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24 Oct 2008 08:40 am
The Fruits Of The New Socialism
George Will:
The almost erotic pleasure of spending money that others have earned
and saved is one reason people put up with the tiresome aspects of
political life. And now the government's response to the financial
crisis, including the semi-nationalization of nine major banks, has
blurred -- indeed, almost erased -- the distinction between public and
private sectors.
Hundreds of billions of dollars that the political class would have
liked to direct for its own social and political purposes have been
otherwise allocated. That allocation, by government fiat rather than by
market forces, must reduce the efficiency of the nation's stock of
capital. Which in turn will reduce economic growth, and government
revenues, just as the welfare state -- primarily pensions and medical
care for the elderly -- becomes burdened by the retirement of 78
million baby boomers.
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