Quotation of the Day…

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… is from page 49 of Thomas Sowell’s 1999 book, Barbarians Inside the Gates:

The federal government could make a Rolls Royce affordable for every American, but we would not be a richer country as a result. We would in fact be a much poorer country, because of all the vast resources transferred from other economic activities to subsidize an extravagant luxury.

DBx: Remember this reality when someone next points to some crowded government-subsided stadium or a humming tariff-protected industry as evidence that such government interventions make the people as a whole more prosperous.