In times of disaster it’s natural to try to find a silver lining — but don’t go looking for it in broken windows. Not only is this line of thinking flawed, but it’s also patronizing to those whose lives have been affected by this tragedy.
Let’s say that you’re a policymaker interested in reducing the size of government. Strategically, is it easier to cut government regulation or roll back the welfare state (thereby reducing government spending)?
In 1930, total government expenditure was 10% of GDP. Of that, approximately 3% was federal spending, and 7% was state and local spending. Today, government expenditure is about 40% of GDP, with 25% of that spending federal, and the remaining 15% state and local.
Beneath the surface there’s a lot of progress occurring that should make us all feel a little more optimistic about the future.
Several years ago Uncle Sam declared Jones, a man in his mid-40s, to be uniquely entitled to retire immediately at double his real annual income of $100,000 for life. Jones took Uncle Sam up on this offer. Each and every year until Jones enters oblivion Uncle Sam now transfers to him $200,000. Jones is made […]