Friday, November 12, 2010

Alan Greenspan on the Welfare State

From his essay, "Gold and Economic Freedom" (1967)

"Stripped of its academic jargon, the welfare state is nothing more than a mechanism by which governments confiscate the wealth of the productive members of a society to support the wide variety of welfare schemes. A substantial part of the confiscation is affected by taxation. But the welfare statists were quick to recognize that if they wished to retain political power, the amount of taxation had to be limited and they had to resort to programs of massive deficit spending, i.e., they had to borrow money, by issuing government bonds, to finance welfare expenditures on a large scale." ~Alan Greenspan

1 comment:

  1. Regulation is another form of taxation available to governments-- the forced use of private resources to achieve government goals. See R. A. Posner, ‘Taxation by Regulation’ Bell Journal of Economics 2(1): 22-50 Spring 1971.


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