Today’s Wisdom

 

This quote is from Rand Paul:

With regard to the idea of whether you have a right to health care, you have realize what that implies. It’s not an abstraction. I’m a physician. That means you have a right to come to my house and conscript me. It means you believe in slavery. It means that you’re going to enslave not only me, but the janitor at my hospital, the person who cleans my office, the assistants who work in my office, the nurses. —Rand Paul

It is one of 50 that John Hawkins presents as the best political quotes of 2011.

 

Quote of the Day:

All governments can do is print, borrow, or steal from taxpayers. These are exactly the policies that created a loss of confidence to begin with, and now they are pledging to restore confidence by doing the exact same things. Simon Black

 

“The Chance the Gardener presidency is killing the economy, bankrupting the nation and endangering our allies.” – Hugh Hewitt

 

Louis Zingales provides a concise explanation of why Keynesianism is so popular, despite its theoretical and empirical failings:

Keynesianism has conquered the hearts and minds of politicians and ordinary people alike because it provides a theoretical justification for irresponsible behaviour. Medical science has established that one or two glasses of wine per day are good for your long-term health, but no doctor would recommend a recovering alcoholic to follow this prescription. Unfortunately, Keynesian economists do exactly this. They tell politicians, who are addicted to spending our money, that government expenditures are good. And they tell consumers, who are affected by severe spending problems, that consuming is good, while saving is bad. In medicine, such behaviour would get you expelled from the medical profession; in economics, it gives you a job in Washington.

Besides being easy to understand, it is lucrative for politicians and economists to believe it.

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