A Key Economic Lesson

[Valin]

The American Spectator:

 

Good intentions and bad results in the never ending war on poverty.

Ralph R. Reiland

1.2.13

(Snip)

 

French writer Albert Camus (1913-1960) was awarded the Nobel Prize for Literature in 1957. “The evil that is in the world,” he asserted, “almost always comes from ignorance, and good intentions may do as much harm as malevolence if they lack understanding.”

 

(Snip)

 

In “The American Welfare State: How We Spend Nearly $1 Trillion a Year Fighting Poverty — and Fail,” Michael Tanner, director of health and welfare studies at the Cato Institute, reports that the 2012 poverty rate “has risen to 15.1 percent of Americans, the highest level in nearly a decade.”

 

(Snip)

 

Bottom line, “the poverty rate is perilously close to where we began more than 40 years ago,” after $15 trillion in spending, Tanner reports. “Clearly, we are doing something wrong.”

 

 

 

Do I have to quote Albert Einstein?