Morgan Reynolds

Since I posted my little tract on the US government’s reckless and absurd monetary, spending and borrowing behavior, two new pieces along the same lines have appeared. All good. To embellish the main point, one of the hidden effects of runaway deficit spending is that government wastes the borrowed funds on welfare and warfare, and thereby destroys savings that would otherwise have gone into durable investment in productive capital and technology and thereby raised real wage rates and the standard of living in general. Oy vey.