Milton Friedman, R.I.P.

A great American died today. His name was Milton Friedman. He spent over 70 of his 94 years as an economist. He influenced the Reagan administration and many others. Living through the Great Depression (he was in his late teens and early twenties at the time) he saw that it was government policy that turned a recession into the worst financial crisis in generations.

Throughout this time he was a great champion of liberty, both on social and fiscal issues. He viewed the war on drugs as a good signal of how the government can cause massive social corruption through policy decisions in which it need not be involved. As he once remarked, it is policies that make drugs illegal that protect the drug cartels.


He rightfully fought against unions, remarking:

"The unions might be good for the people who are in the unions but it doesn't do a thing for the people who are unemployed because the union keeps down the number of jobs, it doesn't do a thing for them."

In the 70's, he saved the economy in Chile. Throughout the late 20th century, his advice brought about massive tax cuts to the United States, as he was "in favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible."

He probably did more to move us away from socialism than anyone else. Dr. Milton Friedman will be greatly missed.