From the Becker-Posner Blog:
"[W]hat should worry us is the total level of spending by our federal government which serves as a massive tax on real economic activity in the present. Applying Fredric Bastiat's "seen and unseen" to nosebleed government outlays, neither the seen nor the unseen induce optimism.
The "seen" in this case is gag-inducing waste including but not limited to Cash-for-Clunkers, corporate welfare of the bailout variety, and earmarks of recent vintage such as The Brige to Nowhere. The unseen, however, concerns the Microsofts, Intels and Googles that will never see the light of day thanks to an allegedly benevolent political class so eagerly vacuuming up capital that if left alone might find its way to ventures that are worthwhile.
Unseen is how much higher our wages would be if our federal minders weren't spending over $3 trillion per year, and how very different and varied our collective employment outlook would be if our productive gains stayed in the private sector as opposed to the bloated government sector.
It's said that government spending is compassionate, but what is compassionate about politicians spending money not their own?"
Well said! Its the drag on the private sector (which actually PRODUCES goods and services) that makes the debt so pernicious.
RSS Feed
