Johns Hopkins economist Steve Hanke is back at it, and this time he brought a 1979 video as backup. On Monday, Hanke renewed his criticism of Vice President JD Vance, invoking his mentor Milton Friedman's warning against an expanding state, just as Republicans debate how far government should intervene in the economy.

Hanke Revives Friedman Warning For Vance

"VP JD Vance, take a listen. You might learn something," Hanke wrote on X, sharing a 1979 clip of Friedman. "The government is TOO BIG. It's TOO INTRUSIVE. It RESTRICTS what we can do. It's becoming our master instead of our servant. We've got to react against it and cut it down to size."

The post extends Hanke's recent criticism of Vance over Friedman's economic philosophy, after the vice president publicly embraced a more Hamiltonian vision for conservative economics rather than the laissez-faire tradition associated with Friedman.

The White House did not immediately respond to MarketDash's request for comment.

Vance Backs More Interventionist Economic Vision

That disagreement comes as the Trump administration pursues a more interventionist economic agenda. In February, Vance proposed a U.S.-led critical-minerals trade bloc using coordinated price floors and adjustable tariffs to protect domestic and allied producers from cheaper Chinese supplies.

Reuters also reported last week that tariffs and the broader scope of Trump-era economic populism have become dividing lines as Republicans consider the party's future beyond Trump.

Hanke approaches that debate from a distinctly free-market tradition. Johns Hopkins says he served as a senior economist on President Ronald Reagan's Council of Economic Advisers in 1981-82.

Friedman won the 1976 Nobel Memorial Prize in Economic Sciences for his work on consumption analysis, monetary history and stabilization policy. The Nobel Foundation describes him as a leading Chicago-school economist and an outspoken advocate of free markets.

Federal Spending Strengthens Hanke's Broader Critique

Hanke has also repeatedly targeted Washington's fiscal trajectory, previously calling for a constitutional debt brake as federal debt climbed above 100% of GDP.

The Congressional Budget Office projects federal outlays of $7.4 trillion, or 23.3% of GDP, in fiscal 2026, above the 50-year average of 21.2%. It projects a $1.9 trillion deficit and roughly $1 trillion in net interest costs this year.

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