Welfare states are vampires for growth. They slowly suck the life out of an economy. The interesting thing is that if an economy is growing at a rate higher than 3% you no longer need a welfare state. But that would not be good for those who depend on the jobs that the welfare state created by the need for tend to the transfers that the welfare state uses to keep people in it’s grasp.
In the spirit of the Christmas season, I’m going to be uncharacteristically happy and upbeat today by pointing out that we don’t need perfection to have more prosperity. We don’t even need very good policy to enjoy growth.
We should still strive for perfection, of course, and at least hope for good or very good policy. After all, there’s a big difference in the long run between an economy that grows 5 percent per year versus an economy that grows 3 percent annually, just as there is a big difference over time between an economy 3 percent each year compared to one that grows 1 percent annually.
But my main point is that lives all over…
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