Taxes and Spending

In the words of Henry Hazlitt, "ideas which now pass for brilliant innovations and advances are in fact mere revivals of ancient errors."

France has a lower income than 49 US states, which may shed some light on why protests continue all these weeks later.

If Social Security was efficient, equitable, reliable and sustainable, defending the status quo might be sensible. But it is none of those things.

The key to a high quality of life is a free economy devoted to trade and entrepreneurship. Contrary to what we're told about Europe's welfare states, more government social spending doesn't cause economic prosperity.

Despite spending nearly $2 trillion, or 45% of the federal budget, every year on Social Security and Medicare, the feds are headed toward insolvency, and there is no relief in sight.

Social Security acts as a sort of "reverse insurance," doling out money now, leaving less for the future.

The center-left in Spain survived last weeks elections. Whether the economy can survive the left's tax addiction remains to be seen.

Government spending on higher education is higher in the US than in Switzerland, Germany, or France. But colleges remain expensive here because they focus more on non-educational perks and extras.

For many years in London, firefighting was provided privately by insurance companies. Oddly enough, the Americans rejected this model for the far-more-politicized fire department model we know today.

Dalio played the game, by the rules of the game. Now he appears to say, "I've got mine, let's change the rules."