“Nothing is so permanent as a temporary government program,” Friedman notably said. With the federal government the largest it has ever been (some studies estimate more than 14 million federal employees), Friedman recognized the harsh realities of uncontrollable bureaucracy and government spending. Always ready with a witty remark, Friedman concluded, “If you put the federal government in charge of the Sahara Desert, in 5 years there’d be a shortage of sand.”
We have a lot to be thankful for, courtesy of Milton Friedman. Including freer markets, an emergence of entrepreneurs, and his profound influence on leaders like Ronald Reagan. Without Friedman’s cultural influence, one must wonder if Ronald Reagan would have even been elected president. So, next time you engage in any economic activity, whether on Wall Street or Wal-Mart, be sure to thank one of my heroes, Milton Friedman.