Ninety-six-year-old John Kenneth Galbraith spent his adult life urging Amerca — and the world — to embrace socialism and reject capitalism. He told us, fifty years ago, that there was NO problem in any city that could not be solved by a doubling of the city government’s budget. He is best known for his incorrect theory of the “dependence effect,” which says that because of advertising, we spend too much on “useless” things and pay too little in taxes for the “good” things government gives us. He was dead wrong about just about everything he wrote and spoke about, in … Continue reading An Old Socialist Who Never Learned a Thing