Quotation of the Day…

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… is from page 335 of the 5th edition (2015) of Thomas Sowell’s Basic Economics:

The fact that economic consequences take time to unfold has enabled government official in many countries to have successful political careers by creating current benefits at future costs. Government-financed pension plans are perhaps a classic example, since great numbers of voters are pleased to be covered by government-provided pension plans, while only a few economists and actuaries point out that there is not enough wealth being set aside to cover the promised benefits – but it will be decades before the economists and actuaries are proved right.