CONK!
Merry Christmas
Talk show host Perry Atkinson and I discuss the state of the economy on my birthday, December 21.
I am pleased to announce that I will be team teaching The Economics of Healthcare and Wellness—Focus on Transformative Solutions beginning on January 17th.
You can register by scrolling down to view the syllabus and course fee. The course is sponsored by IPAK-EDU, an online education organization with dozens of courses taught by experts in various scientific and other fields.
Despite virtually no national name recognition, three-term congressman Dean Phillips is challenging President Biden for the Democratic nomination.
In an interview with the Wall Street Journal Phillips outlined his vision for America including Medicare for All, which he calls a “pragmatic” approach to nationalizing healthcare. In other words, he believes the benefits of government healthcare would cause Americans to eventually abandon private healthcare. Phillips is thus a younger version of Bernie Sanders. Bernie, however, who wants Medicare for All immediately.
On Phillips’ campaign website his agenda is succinctly presented.
· Building millions of new houses and apartments people can afford
· Banning drug companies from charging Americans more than they charge in other countries
· Guaranteeing Universal Health Insurance for All Americans, while preserving choice
· Stopping the big corporations from gouging consumers of food and fuel
· Providing tuition free college and vocational training and zero interest student loans.
· Restoring the expanded Child Tax Credit
· Creating an affordable child care system
· Raising pay to a living wage for hard-working Americans in every zip code
Phillips is a member of the next generation of statists who will try to move America’s welfare state to the next level—spending additional trillions of dollars on a failed nearly 100-year experiment, the redistribution of income. To achieve his agenda, the coercive powers of the federal government would have to expand exponentially—and economic freedom would decline markedly.
The three-term congressman who is reported to have a net worth of $50 million is the poster boy for big government business types. The question is why? I’ll explore this issue in a future essay.
In addition, Phillips does not mention how the Federal Reserve is the engine of inflation, the cause of the business cycle and income inequality. Any presidential candidate who does not call out the Federal Reserve should not be taken seriously. He also supports three of the largest welfare programs in the federal budget—Social Security, Medicare, and Medicaid—and thinks they can be saved from their inevitable unsustainability.
How to dewelfareize America will be discussed in future essays so financial independence will become the dominant American cultural characteristic.
Phillips ignores the egregious federal government regulations that impose unnecessary costs on all businesses. As a former business executive Phillips should now this. If he doesn’t then his understanding of the regulatory state makes him unqualified to tackle many of the issues facing the economy.
Finally, Phillips reveals no understanding of the authorized domestic activities the Constitution allows the the federal government to spend money on. Instead, he wants “zero-based budgeting,” which is a gimmick to continue spending under the guise of fiscal restraint.
And on foreign policy, Phillips embraces the military-industrial-complex neoconservative policy of massive overseas intervention.
Dean Phillips is thus a younger version of Joe Biden who is one medical incident from being incapacitated.
Phillips is hoping lightning will strike next year and thus he will be able to take his welfare-warfare state message to the American people as the Democratic presidential nominee.
One thing I am confident about next year’s presidential contest, Joe Biden will not be the Democratic party’s nominee. Whether the party’s insiders will turn to Dean Phillips remains to be seen.
Note: If you become an annual paid subscriber, you will receive an autographed copy of my memoir. Please send me your address and I will mail you my book. Robert Wright’s review of my book captures the essence of my journey in America.
“There is a right way and a wrong way, always choose the right way.” Abraham Sabrin (1914-2001) “Prediction is very difficult, especially if it’s about the future!” Niels Bohr
Every Wednesday at 11:05am talk show host Gary Nolan and I discuss the economy and politics. The Fort Myers Mises Circle presentations are available online.
Latest podcast on healthcare with host Johnathan Westover; Incentivizing wellness podcast with Bernadette Pajer; the Human Action podcast with Bob Murphy; Joseph Cotto and I discuss Argentina and the US
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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.
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