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07/01/2007

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Watches

War == Money! Very very simple! Companys like lockheed martian would not have so much money if not for that!

as

When you say that the welfare program woould have expanded irrespective of the decision of fighting the war in Vietnam, you also mention that this expansion may have been slower. Which means that it is quite possible that the Great Society program would have only come to fruition in some body else's presidency, something Johnson may not have approved of. Thus the tradeoff.

as

When you say that the welfare program woould have expanded irrespective of the decision of fighting the war in Vietnam, you also mention that this expansion may have been slower. Which means that it is quite possible that the Great Society program would have only come to fruition in some body else's presidency, something Johnson may not have approved of. Thus the tradeoff.

Bill

Professor Becker says:

“Expansion of governments into the financing of the welfare, pension, and health areas was "in the air", and the war at most speeded up its introduction a little. Several years' advancement in timing is a small gain…”

Let me question the use of the word ‘gain’. This non-economist is concerned about the sustainability of the welfare state. USA Today recently ran a story about unfunded government liabilities running at $60 trillion. Senator Coburn had a release putting us on the hook for $70 trillion, growing by $3 trillion per year. Compare with US aggregate home equity at around $10 trillion.

It is naïve to believe that our electorate will vote to cut their own benefits and it looks to me like we’re about to go for ‘free’ health care for all. If you believe the Heritage Foundation, the high school dropouts joining us from down south cost the taxpayer $20,000 per household per year, accelerating the liabilities. The average family of four has something nearing one million dollars of unfunded debt around their neck.

Who’s going to pay for all of this? If the rich are targeted with wealth taxes; Bloomberg will go to the Bahamas, Gates will go to Belize, Clinton will go to the Dominican Republic, and Bush will go to Paraguay. Citizenship in Central and South America can be ‘negotiated’ very quickly for men of means and it will be very hard for the electorate to get to them.

Is the end game a collapse of our credit rating and domestic upheaval when the checks stop showing up for a hundred million dependent people?

jimbino

Prof Becker says,

"For the civil rights movement began in the 1950's, partly with the Brown vs. Topeka Board of Education decision by the Supreme Court in 1954 that ended formal desegregation of southern schools. Giving the growing political and economic clout of blacks, and their allies in both parties-after all, President Eisenhower, a Republican, called in the troops to force integration in the Little Rock school system- one cannot reasonably argue that the Vietnam War hastened to any significant degree the passage of the Voting Act."

There are two errors here. First, it was formal SEGREGATION of southern schools that was ended by Brown. Second, Eisenhower called in the troops to force DE-SEGREGATION. The court appears to have been careful (in Brown and all but one of the subsequent similar cases) to force de-segregation where there had been de jure or de facto segregation, realizing that there is no constitutional basis for forcing integration of races (or its modern manifestation, “diversity”).

chaste lepimp

So, Becker refers to “the thousands of Vietnamese killed or injured.” Make that more than two thousand thousand. Yes, the number is generally put at between 2 and 3 million. I suppose that talking about the thousands of Jews and others gassed by Hitler is next in order. May the Lord save us from such economists turned spin-doctors: economists with no scruples whatever when it comes to misrepresenting numbers. I say, “U-Chic, lay off this hack!”

n.e.hat

Perhaps LBJ's approach to the Vietnam Conflict may have been a sly Keynesian move on the Administration's part to increase the demand side of the equation by creating a boom in the military-industrial complex side of the economy (something Eisenhower warned the Nation about before leaving office). This boom created tens of thousands of jobs and their payroll taxes that could help finance the Great Society programs. Clever, Huh!

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