John Samples
at Cato wrote on Friday about the bills facing our interns, children,
and grandchildren to finance our continuing entitlement binge. As he
tells his son in the (imaginary?) conversation:
Well, consider this, my boy: You’re not a sucker. Neither are the other
people like you, the people who will produce the most wealth in the
future. You all will realize that it doesn’t make much sense to invest
in yourselves or in the businesses of other people when the returns go
down the entitlement sinkholes. So you won’t make the investments, and
the economy will turn sluggish and sooner rather than later we will
become a dying economy, like France or Germany. It might even happen
before the current generation dies out.
Of course, Western Europe is already there and Asia is getting there quicker. Maybe India is the place to invest (about one-quarter of the way down “India vs. China: Long-Term Prospects”).
