Tuesday, October 27, 2020

George Will has forgotten nothing, and learned nothing (Today's Bee letter)

Responding to George Will's 10/27/2020 column "Picking winners and losers: Socialism is not just a specter"  (the link is to the Washington Post where it originally appeared)

George Will's recent column pledges allegiance to the cult of the "invisible hand," asserting he believes the market picks (or should pick) economic winners.

Yet government-funded research produced transistors, integrated circuits, the internet, touch screens, GPS, etc. In other words, government research was essential for the private sector to produce smart phones.

Will apparently believes government has to "borrow" money from the population, too. I wonder where that population got the dollars they lend? Could government, the monopoly producer of (legal) dollars have to spend them first? Could it be "spend first, then retrieve some dollars in taxes" rather than the amazing illogic of "tax and spend"?

And what do we call all those dollars not retrieved in taxes. How about the dollar financial assets of the population? It's exactly the same thing as national 'debt'.

But George would have to leave his cult to acknowledge that.

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