Sunday, August 15, 2010

Stout Formula for Endless Deficits

"Two combined forces yield a stout formula for endless deficits. To keep their jobs, politicians want to bring home the bacon to their constituents. This means they will almost always prefer increased spending to spending reductions. And to get (and keep) their jobs, politicians always promise not to raise taxes. The result is systematic deficits.Without constraints, the body politic will always tend to increase spending while avoiding the pain of raising taxes."
-Bruce Yandle
Everyman's Deficit: Spending Beyond our Means

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