Remembering Nixon's wage and price controls

The Washington Examiner ^ | 2011-08-16 | Gene Healy

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Putting the U.S. economy "into a permanent straitjacket would ... stifle the expansion of our free enterprise system," Nixon said. As President George W. Bush put it in 2008, sometimes you have to "abandon free-market principles to save the free-market system."



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[fhayek]

sometimes you have to "abandon free-market principles to save the free-market system."

Bush was not the worst president we have ever had, but that quote is just pure nonsense.

[MNJohnnie]

Interesting to note how Libertines are always trash talking Bush Nixon et al but seem strangely incapable of ever saying anything at all about the Obama Democrat’s Progressive Fascist agenda.

[Lazlo in PA]

Nixon was Progressive garbage. Let's not forget CAFE standards and the EPA as some of this idiots ideas. There is no way I would put Bush in the category of Nixon. Obummer is more Nixonian.

[fhayek]

,,,And don’t forget OSHA.

[Lazlo in PA]

Interesting to note how Libertines are always trash talking Bush Nixon et al but seem strangely incapable of ever saying anything at all about the Obama Democrat’s Progressive Fascist agenda.

Because Libertarians are far more in line with the Rat party than the GOP. Legalizing drugs trumps everything, don'tcha know.

[MNJohnnie]

Apparently talking about what happened 40 years ago is way more relevant to Libertines then talking about what happened politically in the last 3 years.

[Lazlo in PA]

You are 100% correct.

[JohnBovenmyer]

We have wage and price controls today... in the health care industry. Medicare and Medicaid limit what doctors and hospitals can charge. I don’t believe they started with Nixon whole country fiasco, but their result is the same. Your only option to accepting their prices is to not see ANY of their patients, an option that would put many doctors and nearly all hospitals out of business. It is further complicated by the HMOs (authored originally by Teddy K and signed into existence by Nixon) that extend monopolistic powers to many private insurers. The high cost of health care to those outside these price controlled monopolies is more the result of their subsidizing those covered ‘fee riders’ than the uninsured ‘free riders’ Obama (and Romney) liked to discuss. A free market always will work better and any true fix to the health care ‘problem’ starts with restoring one there. Restore freedom and wherever else the government shackles economic freedom and you’ll see the best health the world has known since Eve bit into the apple.

[fortheDeclaration]

Neither of these men understood the Free Market system.

[icanhasbailout]

I got three words for you: “Medicare Part D”

Largest entitlement expansion in a generation, and a significant contributor to the country being broke today.

[fortheDeclaration]

Maybe it’s because you expect Democrats to be socialists, but Republicans run as defenders of the Free Market.

[fortheDeclaration]

Gee, we just saw a great example of the GOP defending free market principles by raising the debt ceiling 2 trillion dollars!

[MNJohnnie]

Apparently talking about what happened 40 years ago is way more relevant to Libertines then talking about what happened politically in the last 3 years.

Isn't of squealing "ad homine" "strawman" every time someone points out a fact about the Libertine party you cannot answer, address the point.

[Lazlo in PA]

Largest entitlement expansion in a generation, and a significant contributor to the country being broke today.

If you take note, we were actually growing out of the debt we were in despite part D. What you clearly won't recognize is who actually bankrupted us. Notice the graph moving in the wrong direction in '08. I wonder what happened then?

I don't like part D either, but it is far from what broke the camels back. Put the blame where is squarely belongs.

[Graybeard58]

Nixon was Progressive garbage. Let's not forget CAFE standards and the EPA as some of this idiots ideas. There is no way I would put Bush in the category of Nixon. Obummer is more Nixonian.

Let's not forget the Earned Income Tax Credit, first proposed by Nixon, giving tax "refunds" to people who didn't pay taxes. One of those quirky things passed by congress too late for Nixon to sign into law, which he had pledged to do. He was gone when signing time rolled around, Gerald Ford signed it.

Increased under every administration since, without exception.

[Graybeard58]

,,,And don’t forget OSHA.

Also comment #17, one of the largest pure communistic acts of wealth redistribution.

[icanhasbailout]

Oh, Nancy Pelosi is absolutely responsible for her part in the budget blowout, but the person who signed those budgets is equally responsible.

With regards to “growing out” of the debt, I’m afraid that is an illusion caused by the enormous housing bubble and the apparent, but false, impression of wealth and prosperity it gave to the GDP numbers.

The plain truth is that, once you back out the growth of debt from GDP, the United States economy has been stagnant since 1983.

[fortheDeclaration]

What are you talking about?

I didn't say a word about 'ad homine' or 'strawman'.

I pointed to the recent GOP controlled House compromising free market principles and raising the debt ceiling.

The fact is that the GOP very rarely stands by any freedom principles.

And I am not a member of the Libertarian Party, I vote GOP.