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SENTRY JOURNAL » Economics, Government Takeover, Healthcare reform, Milton Friedman » Milton Friedman on Healthcare

Milton Friedman on Healthcare

The more I read about Milton Friedman, the more I believe he was one of the most brilliant economists of our time.  Early in his career he was a big advocate for the Keynesian Theory; a form of economics that supports a larger role of government in economic activity.  It wasn’t until the 1950s when he was a teacher at the University of Chicago that he opposed the Keynesian Theory and promoted monetarism.  He became a staunch capitalist and believed in minimal government intervention in economic matters.  In 1976 he won the Nobel Memorial Prize in Economics.  In 1988 he was awarded the National Medal of Science and the Presidential Freedom Medal.

Milton Friedman was indeed a giant in the world of economics.  When I watched some of his interviews from the 1960s and 1970s, it became apparent to me just how prophetic he was in predicting the current economic problems we face today.  So when I ran across a clip where he addressed the Mayo Clinic in 1978 on socialized medicine I needed to know his position.  What I discovered is that all the concerns that Americans have today with the healthcare debate were discussed by Friedman back in 1978.  I wonder if any our Senators or Representatives reviewed his opinion on the matter.  After all he is a Nobel Prize winner in economics and because the takeover of the healthcare industry accounts for 1/6 of our economy, you would think they would listen to this man or at least take his words under consideration.  The clip below is 9:37 long.  It is worth watching.

As you can see by the clip he too was concerned that a government takeover of the healthcare industry would diminish and limit access to much needed care.  And in my opinion he made his points as to why and how this would occur.  So my question is why are we still having this debate about a government healthcare program?  I mean we have actual evidence that this does not work.  We actually have more evidence and facts that socialized medicine will fail than evidence that backs the global warming theory.  So why is it full steam ahead?  Oh I know, because it’s not really about healthcare…it’s about special interest groups.

Now if you ask me, they and the government are the real threats to our health.  Just something to think about.

Filed under: Economics, Government Takeover, Healthcare reform, Milton Friedman

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  • Neal December 25, 2009 at 12:22 PM

    How about Reagan's 1964 Barry Goldwater campaign speech? There are some gems in there that talk about growing government and specifically socialized health care. If you haven't listened to that speech half a dozen times then you're not a true conservative yet. 🙂