and i’m here asking a question are you better
off than you were in nineteen eighty he said we’ll have less taxes well you know what taxes as a share of the economy
are the same as they were back then government spending as a share of the economy hasn’t changed one iota higher absolutely well what we’ve got
but not as a share of the economy I understand and what we’ve gotten instead is all this
government debt so that now if assuming that all the federal interest on the federal debt is paid just
from the individual income tax all the income taxes that you pay from january
through the end of april just go to pay interest on the national
debt and since eighty six percent of federal tax
revenues come from labor and fourteen percent from capitol that means we explicitly have a policy now to tax labor to transfer to capitol parts of china china’s capital so we didn’t get less government that we we’re promised next we were told %uh we should have deregulation there’s no such thing as deregulation everything
has rules you have rules here at the law school students have to follow there are rules on how many of what size and
shape a stop sign has to be %uh baseball has rules right down to how many
stitches there are on the baseball what we got were new regulations and the new regulations were written by
enron and the railroads and the banks and they eliminated consumer protections or
reduced them they took away enforcement of the existing laws
they benefited this political donor class who were pursuing their own self-interest and
by the way I don’t have any problem with people pursuing their own self-interest it just there’s not been a push
back from the rest of society as we’ve seen unions which helped push back decline and
other %uh areas where there was push back decline the
big churches some of them were involved in this and we’ve seen them decline we were promised that we would have %uh that markets would provide solutions a lot of my book is a defense of markets the supreme court says a market is where independent parties neither under duress or coercion and with knowledge of the facts come to an agreement on a price that’s not what a lot of our new markets do we now have markets designed to thwart competition to take adam smith’s invisible hand of the
market in which there are lots of of sellers and smart consumers who can compare prices and this drives prices down adam smith said
to the lowest level at which businesses can continue to operate we’ve replaced that through government policies with practices that artificially restrict competition that raise prices that inflate profits all under the guise of conservatism and
and markets will solve our problems fundamentally i argue in free lunch what’s
happened is that a narrow segment of our society large corporations which are you immortal and amoral they’re they’re they’re necessary
they’re important they are great producers of wealth but there’s reasons that you want
to regulate and control entities that are both amoral their purpose is to maximize return to capitol
which is a perfectly good thing to do but they have no other obligation and they are immortal unless they mess up
in the marketplace they go on forever unlike you and I who our time’s gonna run out
someday not soon I hope one hopes unless we have rules that govern their
conduct they can do enormous damage to our society we have had a massive effort to collect subsidies
from the government to get rid of government employees and replace
them with private-sector workers who typically cost twice as much so the federal work force has gone down and and
everybody’s sense new stories that the federal work force is shrinking but the number of people who are paid by the federal government to work is going
up and the cost per person per labour hour is going up enormously and when we do that by the way unlike creating
a bureaucracy where you know empire building bureaucrats now you have a corporation that makes campaign
contributions to encourage more of this and more contracts and more money flowing their
direction so all of the things we were promised most of them haven’t happened where there have been
some good things airfares have fallen we have a lot more air traffic that we used to have there’ve been some benefits it is not black
and white but my focus is on these areas where we now
have massive transfers of wealth and income from those with less to the politically connected
few billions and billions of dollars being handed up the ladder

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