by Jeff Deist
If there is one overriding economic myth that plagues us today it is the notion that society can do collectively what we cannot do individually: get rich by living today at the expense of tomorrow. It is the doctrine of the political class, professional economists, and central bankers. It is monetary and fiscal hedonism masquerading as technical analysis. And, it leads to fiscal default. It is arguably the biggest untold story of our time, but you won’t hear about it from Hillary or Bernie or Donald.
Consuming Today — Paying Tomorrow
Part of the problem lies in the fact that the cumulative impact of bad policies will in most cases be felt only many years down the line. Murray Rothbard pointed out when this is the case, voters will support destructive policies. The idea persists that we really can live at someone else’s expense. At least for now.