Milton Friedman: "The Great Depression didn't arise out of any natural flaw in the system, it wasn't because citizens at that time hadn't been prudent and hadn't saved, for they had. No, the Great Depression was produced by government mismanagement." Social Security was established to provide for 5 percent of the population who cannot take care of themselves. The latest report of the Social Security and Medicare trustees shows an unfunded liability for both programs of $63 trillion. Nationalized health care was also recently instituted to provide for 5 percent of the population who do not have health insurance. About 5 percent of the population is responsible for almost half of all health care spending in the United States. Do you see the insoluble spending trend here?
Milton Friedman (July 31, 1912 -- November 16, 2006) was an American economist, statistician, and author who taught at the University of Chicago for more than three decades. He was a recipient of the Nobel Memorial Prize in Economic Sciences, and is known for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy. A survey of economists ranked Friedman as the second most popular economist of the twentieth century behind John Maynard Keynes, and The Economist described him as "the most influential economist of the second half of the 20th century...possibly of all of it."