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Quotation of the Day…

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… is from page 108 of Deirdre McCloskey’s 1993 collection, Second Thoughts: Myths and Morals of U.S. Economic History [2]; specifically, it’s from Chapter 13, which is Benjamin Baack’s and Edward Ray’s essay “The Income Tax: An Idea Whose Time Has Gone and Come?”:

An analysis of federal finance during the nineteenth and twentieth suggests that the actions of special interest groups have played a significant role in expanding federal spending relative to the GNP.  Deficits are the result of the successful efforts of these groups to capture resources without paying higher taxes.

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