Elon Musk quotes Milton Friedman that all budgets balance because the consumer always pays – through taxes, inflation, or more borrowing. Indeed, ever-widening budget deficits are a sign of poor governance.
Friedman also said that the problem of government is special interest groups, where policymaking benefits the few while imposing small costs on the many.
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Adrian Blundell-Wignall writes on the world economy and is a former director of the OECD. He is currently in Paris.
