25 August 2010

Other people's money

Milton Friedman explains it in 2 minutes 42 seconds.

1 comment:

jerry said...

The late Dr. Freidman must have had his ESP working way back when when he railed against the use of OPM. That clip would make a good TV commercial for the NO campaign when the $11 billion water bond-doogle eventually comes up for a vote by the people.

Or (wishful thinking working here) maybe our Legislature will wise up between now and that fateful day and substitute revenue bonds for general obligation bonds before asking people to send their money to Sacramento to build projects for other people.