by Locker Room contributor
So argues economics professor George Reisman here.
Key sentence: “A part of the output of the economic system that would have gone into the production of future output is instead diverted to the government’s consumption and to the consumption of those to whom the government gives money.”
Big government, in other words, eats up some of the seed corn.
Locker Room fans with good memories will recall that I made the same point yesterday.