It’s hard to be optimistic that the mountebanks running the government will do anything sensible in the near future. Until there is a deep rethinking about government, the public will not accept the near-term drastic budget cutting required to head off a fiscal crisis, much less the longer-term structural steps needed to prevent a repetition of what we’ve been through. People will need to understand that while the wish for “social security” in an uncertain world is entirely reasonable, the route to it is not Medicare, Medicaid, and Social Security – which tether people to the political class — but freed markets and voluntary mutual aid.
Finally, the fiscal problem needs more than a fiscal solution. People would be less attracted to government succor if the barriers that raise the cost of initiative and independence – including self-employment taxes, medical care restrictions, occupational licensing, land restrictions, and protection of entrenched economic interests from competition – were removed, freeing individuals to find their most satisfying places in the market without having to kowtow to power and privilege.
The rest of TGIF is here.