Quotation of the Day…

by Don Boudreaux on May 24, 2020

in Budget Issues, Debt and Deficits, Other People's Money, Reality Is Not Optional

… is from page 132 of George Will’s excellent 2019 book, The Conservative Sensibility (footnote deleted; link added):

And deficit spending – borrowing – is, as [Christopher] DeMuth says, “a complementary means of taxation evasion.” It enables the political class to provide today’s voters with significantly more government benefits than current taxes can finance, leaving the difference to be paid by voters too young to vote or not yet born.

DBx: Spending other people’s money doesn’t become less a source of waste and inefficiency just because other people’s money is gotten through government-issued bonds.


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