Milton Friedman correctly argued that the government has no money of its own, only what it takes from people, and that these expenditures should be minimized because individuals spend their own money much more carefully than the government does.
The Lost Angeles Unified School District
“The problem with socialism is that you eventually run out of other people’s money” is a famous quote by former British Prime Minister Margaret Thatcher, often used to criticize high-taxing, high-spending government policies. It emphasizes that state welfare systems rely on funding from individuals, a reliance that often becomes unsustainable. The Los Angeles Unified School District currently provides living proof of the accuracy of Thatcher’s words.