When a government spends money, there are only three places that money could have come from:
Of these, the last is the most regressive and pernicious. Not only does it reduce the savings of the middle class, but it also causes people to think they have more money than they really have.
Which one, do you suppose, do politicians choose most often? Right: inflating and borrowing. That's because taxpayers feel the pain of taxation most directly.
posted at: 05:00 | path: /economics | permanent link to this entry