In preparing for
my conference lecture about government spending I came across a tremendous bit of wisdom from Ludwig von Mises. In an essay entitled, "
Economic Aspects of the Pension Problem," originally published February 23, 1950 in
The Commercial and Financial Chronicle, he makes an observation that is as timely as today's budget debates:
What the doctrine of balancing budgets over a period of many years
really means is this: As long as our own party is in office, we will
enhance our popularity by reckless spending.
Mises' essay was subsequently republished in the compilation,
Planning for Freedom, which is an excellent introduction to his thought.
I found the above passage and many others in the tremendous
The Quotable Mises compiled by Mark Thornton.
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