It’s not easy being a libertarian, particularly if you follow public policy.
Thomas Jefferson almost certainly was right when he wrote that “The natural progress of things is for liberty to yield, and government to gain ground.”
Heck, just look at how small government used to be in the developed world compared to where it is now. Public sectors used to consume only about 10 percent of economic output during the 1800s when nations became rich, but now the burden of government spending averages more than 40 percent of GDP.
And if you really want to get depressed, then look at the long-run fiscal forecasts for the United States and other industrialized countries. Things are going to get worse. Much worse.
Most nations are heading toward a Greek-style fiscal crisis. And while the United States is in better shape than many European welfare states today, our long-run outlook is actually worse according to the International Monetary Fund.
Even the Bank for International Settlements and Organization for Economic Cooperation and Development agree with the IMF’s grim prognosis.
Speaking of the IMF, let’s discuss some very bad news. It’s about Albania, so it may not seem very important, but it’s quite symbolic of the destructive impact of international bureaucracies.
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 28th, 2014 | John Ransom
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for July 25th, 2014 | John Ransom