The rotting away of American cities that were once thriving places is one of the most depressing phenomena we face. Everywhere, politicians have plans and programs to revitalize these sad places, but it’s politics itself that is to blame.
That’s the argument made by Johns Hopkins professor Steve Hanke and Loyola College professor Stephen Walters in this superb WSJ piece from last Saturday. They point out that Baltimore has changed dramatically for the worse over the last half century due to politicians whose taxes and regulations have ruined much of the city.
A thriving economy has always been the best anti-poverty program, but short-sighted politicians, eager for more revenue for their array of spending programs, impose taxes and regulations that end up driving away the capitalists.
If you were poor and unskilled, you’d be much better off in, say, Hong Kong than in Detroit, Baltimore, or other “progressive” cities.
