America is the world's 2nd largest welfare state! Did people really not know that? Or is everyone as stupid as Jonathan Gruber said we are? Today's episode of the Freedom Report podcast features Austrian economist and professor Steve Horwitz to break down the numbers.
Today's show takes a look at this article titled: "Which country has 2nd largest social welfare system in the world? Surely not the US of 'F*ck the Poor' A? Actually, yes." So, is it true?
Professor Horwitz goes into detail about people in the United States who are below the poverty line. Did you know that the poor in America have cell phones, cars and TVs? Not bad right? Well that is only not bad if you consider owning property as a good thing, which I suspect a lot of people might. But, what if someone has more stuff than you? What if someone has A LOT more stuff than you? If you're poorer than the next guy, then maybe you have a reason to be angry? Horwitz gets his econ-on to explain why this is a bit fallacious.
Also, are we better off than we've been in years past? Everyone keeps talking about this Great Stagnation of the last 30 years. So are we better off than we were, or worse? Tell us professor! We stupid voters can only understand so much about our own lives and happiness! We don't want to be the slaves of some defunct economist!
Plus, haven't Austrian economists been on gloom and doom rants about the economy and inflation for a while now? So, if everything is going to go to crap because of the Federal Reserve's money printing, and the dollar will crash, then why hasn't it happened yet? I hold Steve's feet to the fire to ask him why the predictions of so many Austrians haven't come to fruition.
And finally, what about the minimum wage? If poor people keep advocating for a higher minimum wage, does that mean that low skilled workers are going to have less employment?
Find out if Americans really are as stupid as Jonathan Gruber says we are in this very special episode of the Freedom Report podcast!