DEBUNKED: Larry Summers On Why We Need Big Government

joshsigurdson (76)in #politics • 7 years ago

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In this video, I sit down with author and economic analyst John Sneisen to debunk former chief economist at The World Bank and former Treasury Secretary Larry (Lawrence) Summers' views on why we apparently need big government.
His points which were profiled in Bloomberg were incredibly easy to debunk.

He starts off by using government healthcare as an example. Well government healthcare just brings tax payer money to pharmaceutical monopolies and further monopolizes them, pushing competition and innovation out of the market and bringing prices up on medicines and treatments which simply encourages more statist involvement. This is the epitome of "problem, reaction, solution, repeat..." as people are swayed by emotion to support that which causes the problem in the first place.

Then Larry uses inequality as an example. Well first of all, the vast debt and poverty we see comes from a combination of currency devaluation, inflation and of course taxation and regulations. Equal rights and individual liberty is important, but having less or more money does not justify extortion. If one kid being tested studies for months for a test and another kid does no studying at all, how exactly is it fair that the lazy kid gets the same mark as the ambitious kid? You are not entitled to other people's money. What's even the point in being productive if everyone by the hand of the state is equal?

Summers also goes into changes in structural pricing that disproportionately affect government as well as security, however due to keyword demonetization, we will leave that part out of the article and leave people to watch the video where we break down these issues. If we detailed it here, we'd get hit hard for it by the new AI at YouTube.

The bottom line is that freedom is intrinsic. The government can't give you it, but rather, you are born with it. Everything the government does, the free market does better and voluntary interactions between free individuals is truly fair. It's in no way fair to extort people to support your world view. It's both morally and logically inept.