Tesla and SpaceX owner Elon Musk shared a video on his official twitter handle of Milton Friedman speaking on vital cause of inflation and debunking the myth behind its link to public spending. The video’s caption read, “Milton Friedman debunks every single myth on inflation being pushed in the media right now.”
Milton Friedman, a distinguished American economist and recipient of the 1976 Nobel Memorial Prize in Economic Sciences, is known for his groundbreaking research on consumption analysis, monetary theory, and stabilization policies. In the video shared by Musk, Friedman calls inflation “the most destructive disease known to mankind.”
In a direct and clear manner, Friedman explains, “Inflation is the most destructive disease known to modern societies. There is nothing which will destroy a society so thoroughly and so fully as letting inflation run riot.”
“Inflation doesn’t arise because you have got consumer who are spendthrift; they have always been spendthrift. It doesn’t arise because you have got businessmen who are greedy; they have always been greedy,” he added.
Saying that the citizens have been expecting an undoable task from the politicians, Friedman says, “Inflation arises because we as citizens have been asking you as politicians to perform an impossible task. We have been asking you to spend somebody else’s money on us, but not to spend our money on anybody else.”
If American govt spends $50 billion, who pays it?
Hinting at a severe disruption of taxpayer’s money into unproductive events and burdening the citizens with new kind of taxes has been the way of the governments across the world. He continues saying, “Everybody talks against inflation, but what he means is that he wants the prices of the things he sells to go up and the prices of the things he buys to go down. The real tax on American people is not what you label taxes. It’s total spending. If Congress spends $50 billion more than it takes in, if government spends $50 billion, who do you suppose that $50 billion?”
“The Arab Sheikh are not paying it. Santa Claus is not paying it. The tooth fairy is not paying it. You and I as taxpayers are paying it indirectly through hidden taxation,” he added.
Who was Milton Friedman?
Milton Friedman was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy.
Musk’s message resonates
By sharing this powerful video, Elon Musk is once again using his platform to provoke thought on major economic issues. Friedman’s message aligns with Musk’s own views on government spending and its broader impact on society. The video serves as a timely reminder of the dangers of inflation and the need for a more informed public discourse on the matter.
— Elon Musk (@elonmusk) October 10, 2024
