Milton Friedman: Spending National Income

Milton Friedman Money Quote saying government spending is not accountable because few care how much is spent once allocated. Milton Friedman said:
 

 

“If I spend somebody else’s money on somebody else, I’m not concerned about how much it is, and I’m not concerned about what I get. And that’s government. And that’s close to 40% of our national income” — Milton Friedman

Milton Friedman is criticizing how government spending tends to be less restrained compared to individual spending. He argues that since the government spends money taken from taxpayers, there is less incentive to minimize costs or carefully consider the value of programs, unlike individuals spending their own funds.

Friedman notes that around 40% of the national income at that time was being spent by the government, much of it coming from taxes rather than the government’s own revenue.

His point is that when the government spends such a large portion of the economy’s resources, there will likely be inefficiencies and waste since it is spending “somebody else’s money” rather than carefully managing its own budget.

Birthday: July 31, 1912 Death: November 16, 2006

Bernie Sanders: Of, For, & By Billionaires

Bernie Sanders Money Quote saying the wealthy are becoming the government and is no longer controlled by the electorate. Bernie Sanders said:
 

 

“We are moving toward an oligarchy where we have a government of the billionaires, by the billionaires and for the billionaires” — Bernie Sanders

In this quote, Bernie Sanders is warning that the United States is shifting towards an oligarchic system of government. By “oligarchy”, Sanders means a system where a small, elite group of extremely wealthy individuals hold outsized political power and influence over decision-making.

He argues that the government is increasingly being run “of the billionaires” through their campaign donations and lobbying efforts. Sanders also suggests policy is determined “by the billionaires” since they can leverage their vast wealth to shape policy outcomes.

And finally, Sanders believes the government is governing “for the billionaires” by prioritizing policies like tax cuts that disproportionately benefit the richest members of society.

In essence, the quote portrays Sanders’ view that concentrated wealth is translating into concentrated political power for billionaires that undermines democratic governance and priorities.

We are moving toward an oligarchy where we have a government of the billionaires, by the billionaires and for the billionaires.

— Bernie Sanders (@SenSanders) March 29, 2016

Bernie Sanders: Billionaires Religion Greed

Bernie Sanders Money Quote saying some of the wealthy focus their greed on the government to enact policies to make them richer. Bernie Sanders said:
 

 

“The billionaire class is very religious. Their religion is greed. It's not enough to own the economy, they want to own the government too” — Bernie Sanders

In this quote, Bernie Sanders is criticizing the political and economic influence of billionaires. He argues that their “religion” or driving motivation is greed, as they are not satisfied merely owning and controlling large sections of the economy through their wealth, but also wish to exert control over government.

Sanders portrays billionaires as having an insatiable appetite for both economic and political power, suggesting their immense riches alone are not enough and they seek to dominate policymaking as well to further entrench their financial interests.

The quote conveys Sanders’ view that the billionaire class takes its pursuit of wealth and dominance to an extreme level, seeking to essentially “own” not just business but also the political system through the resources and leverage their fortunes provide.

The billionaire class is very religious. Their religion is greed. It's not enough to own the economy, they want to own the government too.

— Bernie Sanders (@SenSanders) May 1, 2016

Lawerence Lessig: Funders of Campaigns

Lawrence Lessig Money Quote saying government lobbyists and businesses that employ them are determining how laws are written, which benefits them, not the public. Lawrence Lessig said:
 

 

“Our government is held hostage by the funders of campaigns. And those funders don’t spend their money to get good public policy. They spend their money to get public policy that pays them” — Lawrence Lessig

Funders of campaigns, such as government lobbyists and businesses, can influence public policy to benefit themselves rather than the public. Some examples of public policies that may have been shaped by funders’ interests rather than the public’s needs include:

• Laws that favor certain industries or corporations over others, such as tax breaks or subsidies.
• Regulations that are weaker or less enforced than they should be, allowing companies to operate with less oversight.
• Policies that prioritize the interests of the wealthy and powerful over those of the general public, such as tax cuts for the rich or reductions in social welfare programs.

It’s important to note that these are just a few examples, and there may be many other instances where public policy has been shaped by funders’ interests rather than the public’s needs.

Will Rogers: Government Tax as Usual

Will Rogers Money Quote saying how does government expect to raise new taxes – from the wealthy or those in poverty as always. Will Rogers said:
 

 

“How is the government going to get the extra taxes? Out of the rich, or just out of the poor, as usual?” — Will Rogers

In this tongue-in-cheek quote, Will Rogers is satirically commenting on how governments typically fundraise for additional tax revenue. By asking “How is the government going to get the extra taxes? Out of the rich, or just out of the poor, as usual?”, Rogers suggests that while governments may claim to tax the wealthy more, in practice they often rely on collecting more from lower and middle income groups.

His rhetorical question implies that historically, the tax burden has disproportionately fallen on the non-rich. Through this witty remark, Rogers shrewdly draws attention to the regressive nature of some taxation policies with his characteristic comedic style of revealing deeper insights through lighthearted humor.

Birthday: November 4, 1879 – August 15, 1935

Milton Friedman: Internet Taxes Difficult

Milton Friedman Money Quote saying collection of internet related income and expense will make taxes more complex for government. Milton Friedman said:
 

 

“The most important ways in which I think the Internet will affect the big issue is that it will make it more difficult for government to collect taxes” — Milton Friedman

Milton Friedman is predicting that the internet will make it harder for governments to collect taxes effectively. He seems to believe the internet will enable new forms of commerce and economic activity that are difficult for tax authorities to monitor and regulate.

Friedman may be suggesting that digital transactions and cross-border online sales in particular pose challenges for identifying taxable income and enforcing tax compliance.

The quote implies the internet will give rise to loopholes that reduce governments’ ability to collect all the revenue they aim to through taxation policies.

Overall, Friedman views the internet as a technology that will complicate governments’ tax collection efforts by facilitating hard-to-track economic activity.

Birthday: July 31, 1912 Death: November 16, 2006

Will Rogers: Government Shoves in Creek

Will Rogers Money Quote saying the government takes all the money possible in taxes yearly. Will Rogers said:
 

 

“If you make any money, the government shoves you in the creek once a year with it in your pockets, and all that don’t get wet you can keep” — Will Rogers

In this funny quote, Will Rogers is satirically referring to the process of paying annual income taxes. By saying the government “shoves you in the creek once a year with it in your pockets”, he humorously likens the tax payment experience to being pushed fully clothed into a creek, with only the money that remains “dry” or untouched being kept.

This suggests that a large portion of one’s earnings are “soaked up” or confiscated by the government through taxation. Rogers’ witty metaphor highlights his perspective that the tax system takes a significant portion of what people earn each year. Through his trademark comedic style, he effectively draws attention to how taxpayers perceive much of their income as going directly to the state.

Birthday: November 4, 1879 – August 15, 1935

Harry S. Truman: GOP Buying Government

Harry S. Truman Money Quote saying with humor that Republicans admire the government enough to purchase all the deals they can. Harry S. Truman said:
 

 

“They [Republicans] admire the Government of the United States so much that they would like to buy it” — Harry S. Truman

In this quote, former U.S. President Harry Truman seems to be criticizing the Republican party’s stance on the role and scope of government. By stating Republicans admire the U.S. government so much that they want to “buy it,” Truman appears to be implying that Republicans view government more as a business to be owned and controlled for profit-seeking purposes, rather than as an institution meant to serve the public interest.

The quote suggests Truman felt Republicans saw government primarily through a commercial lens focused on ownership and returns, rather than from a perspective of public service. Overall, Truman seems to be employing sarcasm to argue Republicans had an overly transactional view of governance that prioritized private gain over citizens’ needs.

Birthday: May 8, 1884 – Death: December 26, 1972