Re: Friedman's Folly

retrogrouch@[EMAIL PROTECTED]
 wrote:
> On Thu, 15 May 2008 19:17:09 -0400, Les Cargill <lcargill@[EMAIL PROTECTED]
>
> wrote:
> 
>> I'm not sure it gets any better than that. *Declining* GDP means
>> nobody's* quality of life is improving. 
> Nonsense. Many could be doing well as the wealth is redistributed.
The devil is in the details. If concentrated wealth was used to improve 
the infrastructure, subsidize medical research and innovation, find new 
sources of energy... the costs of doing business would decline and 
profits would rise.

but using the money to buy Carribean condos and yachts or worse create 
cheap labor in foreign areas to compete with Americans drives down the 
asset base of the middle class.

However, redistribution that results in more sales of beer, fast food, 
and plastic schitt from China drives down the asset base of the middle 
class as well.