Wednesday, July 20, 2011


The vocal majority today looks at the federal debt and deficits and says This must stop. It looks at medicare and baby-boom demographics and says This must not continue. It looks at what's happening in America today, and says This must change.

The vocal majority is looking at consequences of the economic problem, and it is ready to change those consequences.

Unfortunately, it thinks it can change the consequences directly, without changing the underlying problem. That is a mistake.

Actually, there is a relevant statement I want to quote:

In this lies almost the whole difference between good economics and bad. The bad economist sees only what immediately strikes the eye; the good economist also looks beyond.
From Economics in One Lesson by Henry Hazlitt

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