Like taxation, government spending diverts resources from real wealth-generating ventures. Borrowed funds for continued spending must also be repaid, so current spending translates to future taxation.
Social media giants enjoy a cocktail of government contracts, government favoritism, and government-granted monopoly power. As a result, it will be difficult for new startups to offer much competition.
Brian Maher of the Daily Reckoning quotes Murray Rothbard and me in his incisive critique of Modern Monetary Theory (MMT), which has lately been embraced by proponents of the "Green New Deal."
The US military received no pay at all between June and November of 1877. This wasn't the only time funding was cut off, and it reflected a (now forgotten) historical distrust of the military in Congress and in America overall.
