Filed under: Bureaucracy, Economics, Energy, Free Markets, Freedom, History, Humor, Politics, Progressivism, The United States | Tags: History Professor Burt Folsom, Smug Progressives Spend Too Much
History Professor Burton Folsom of Hillsdale College explains carefully why government investments usually fail. Professor Folsom has demolished The Myth of the Robber Barons, Explained in New Deal or Raw Deal how FDR’s economic legacy has damaged America, and now with Uncle Sam Can’t Count: A History of Failed Government Investments from Beaver Pelts to Green Energy and in this short video for Prager University, he explains why Big New Ideas are better left to private entrepreneurs.
It’s a matter of incentives. When entrepreneurs invest their own hard earned money, they are careful and thrifty, I have not yet seen a bill for Obama’s investments in Big Ideas like Solyndra, Ivanpah, Solar City, and all the rest, and there’s the high-speed railroad to nowhere supposedly abuilding in California.
There are some lessons here to pay close attention to. Some presidents want to build monuments to themselves, and members of Congress are subject to the same temptations.
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