Rick Perlstein Quotes
Chicago's privatization mania began during Mayor Richard M. Daley's administration, which ran from 1989 to 2011. Under his successor, Rahm Emanuel, the trend has continued apace. For Rahm's investment banker buddies, the trend has been a boon. For citizens? Not so much.
Perlstein, Rick. "Chicago's Privatization Mania." The Nation, 2015.
The Bishop in this letter threatened to excommunicate the President because his economic policy was causing the death of babies and elderly people from malnutrition and lack of medical care and other basic services.
Privatization is a proposal whereby individuals invest their own money in the Sock and Bond Market in an effort to get a better return than the government Social Security System produces. However, the initial cost is very high and the idea might be good for an individual hose investments pay off, but there could be no coverage for someone who invests poorly, is unlucky or whose investing agency goes bankrupt. There would be a lesser or no safety net which people would be guaranteed as they are with Social Security. In 2006 the George W. Bush administration tried to privatize the Social Security system. They failed in a major defeat for the administration.
Mises defines government revenue in such a manner that it always relly belonged to individuals, therefore when government invests in enterprises that accumulate capital via profits, Mises does not consider it capital accumulation. One counterexample of this point is the George Washington Bridge in New York, built in Mises lifetime by Robert Moses of the New York Port Authority. The tolls on the bridge paid off the bondholders who financed much of the initial construction. But then capital started to accumulate at such a rapid rate that Moses was able to build other capital projects ranging from highways to the World Trade Center Buildings with capital constantly accumulated. The New York Port Authority under Moses generated more capital appreciation than any corporation that had been in existence at that point. And he could not even sell stock. However, the Port Authority and a few others were exceptions. Generally government did was unable to accumulate capital in its enterprises.
Eric S. Perlstein is an American historian and journalist who has garnered recognition for his chronicles of the 1960s and 1970s, and the American conservative movement. The author of three bestselling books, Perlstein received the 2001 Los Angeles Times Book Prize for his first book, Before the Storm: Barry Goldwater and the Unmaking of the American Consensus. Politico has dubbed him "a chronicler extraordinaire of modern conservatism."