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Gluttony

The Spenders’ Eternal Excuse

Most modern welfare states have a huge problem: their politicians promise more than government revenue covers. So they borrow and borrow until they can borrow no more. And then they go down. Like Greece has gone down. Banks are closed there, and the people suffer. The problem is over-spending and






Slowest Spending in Decades?

Government tends to grow in spurts, with budgets not decreasing after each spurt. This “ratchet effect” of fast growth then tapering off amounts to a long-term trend: growth. You’ve probably seen Rex Nutting’s MarketWatch squib, the subject of many a Tweet and Facebook post. Entitled “Obama spending binge never happened,”






Down and Out and California

Barring drastic action, the Golden State will run out of cash in March. There is no provision in the Constitution for dealing with a bankrupt state. But then, there’s nothing explicit dealing with federal bankruptcy, either. The founding fathers didn’t expect their republic to permanently accumulate debt. Indeed, Thomas Jefferson






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