Investigative journalist and author
(born December 24, 1948) is an American investigative journalist and author specializing in economics and tax issues. He won the 2001 , and from 2009 to 2016 he was a Distinguished Visiting Lecturer at Syracuse University, Martin J. Whitman School of Management and College of Law, teaching tax, property, and regulatory law of the ancient world. From 2011 to 2012 he was a columnist for , writing, and producing video commentaries on worldwide issues of tax, accounting, economics, public finance and business. In recent years he has also written for and , and is the board president of , Inc. (IRE).
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Conservatism... means we take the things that we know work and we keep... and maintain them. ...[I]f you want to try something new... you're careful... you're cautious... you're skeptical of it. If it turns out it works we'll try incorporating that, but we have a great skepticism about doing that. Well, that's not what we got. We got radical ideas that no one else in the world is doing. ...[T]hese other countries are having fewer problems, and their middle class is better off, because they didn't do these radical things. They were in fact, conservative. Now the things they did, we might view as liberal, but they were conservative in hanging on to those things.
When Donald Trump took the oath of office "to faithfully execute the laws" and to be "loyal to the United States of America", he then got in a motorcade to go to the White House. There's a TV camera... in the truck... that looks square down the middle ...The presidential limousine... stopped... the family got out... they spent two minutes walking around... in front of the Trump International Hotel, whose lease says "no federal employee can be involved in that lease" and... we have jointly an employee named Donald J. Trump. He's our employee. ...[T]he reason he did that was ...[I]f you are an emissary... seeking a favor from Donald Trump, if you're an oil baron, or a coal company, or anybody else who wants a favor from the Trump administration, you got the message.
We decided in 1980 to go down a different path when we elected Ronald Reagan. We have gotten the results that Mr. Reagan said, if you listen to him carefully in 1980, we would get, which is that those people that are wealth holders would realize the income from that wealth, and they have. Their actual tax rates, for people at the very top, are 60% lower than what they paid in the 1960s. But at the same time, by getting rid of unions... by having these "free trade deals," which are really deals to drive down the cost of labor; we have driven down the wages and the salaries of the vast majority of Americans... We have also weakened these environmental laws... that were pretty good. So we've put in place a whole mechanism in which we favor profit over labor. ...When you look at the data you can see it ...Returns to labor in the Federal Reserve data go [down with time] and returns to capital have been rising, and since 2009 it's like looking at one of those jet fighters going straight up.
That hotel... in Trump organization filings had predicted would lose money in its first year, is making money hand over fist. ...They're taking in at the bar, $68,000 a night. ...If you want something from the Trump administration, what he made clear, is "You will pay me tribute." You'll sign up to join , where he doubled the admission price.
Workers may toil their entire lives, communities may tax themselves to create infrastructure a corporation needs, and vendors may invest their entire fortune to supply the corporation—but none of these parties, Friedman said, has significant legal rights or moral claims. [T]he idea... was not supported by the development of the law, the regulation of business and the advancement of civilization over thousands of years. But... Friedman's ahistorical thinking has come to dominate...