We have arrived at the endgame of what was an untenable doctrine: to pay for the kind of entitlements that populations have been led to expect by their politicians, the wealth-creating sector has to be taxed to a degree that makes it almost impossible for it to create the wealth that is needed to pay for the entitlements that populations have been led to expect, etc, etc.
Sunday, August 7, 2011
It's refreshing to see someone finally talk about the cause of the financial crisis in Europe and the U.S. I've been saying something very similar: that the decades of welfare statism followed by Keynesian attempts to stimulate our way out of this mess have failed. As Daley says: