Friedman On Deficits
The Wall Street Journal has gathered a collection of quotes that appeared in articles for their publication by the recently deceased Milton Freidman. I highly recommend you read them all. One in particular struck me, though, as being appropriate for conservativism right now, considering how free-spending the recently deposed Republican Congress was:
…[D]eficits are bad–but not because they necessarily raise interest rates. They are bad because they encourage political irresponsibility. They enable our representatives in Washington to buy votes at our expense without having to vote explicitly for taxes to finance the largesse. The result is a bigger government and a poorer nation. That is why I favor a constitutional amendment requiring Congress to balance the budget and limit taxation.
Food for thought…
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