Professor Elam

Jonathan Hoenig holds forth on social safety nets.   He suggests that they are downright dangerous. Indeed I read an article suggesting that the ecoomy is somewhat safe in that many people now work for the government.  And they don’t lay people off.  True enough but do you see anytrhing wrong with that thinking.  A government exists by taking money from the productive sector and paying bureaucrats to do whatever they do.  That will only work to the 50% level. Once all governments start taking more than half the economy, the game will shortly be over. Do politicians understand this?  I don’t think so.

The WSJ on Adam Smith.  Tom Sowell on the wisdom of the FED.