Acclaimed Radio Host Scott Hennen from Fargo, ND is in town today addressing the Tea Party group. Scott has been called the “Rush Limbaugh of the Prairie” by the Wall Street Journal. He is the author of Grass Roots: A Commonsense Action Agenda for America.
I’ll be live blogging the address:
(note — I’m typing as fast as a I can — but the following notes are summaries and not complete statements)
12:14 Dr. Unruh introduces Scott Hennen
12:14 – Scott was born in Sioux Falls in 1964 @ McKennan. His father ran a radio station in Huron and as High School student he did a Saturday morning radio show and interviewed Larry Pressler.
12:16 — It is Milton Friedman’s 99th birthday today. Scott’s address today is part of that celebration.
12:17 — Tea party movement was very inspiring to him. Wonderful Phoenix rising from the ashes of the Obama victory. People getting involved in politics for the first time — awesome!
12:18 — His book was inspired by the Tea Party movement. ND since 1986 had 3 Democrats in Congress. Tea Party of ND took out 2 of 3 seats for the Republicans. Kristi Noem was a victory for the Tea Party….not even a conservative Democrat. MN’s take over of the legislation….they are a beacon for the country. “We are not going to raise taxes.” Minnesota was losing businesses.
Three weeks in Mark Dayton blinks — okay we won’t raise taxes.
National debate — raising taxes is off the table. This is a battle won.
A government run 100% by principles by people like Milton Friedman would be the utopia we’ve longed for.
Michael Reagan said Ronald had an entire section of library dedicated to conservative economics.
Tea Party can be instrumental in sharing the principles of Friedman with our youth.
6 worst economic crises — and how Friedman economics helped….
Obama — spend, spend, spend — made it worst.
1st crisis — 1920 forgotten depression — Woodrow Wilson — economy dives — unemployment 5% – 12%. Next year, Harding takes office — cuts taxes and unemployment drops. Roaring 20’s
2nd crisis — Great Depression — 8th months after Hoover took office — top tax rate to 63%, spending boosted 47% — nation deep in debt. Unemployment at 25% — FDR — doubles down….spends more/manipulates economy — big gov’t public works programs.. unemployment never went below 14%. Stock market lost half value…..great depression in 10th year — unemploy — back over 20%. New Deal prolonged depression.
3rd — Recession of 1961 — JFK — cut tax rates to achieve expanding economy/1964, LBJ signs into law and economy grows — unemploy –4.2%
4th — 1970’s recession — real GDP grew — but inflation and unemployment still a problem. Carter takes office — stagflation — spending out didn’t work (again)
5th — 1980 recession — full recession in place. Most dangerous economic crisis — Reagan takes office — tax rates slashed (top rate 70% — to 28%) — inflation drops, unemployment drops — doubles revenue to treasury.
6th crisis — 2007 recession — can’t afford a house — get one anyway. Stimulus program — unemployment went to 10%. Treasury printing money….
1, 3, & 5 — cut taxes, reduce spending — set the market free — Milton Friedman policies
2, 4 & 6 — gov’t spending — huge deficits and debts — never produced an economic cure.
Milton Friedman said — gov’ts never learn. People learn. That’s why there is a tea party movement.
Thankfully there is a tea party movement to take on a mission to educate about great economic lessons that are taught and lived today.
Who are the leaders — no leaders — it’s the people — real people rolling up sleeves and getting to work.
Pick 535 better members of Congress by random from the phone book. Founding Fathers took their vision and led one day at a time.
Tea party not just about spending, Obamacare…..it’s about global warming, military, pro-life — it’s about what you are passionate about.
1. Boehner debt ceiling bill — can’t the house withhold money? Yes they could do that. Enormous frustration in Washington — until there are more conservatives in DC we are not going to like any outcome. Send cut, cap and balance to Senate again and again. Obama has turtled (backed out of debate) and is not getting the blame. Senate doing nothing….punted. Republicans have led….1/2 of 1/3 of government gets the blame? Right now….TP is influential…why there aren’t the votes there now. Our energy ought to be on defeating Obama….not going after the Reps. This deal is gonna be ugly….if we get BBA — that’s good step.
2. Why don’t we have more people standing up to say we are under a socialist state and we aren’t protesting enough? I agree — and it needs to be our focus. Defeat of second term for Obama has to be top priority. We need to make the case for the economy….
3. Where did the money go…..Did it go to the wars — how did we get in this mess? Obama not knowing history — increasing spending and taxes. Crisis solved by growing economy….Paul Ryan lays out plan for entitlements (over 55 no worries not touching)…how many GOP endorsed Ryan? Less than 10 — that’s pathetic…..entitlements worse than defense spending.
4. Unregulated spending — programs are done for special interests? Priorities need to be defined….we do this every day at our own table…no money = no starbucks or vacation. We have to make these kinds of choices. At the state level we could do a lot better….basic simple reading of the constitution tells you that the feds are doing all kinds of things they shouldn’t be.
5. Small businesses facing trouble? To much uncertainty — no hiring. What’s gonna happen — companies holding on to their cash. Obamacare needs to be repealed!
For more of Scott’s thoughts and his history lesson of the economic wins and losses, check out his book “Grass Roots”