Imagine how strong Social Security would be right now if the Feds had taken 1-10% stakes in Microsoft, Apple, Google, etc. Tiny Norway’s fund is $2.5 trillion, having used oil revenues to invest in companies and funds. Social Security is a pathetic scam that gives retirees a mere pittance.
Yes, there are.
When the Federal government owns the raw materials, tools, and factories used to produce Intel’s chips you’ll peak my interest.
CHIPS Act was giving $8.9 Billion tax payer dollars to Intel for free.
Why?
Trump turned that into a 10% stake in Intel, which is far better use of tax payer dollars.
I remember when Obama poured tens of billions of tax payer dollars into GM and ended up forced to write off over $10 Billion of that money because GM was too broke to pay.
Did author cover the percent of income derived from Fed Gov contracts by the likes of General Dynamics, Lockheed Martin, Northrop Grumman and other similar large companies, let alone much smaller companies the derive ALL their income from Fed Gov contracts? If not, he’s FOS and conveniently ignoring a much larger problem. Given this is (Un)Reason(able) magazine, I’m not surprised.
But that is sadly what I have come to expect from unreason.
The government should always try to step as lightly as possible given the need for an orderly society.
The government should not own share of companies. The government should never bet or take a financial stake against the interest of its citizens.
The government should not lend money or co-sign a loan. The government should not do what a market system would typically do better.
Should government employees get a pension? Yes, through their union pension fund, should they choose to be a member and participate.
The government shouldn’t let the country fall into a situation where 50% of the physically fit natives turn to crime because foreigners fearing for their lives or fleeing communism will work for 10% less.
Why do we have Social Security? Because in the 1930s the stock market and banks collapsed. However, once you are above the need of a future government handout you should be able to invest as you please. And even before, if your choice(s) are rational.
“The GOP’s ‘Capitalism’ is Central Planning with MAGA Branding”
Unfortunately, in a world of gangs called nations [PRC, RF] collective action is required to some extent.
There has to be rules, otherwise the Philadelphia Eagles might have 10,000 fans jumping out of their seats to score a touchdown.
There has to be rules to prevent the crooks that might run corporations from issuing 100% more shares at one cent each for dubious reasons.
The rules have to be rationally set with as much freedom as is consistent with good order and citizen need. The tragedy of the commons should be avoided.
Getting the balance fairly right can be somewhat unpleasant, but less unpleasant than if it is way off.
Strategic industries may need some government stakes.
In a war, you're going to have a war economy. Just as in WWII, although not as drastically, the US gov will need to act to recapitalize US industry.
Libertarians and libertarian "free trade" policies got us into this mess, so I would suggest they sit down and shut up.