The Taxman Cometh

This week’s weekly clarity coaching is a video I recently ran across of one of my favorite economists, Milton Friedman. It’s a 30-year-old interview. The interview is from March 21, 1982. I found this nostalgic and interesting because it’s the old panel format.
What really amazed me about this particular video, which is only about three minutes long, is the fact that it sounds like the nightly news today. And it makes me think of an old saying. And I haven’t sourced this yet, think it’s from Proverbs: “The more things change, the more they remain the same”. You know, there’s been a lot of talk about debt and the obvious issue we’re dealing with in our current country’s climate, this is Nothing New. In fact, I think this video exemplifies how things really haven’t changed in 30 years. Unemployment in 1982 was 10%. We had the same types of issues that we’re having as it relates to energy business confidence, etcetera.
Of course, the debt wasn’t as big as it is now. But what I think is interesting is, folks, we do not have a revenue problem in this country. We have a spending problem. The current bunch of elected official seem to not realize that they would not spend their personal money like they are spending ours I think this week’s video may ring true for any of you that may be over 50 years old and realize wow, this sounds like déjà vu. If raising taxes did not work to lower our debt in the past…it seems foolish to throw good money after bad??? What do you think?

About Paul Nichols

Paul is the founder of Financial Abundance, a Registered Investor Advisory firm and EDI, an Estate Planning Firm with offices in State College and Lewisburg. He has been working with individuals, families and businesses for over twenty years, including many Fortune 500 companies. He has educated tens of thousands of people through seminars, workshops and various international speaking engagements where he shared the stage with many notable individuals such as Ronald Reagan, Robert Kiyosaki (author of Rich Dad, Poor Dad), Mike Ditka, General Schwarzkopf, and Newt Gingrich to name a few.

In 2000, after many years of traveling to consult companies and individuals, Paul decided to relocate from Colorado to State College, PA (his wife’s hometown) to develop a local advisory firm.

Paul operates under the core belief that education plus understanding leads to clarity and confidence; resulting in peace of mind. He is a proud father of three and devoted husband of 20 plus years.

Some of Paul’s accomplishments:
Regular contributor to the Centre Daily Times, via the “It’s Your Money” blog
Featured in the movie Navigating the Fog of Investing
Regular contributor to Town & Gown as the publications Investor Coach
Host of the weekly iTunes Podcast, It’s Your Money
Member of the Western PA Better Business Bureau
Member of the Centre County Chamber of Business and Industry