I’m a big believer that real-world examples can teach us about the benefits of good fiscal policy (think Hong Kong, Estonia, Canada, and the U.S. under Reagan and Clinton) and the costs of bad fiscal policy (France, Cyprus, Greece, and the U.S. under Bush and Obama). Today, let’s look at another example of bad fiscal […]
Continue reading Slovenia: A Case Study of Missed Opportunities and Economic Decline
I’m a pessimist about public policy for two simple reasons: 1) Seeking power and votes, elected officials generally can’t resist making short-sighted and politically motivated choices that expand the burden of government. 2) Voters are susceptible to bribery, particularly over time as social capital (the work ethic, spirit of self reliance, etc) erodes and the […]
Continue reading Can Greece Be Rescued?
Remember when Paul Krugman warned that there was a plot against France? He asserted that critics wanted to undermine the great success of France’s social model. I agreed with Krugman, at least in the limited sense that there is a plot against France. But I explained that the conspiracy to hurt the nation was being […]
Continue reading It Doesn’t Seem Possible, but France Is Going from Bad to Worse
It’s remarkable to read that European politicians are agitating to spend more money, supposedly to make up for “spending cuts” and austerity. To put it mildly, their Keynesian-based arguments reflect a reality-optional understanding of recent fiscal policy on the other side of the Atlantic. Here’s some of what Leonid Bershidsky wrote for Bloomberg. Just as […]
Continue reading Europe’s Problem Is Excessive Spending, not Austerity