004[19] he appeared again, this time to read excerpts from Paris Hilton‘s memoir at random moments throughout the show. In November 2005[20] he told a series of Rodney Dangerfield‘s jokes. On February 7, 2006[21] he read Grammy Award nominated song lyrics, the night before CBS aired the 48th Grammy Awards.

Mundell also appeared on Bloomberg Television many times.

Mundell has also appeared on China Central Television‘s popular Lecture Room series. Professor Mundell was also a special guest making the ceremonial first move in Game Five of the 2010 World Chess Championship between Viswanathan Anand and Veselin Topalov.

Mundell started the Pearl Spring Chess Tournament, a double round robin tournament with six players. The first tournament in 2008 was won by the Bulgarian, Veselin Topalov. The next two: 2009–2010 was won by the Norwegian, Magnus Carlsen.

See also

References

  1. Jump up^ http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1999/mundell-bio.html
  2. ^ Jump up to:a b Nobel Prize Winners from Johns Hopkins University
  3. Jump up^ Essays in the theory of international capital movementspage 3. Retrieved September 12, 2016.
  4. Jump up^ RUDI DORNBUSCH by Stanley Fischer – Project Syndicate
  5. Jump up^ Warsh, David (November 1, 2009). “What The Woman Lived”. Economic Principals. Retrieved October 17, 2016.
  6. Jump up^ “Mr. Mundell, known as the father of the euro”[dead link]
  7. Jump up^ “Robert Mundell – Nobel Prize Winners – Key facts – About LSE – Home”. .lse.ac.uk. March 13, 2009. Retrieved January 1, 2012.
  8. Jump up^ [1]
  9. Jump up^ http://www.polyu.edu.hk/iao/nobel2009/mundell_bio.pdf
  10. ^ Jump up to:a b “Robert A. Mundell – Biography”. Nobelprize.org. Retrieved January 1, 2012.
  11. ^ Jump up to:a b “Biography | The Works of Robert Mundell”. Robertmundell.net. Retrieved January 1, 2012.
  12. Jump up^ A Theory of Optimum Currency Areas; The American Economic Review, Vol. 51, No. 4, pp. 657–665, 1961
  13. Jump up^ Capital Mobility, and Stabilization Policy under Fixed and Flexible Exchange Rates; Revue Canadienne d’Economique et de Science Politique, Vol. 29, No. 4, pp. 475–485, 1963
  14. Jump up^ “Mundell-Friedman debate” (PDF). Retrieved January 1, 2012.
  15. Jump up^ Mark Milner and Charlotte Denny (January 14, 2000). “The new endangered species | Business”. London: The Guardian. Retrieved January 1, 2012.
  16. Jump up^ show #1891 Archived August 15, 2006, at the Wayback Machine.
  17. Jump up^ show #2144 Archived October 17, 2006, at the Wayback Machine.
  18. Jump up^ show #2162 Archived May 16, 2006, at the Wayback Machine.
  19. Jump up^ show # 2238 Archived February 23, 2006, at the Wayback Machine.
  20. Jump up^ show #2466 Archived December 15, 2005, at the Wayback Machine.
  21. Jump up^ show #2505 Archived May 16, 2006, at the Wayback Machine.

External links

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Trump regards himself as omniscient, an authority on anything and everything, from aesthetics to ethics. He, therefore, lacks intellectual curiosity and regards outside advice as both superfluous and injurious (because it implies that he is less than perfect). He is likely to surround himself with timid yesmen and sycophantic acolytes and generate an impregnable echo chamber rather than a council of wise men and women.

Trump’s grasp of nuanced reality, weak as it already is, is likely to deteriorate further to the point of paranoid psychosis. Faced with opposition, however tenuous, he is likely to react by scapegoating and by inciting street or state violence against targeted groups. Trump is the state, so his enemies (anyone who as much as voices doubt or disagrees with him) is, by definition, an enemy of the state.

Owing to his self-perceived innate superiority, Trump regards himself as above and transcending laws made by lesser mortals. Laws are meant to trap and ensnare giants like him, to drag him down to the pedestrian level of mediocrity. He plays by the rules only when and if they accord with his predilections and self-interest.

Like all narcissists, Trump believes that he is universally loved, adored, and admired. He attributes this ostensible (and utterly delusional) blanket approbation to his effusive charm and irresistibility. He is firmly convinced that he can motivate people to transgress against their own moral convictions and to break the law, if necessary, just by the sheer force of his monumental personality. Trump idealizes and then rapidly devalues people, collectives, and institutions. Trump is in sempiternal flux: he is inconstant in his judgements, opinions, views, and fleeting attachments.

Trump is intellectually lazy, so he is a firm adherent of shortcuts and of “fake it till you make it”. It is a dangerous approach that led him to botch numerous business deals and inflict untold damage and suffering on thousands of people.

Trump is authoritarian in the worst sense of the word. In his disordered, chaotic mind, he is infallible (incapable of erring), omnipotent (can achieve anything if he just sets his mind to it), and omniscient (needs to learn nothing as he is the fount of all true, intuitive knowledge). This precludes any proper team work, orderly governance, institutional capacity, flow of authority and responsibility, and just plain structure. Trump is an artist, led by inconsistent and intermittent inspiration, not by reliable, old-fashioned perspiration. He is not a self-made man, but a self-conjured caricature of a self-made man. Trump is guided by his alleged inner divine wisdom. He is a malevolent guru and cult leader, not a politician or a statesman.

Ironically, Trump’s much trumpeted grandiosity is fragile because it is based on delusional and fantastic assumptions of perfection and intellectual brilliance which are hard to defend. Hence Trump’s relentless and compulsive pursuit of affirmation and adulation. He needs to be constantly idolized just to feel half human. Criticism and disagreement, however minor and well-intentioned, are perceived as unmitigated threats to the precarious house of cards that is Trump’s personality. Consequently, Trump is sadistically vindictive, aiming not just to counter such countervailing opinions regarding his Godlike status, but to deter and intimidate future critics.

Finally, aiming to disavow his own fragility and the indisputable fact that his public persona is nothing but a fabrication, Trump ostentatiously and volubly abhors and berates the weak, the meek, “losers”, “haters” (of which is a prime example), the disabled, women, minorities, and anyone else who might remind him by their very existence of how far from perfect and brilliant he is. The public Trump is about hatred, resentment, rage, envy, and other negative emotions because he is mercilessly driven by these very demons internally. Trump’s quotidien existence is a Kafkaesque trial in which he stands accused of being a mere, average, not-too-bright, mortal and is constantly found wanting and guilty as charged. His entire life is a desperate, last ditch attempt to prove wrong the prosecution in this never-ending courtroom drama.

How & Why Donald Trump Stole America. The Pathological / Malignant Narcissist. Expert

Donald Trump – Full Documentary of a Narcissistic Sociopath (Enhanced)

What is Deviance?

Deviance and Social Control YouTube

Perspectives on deviance: Differential association, labeling theory, and strain theory

Crime and Deviance: A Sociological Perspective

Introduction to Sociology – Deviance, Crime, and Social Control

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David Horowitz — Radicals: Portraits of A Destructive Passion — Videos

Posted on January 22, 2017. Filed under: American History, Articles, Blogroll, Books, Business, Communications, Congress, Constitution, Corruption, Crisis, Culture, Diasters, Documentary, Economics, Education, Employment, Environment, Faith, Family, Foreign Policy, Freedom, Friends, Genocide, government, government spending, history, Illegal, Immigration, Islam, Language, Law, Legal, liberty, Life, Links, Non-Fiction, People, Philosophy, Photos, Police, Political Correctness, Press, Psychology, Radio, Radio, Rants, Raves, Raymond Thomas Pronk, Religious, Religious, Speech, Strategy, Success, Talk Radio, Taxation, Taxes, Technology, Terrorism, Unemployment, Video, War, Water | Tags: , , , , , , , , , , , , , , , , |

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David Horowitz: Democratic Party is marching off the cliff

David Horowitz – Left Illusions: An Intellectual Odyssey

David Horowitz – The Left in Power: Clinton to Obama

Published on Jan 1, 2017

December 14, 2016 – David Horowitz’s speaks about his new book, The Left in Power: Clinton to Obama, which is volume 7 of The Black Book of the American Left, a multi-volume collection of his conservative writings that will, when completed, be the most ambitious effort ever undertaken to define the Left and its agenda.

Horowitz on Hillary Clinton and Saul Alinsky

In Depth with David Horowitz

David Horowitz discusses Radicals and who has influence over the media

David Horowitz – Unholy Alliance: Radical Islam and the American Left

A Most Excellent Explanation of the Left’s Takeover of America

David Horowitz – What The Left Believes

David Horowitz – Take No Prisoners: The Battle Plan for Defeating the Left

Rules for Radicals: What Constitutional Conservatives Should Know About Saul Alinsky

David Horowitz – The Professors: The 101 Most Dangerous Academics in America

David Horowitz interview on Charlie Rose (1997)

David Horowitz – Radical Son: A Generational Odyssey (Part 1)

David Horowitz – Radical Son: A Generational Odyssey (Part 2)

The Black Book of the American Left: The Collected Conservative Writings of David Horowitz

Published on Nov 13, 2013

David Horowitz spent the first part of his life in the world of the Communist-progressive left, a politics he inherited from his mother and father, and later in the New Left as one of its founders. When the wreckage he and his comrades had created became clear to him in the mid-1970s, he left. Three decades of second thoughts then made him this movement’s principal intellectual antagonist. “For better or worse,” as Horowitz writes in the preface to this, the first volume of his collected conservative writings, “I have been condemned to spend the rest of my days attempting to understand how the left pursues the agendas from which I have separated myself, and why.”

David Horowitz – Progressive Racism

David Horowitz

From Wikipedia, the free encyclopedia
For other people named David Horowitz, see David Horowitz (disambiguation).
David Horowitz
David Horowitz by Gage Skidmore.jpg

Horowitz in February 2011
Born David Joel Horowitz
January 10, 1939 (age 78)
Forest Hills, Queens, New York, U.S.
Occupation Conservative activist, writer
Nationality United States
Education MA, University of California at Berkeley
BA, Columbia University
Spouse Elissa Krauthamer (1959–19??; 4 children); Sam Moorman (divorced); Shay Marlowe (1990–?; divorced); April Mullvain Horowitz (current)
Children Jonathan Daniel
Ben Horowitz
Anne Pilat
Sarah Rose Horowitz (deceased)[1]

David Joel Horowitz (born January 10, 1939) is an American conservative writer. He is a founder and current president of the think tank the David Horowitz Freedom Center; editor of the Center’s publication, FrontPage Magazine; and director of Discover the Networks, a website that tracks individuals and groups on the political left. Horowitz founded the organization Students for Academic Freedom to oppose what he believed to be political correctness and leftist orientation in academia.[2]

He has written several books with author Peter Collier, including four on prominent 20th-century American political families that had members elected to the presidency. He and Collier have collaborated on books about current cultural criticism. Horowitz has also worked as a columnist for Salon; its then-editor Joan Walsh described him as a “conservative provocateur.”[3]

Horowitz was raised by parents who were members of the Communist Party USA during the Great Depression; they gave up their membership in 1956 after learning of Joseph Stalin‘s purges and abuses. From 1956–75, Horowitz was an outspoken adherent of the New Left. He later rejected leftism completely and has since become a leading proponent of conservatism. Horowitz has recounted his ideological journey in a series of retrospective books, culminating with his 1996 memoir Radical Son: A Generational Odyssey.

Family background

Horowitz is the son of Phil and Blanche Horowitz, who were high school teachers. His father taught English and his mother taught stenography.[4] During years of labor organizing and the Great Depression, Phil and Blanche Horowitz were long-standing members of the American Communist Party and strong supporters of Joseph Stalin. They left the party after Khrushchev published his report in 1956 about Stalin’s excesses and terrorism of the Soviet populations.[5][6]

According to Horowitz:

Underneath the ordinary surfaces of their lives, my parents and their friends thought of themselves as secret agents. The mission they had undertaken, and about which they could not speak freely except with each other, was not just an idea to them. It was more important to their sense of themselves than anything else they did. Nor were its tasks of a kind they could attend or ignore, depending on their moods. They were more like the obligations of a religious faith. Except that their faith was secular, and the millennium they awaited was being instituted, at that moment, in the very country that had become America’s enemy. It was this fact that made their ordinary lives precarious and their secrecy necessary. If they lived under a cloud of suspicion, it was the result of more than just their political passions. The dropping of the atomic bomb on Hiroshima had created a terror in the minds of ordinary people. Newspapers reported on American spy rings working to steal atomic secrets for the Soviet state. When people read these stories, they inevitably thought of progressives like us. And so did we ourselves. Even if we never encountered a Soviet agent or engaged in a single illegal act, each of us knew that our commitment to socialism implied the obligation to commit treason, too.[7]

After the death of Stalin in 1953, his father Phil Horowitz, commenting on how Stalin’s numerous official titles had to be divided among his successors, told his son, “You see what a genius Stalin was. It took five men to replace him.”[8] According to Horowitz:

The publication of the Khrushchev Report was probably the greatest blow struck against the Soviet Empire during the Cold War. When my parents and their friends opened the morning Times and read its text, their world collapsed—and along with it their will to struggle. If the document was true, almost everything they had said and believed was false. Their secret mission had led them into waters so deep that its tide had overwhelmed them, taking with it the very meaning of their lives.[6]

Horowitz received a BA from Columbia University in 1959, majoring in English, and a master’s degree in English literature at University of California, Berkeley.[citation needed]

Career with the New Left

After completing his graduate degree in the late 1960s, Horowitz lived in London and worked for the Bertrand Russell Peace Foundation.[9][10] He identified as a serious Marxist intellectual.

In 1966, Ralph Schoenman persuaded Bertrand Russell to convene a war crimes tribunal to judge United States involvement in the Vietnam War.[11] Horowitz would write three decades later that he had political reservations about the tribunal and did not take part. He described the tribunal’s judges as formidable, world-famous and radical, including Isaac Deutscher, Jean-Paul Sartre, Stokely Carmichael, Simone de Beauvoir, James Baldwin, and Vladimir Dedijer.[12]

While in London, Horowitz became a close friend of Deutscher, and wrote a biography of him which was published in 1971.[13][14] Horowitz wrote The Free World Colossus: A Critique of American Foreign Policy in the Cold War. In January 1968, Horowitz returned to the United States, where he became co-editor of the New Left magazine Ramparts, based in northern California.[10]

During the early 1970s, Horowitz developed a close friendship with Huey P. Newton, founder of the Black Panther Party. Horowitz later portrayed Newton as equal parts gangster, terrorist, intellectual, and media celebrity.[10] As part of their work together, Horowitz helped raise money for, and assisted the Panthers with, the running of a school for poor children in Oakland. He recommended that Newton hire Betty Van Patter as bookkeeper; she was then working for Ramparts. In December 1974, Van Patter’s body was found floating in San Francisco Harbor; she had been murdered. Horowitz has said he believes the Panthers were behind the killing.[10][15]

In 1976, Horowitz was a “founding sponsor” of James Weinstein‘s magazine In These Times.[16]

Writing on the Right

Following this period, Horowitz rejected Marx and socialism, but kept quiet about his changing politics for nearly a decade. In the spring of 1985, Horowitz and longtime collaborator Peter Collier, who had also become conservative, wrote an article for The Washington Post Magazine entitled “Lefties for Reagan“, later retitled as “Goodbye to All That”. The article explained their change of views and recent decision to vote for a second term for Republican President Ronald Reagan.[17][18][19] In 1986, Horowitz published “Why I Am No Longer a Leftist” in The Village Voice.[20]

In 1987, Horowitz co-hosted a “Second Thoughts Conference” in Washington, D.C., described by Sidney Blumenthal in The Washington Post as his “coming out” as a conservative. According to attendee Alexander Cockburn, Horowitz related how his Stalinist parents had not permitted him or his sister to watch the popular Doris Day and Rock Hudson movies of his youth. Instead, they watched propaganda films from the Soviet Union.[21]

In May 1989, Horowitz, Ronald Radosh, and Peter Collier travelled to Poland for a conference in Kraków calling for the end of Communism.[22] After marching with Polish dissidents in an anti-regime protest, Horowitz spoke about his changing thoughts and why he believed that socialism could not create their future. He said his dream was for the people of Poland to be free.[23]

In 1992, Horowitz and Collier founded Heterodoxy, a monthly magazine focused on exposing what it described as excessive political correctness on United States college and university campuses. It was “meant to have the feel of a samizdat publication inside the gulag of the PC [politically correct] university.” The tabloid was directed at university students, whom Horowitz viewed as being indoctrinated by the entrenched Left in American academia.[24] He has maintained his assault on the political left to the present day. Horowitz wrote in his memoir Radical Son that he thought universities were no longer effective in presenting both sides of political arguments. He thought “left-wing professors” had created a kind of “political terror” on campuses.[25]

In a column in Salon magazine, where he is regularly published,[3] Horowitz described his opposition to reparations for slavery. He believed that it represented racism against blacks, as it defined them only in terms of having descended from slaves. He argues that applying labels like “descendants of slaves” to blacks was damaging and would serve to segregate them from mainstream society.[26]

In keeping with his provocateur position, in 2001 during Black History Month Horowitz purchased, or attempted to purchase, advertising space in several student American university publications to express his opposition to reparations for slavery.[3] Many student papers refused to sell him ad space; at some schools, papers which carried his ads were stolen or destroyed.[3][26] Editor Joan Walsh of Salon wrote that the furor had given Horowitz an overwhelming amount of free publicity.[3][27]

Horowitz supported the interventionist foreign policy associated with the Bush Doctrine. But he wrote against US intervention in the Kosovo War, arguing that it was unnecessary and harmful to U.S. interests.[28][29]

In the early 21st century, he has written critically of libertarian anti-war views.[30][31]

In 2004, Horowitz launched Discover the Networks, a conservative watchdog project that monitors funding for, and various ties among, leftists and progressive causes.[2]

In two books, Horowitz accused Dana L. Cloud, associate professor of communication studies at the University of Texas at Austin, as an “anti-American radical” who “routinely repeats the propaganda of the Saddam regime.”[citation needed] Horowitz accused her and 99 other professors listed in his book, The Professors: The 101 Most Dangerous Academics in America, of the “explicit introduction of political agendas into the classroom.”[32]

Cloud replied in Inside Higher Ed that her experience demonstrates that Horowitz damages professors’ lives by his accusations and that he needs to be viewed as more than a political opponent.

Horowitz’s attacks have been significant. People who read the book or his Web site regularly send letters to university officials asking for her to be fired. Personally, she has received—mostly via e-mail—”physical threats, threats of removing my daughter from my custody, threats of sexual assaults, horrible disgusting gendered things,” she said. That Horowitz doesn’t send these isn’t the point, she said. “He builds a climate and culture that emboldens people,” and as a result, shouldn’t be seen as a defender of academic freedom, but as its enemy.[33]

After discussion, the National Communication Association decided against granting Horowitz a spot as a panelist at its national conference in 2008. He had offered to forego the $7,000 speaking fee originally requested. He wrote in Inside Higher Ed, “The fact that no academic group has had the balls to invite me says a lot about the ability of academic associations to discuss important issues if a political minority wants to censor them.”[33] An association official said the decision was based in part on Horowitz’s request to be provided with a stipend for $500 to hire a personal bodyguard. Association officials decided that having a bodyguard present “communicates the expectation of confrontation and violence.”[33]

Horowitz appeared in Occupy Unmasked, a 2012 documentary portraying the Occupy Wall Street movement as a sinister organization formed to violently destroy the American government.[34]

Academic Bill of Rights

In the early 21st century, Horowitz has concentrated on issues of academic freedom, wanting to protect conservative viewpoints. He, Eli Lehrer, and Andrew Jones published a pamphlet, “Political Bias in the Administrations and Faculties of 32 Elite Colleges and Universities” (2004), in which they find the ratio of Democrats to Republicans at 32 schools to be more than 10 to 1.[35]

Horowitz’s book, The Professors: The 101 Most Dangerous Academics in America (2006), criticizes individual professors for, as he alleges, engaging in indoctrination rather than a disinterested pursuit of knowledge. He says his campaign for academic freedom is ideologically neutral.[36] He published an Academic Bill of Rights (ABR), which he proposes to eliminate political bias in university hiring and grading. Horowitz says that conservatives, and particularly Republican Party members, are systematically excluded from faculties, citing statistical studies on faculty party affiliation.[37] Critics such as academic Stanley Fish have argued that “academic diversity”, as Horowitz defines it, is not a legitimate academic value, and that no endorsement of “diversity” can be absolute.[38]

In 2004 the Georgia General Assembly passed a resolution on a 41–5 vote to adopt a version of the ABR for state educational institutions.[39]

In Pennsylvania, the House of Representatives created a special legislative committee to investigate issues of academic freedom, including whether students who hold unpopular views need more protection. In November 2006 it reported that it had not found evidence of problems [clarification needed] with students’ rights.[40][41][42][43][44][45]

Family

Horowitz has been married four times. He married Elissa Krauthamer, in a Yonkers, New York synagogue on June 14, 1959.[46] They had four children together: Jonathan Daniel, Ben, Sarah Rose (deceased), and Mrs. Anne Pilat. Their daughter Sarah Rose Horowitz died in March 2008 at age 44 from Turner syndrome-related heart complications. She had been a teacher, writer and human rights activist.[1][47] She is the subject of Horowitz’s 2009 book, A Cracking of the Heart.[47]

As an activist, she had cooked meals for the homeless, stood vigil at San Quentin on nights when the state of California executed prisoners, worked with autistic children in public schools and, with the American Jewish World Service, helped rebuild homes in El Salvador after a hurricane, and traveled to India to oppose child labor.[48] In a review of Horowitz’s book, FrontPage magazine associate editor David Swindle wrote that she fused “the painful lessons of her father’s life with a mystical Judaism to complete the task he never could: showing how the Left could save itself from self-destruction.”[49]

Horowitz’s son Ben Horowitz is a technology entrepreneur, investor, and co-founder, along with Marc Andreessen, of the venture capital firm Andreessen Horowitz.[50][51]

Horowitz’s second marriage, to Sam Moorman, ended in divorce. On June 24, 1990, Horowitz married Shay Marlowe in an Orthodox Jewish ceremony conducted at the Pacific Jewish Center by Rabbi Daniel Lapin.[52]They divorced. Horowitz’s fourth and present marriage is to April Mullvain.[53]

Horowitz now describes himself as an agnostic.[54]

Funding

Politico claims that Horowitz’s activities, like the David Horowitz Freedom Center are funded in part by Aubrey & Joyce Chernick and The Bradley Foundation. Politico claimed that during 2008-2010, “the lion’s share of the $920,000 it [David Horowitz Freedom Center] provided over the past three years to Jihad Watch came from Chernick”.[55]

Controversy and criticism

Academia

Some of Horowitz’s accounts of U.S. colleges and universities as bastions of liberal indoctrination have been disputed.[56] For example, Horowitz alleged that a University of Northern Colorado student received a failing grade on a final exam for refusing to write an essay arguing that George W. Bush is a war criminal.[57][58] A spokeswoman for the university said that the test question was not as described by Horowitz and that there were nonpolitical reasons for the grade, which was not an F.[59]

Horowitz identified the professor[60] as Robert Dunkley, an assistant professor of criminal justice at Northern Colorado. Dunkley said Horowitz made him an example of “liberal bias” in academia and yet, “Dunkley said that he comes from a Republican family, is a registered Republican and considers himself politically independent, taking pride in never having voted a straight party ticket,” according to Inside Higher Ed magazine.[60]In another instance, Horowitz said that a Pennsylvania State University biology professor showed his students the film Fahrenheit 9/11 just before the 2004 election in an attempt to influence their votes.[61][62] Pressed by Inside Higher Ed, Horowitz later retracted this claim.[63]

Horowitz has been criticized for material in his books, particularly