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The May Schmuck award goes to Sen. Bernie Sanders, who “richly” deserves it because he asserts the federal government should confiscate the wealth of any American who has a net worth of more than $999 million. This is Marxism on steroids and the politics of envy, which is one of the seven deadly sins.
If Bernie thinks that egalitarianism is the way to go, then he should call for members of Congress to earn no more than the median family income of $80,440 instead of the $172,000 they are currently paid. Is Bernie willing to reduce his income to show solidarity with the common folks? I doubt it.
Sanders and others like his ilk are hard-core collectivists who obviously would like to turn America into the old Soviet Union or Cuba. He thinks government creates prosperity.
Prosperity is based on four “I”s—invention, innovation, investment, and integrity.
[“Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you. You think about it; it’s true. If you hire somebody without integrity, you really want them to be dumb and lazy.”]— Warren Buffett
And it goes without saying prosperity would not be possible without one E…entrepreneurship. And of course, sustainable prosperity requires “sound money,” not central bank money printing.
In addition, one of the major reasons the nominal wealth of super rich Americans has skyrocketed is because the Federal Reserve’s money printing has boosted asset prices. So, if Bernie is unhappy with the number of billionaires in America, he should advocate ending the Fed, the engine of asset and price inflation.
Jacob Hornberger, founder of the Future of Freedom Foundation, has been a fearless advocate of liberty for decades and is this month’s Mensch recipient. FFF has been a bright beacon applying libertarianism to contemporary issues. Jacob’s essays as well as contributors Richard Ebeling, Laurence Vance, James Bovard and countless others who have been on the frontlines exposing government corruption, tyranny, and warmongering. Jacob is to be congratulated for uncovering the truth about the JFK assassination.
FFF’s daily email contains links to essays around the web as well as Jacob’s and other contributors’ insightful articles. I highly recommend FFF’s work so you can get the email in your inbox every morning. I also urge you to be a financial supporter as well. I have been a supporter for many decades and will increase my donations for this wonderful organization.
For Jacob’s lifetime commitment to liberty, I am proud to award him the May Mensch award.
My latest piece on the economy was published in Fortune, https://fortune.com/2023/03/27/recession-2023-layoffs-tech-finance-unemployment-outlook-fed-rates-murray-sabrin/ This is an update of my 2021 forecast, https://fortune.com/2021/12/09/next-recession-heres-everything-bubble-markets-2021-2022-covid-murray-sabrin/
Murray Sabrin, PhD, is emeritus professor of finance, Ramapo College of New Jersey. Dr. Sabrin is considered a “public intellectual” for writing about the economy in scholarly and popular publications. His new book, The Finance of Health Care: Wellness and Innovative Approaches to Employee Medical Insurance (Business Expert Press, Oct. 24, 2022), and his other BEP publication, Navigating the Boom/Bust Cycle: An Entrepreneur’s Survival Guide (October 2021), provides decision makers with tools needed to help manage their businesses during the business cycle. Sabrin’s autobiography, From Immigrant to Public Intellectual: An American Story, was published in November, 2022.