If the US government spends 40 percent of the nation's income, as it does through either borrowing or taxes, that income is not available for people to spend. The deficit is an indirect method of taxation. Of course, politicians prefer to borrow instead of tax because then someone down the road has to deal with the consequences.
Milton FriedmanThe essential notion of a capitalist society ... is voluntary cooperation, voluntary exchange. The essential notion of a socialist society is force.
Milton FriedmanSee, if you look at the drug war from a purely economic point of view, the role of the government is to protect the drug cartel. That's literally true.
Milton FriedmanSocialism, in the traditional sense, meant government ownership and operation of the means of production. Outside of North Korea and a couple of other spots, no one in the world today would define socialism that way. That will never come back.
Milton Friedman