Quickies : Politicians and Money

The problem with politicians is that they are spending somebody else’s money on somebody else. And often that somebody else’s money is spent on the politicians themselves!

Milton Friedman in a 2004 interview with Fox News explained it better than I can write it – so this is what he had to say about spending money:

“There are four ways to spend money. 

You can spend your own money on yourself. When you do that, why you really watch out for what you’re doing, and you try to get the most for your money. 

Then you can spend your own money on somebody else. For example, I buy a birthday present for someone. Well then, I’m not so careful about the content of the present, but I’m very careful about the cost. 

Then, I can spend somebody else’s money on myself. And if I spend somebody else’s money on myself, then I’m going to have a good lunch! 

Finally, I can spend somebody else’s money on somebody else. And if I spend somebody else’s money on somebody else, I’m not concerned about how much it costs, and I’m not concerned about what I get. 

And that’s government.”