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Some value destruction

September 8, 2011 • Editorial

One reason we can’t get the economy on track is the mass economic ignorance that enables politicians to pass off redistribution schemes as growth.
Some children, seeing a rabbit pulled from a hat, surmise that magic hats produce rabbits. Similarly, gullible adults see government programs as sources of wealth. The rabbit did not magically appear in a hat. It came from someplace else. A hat may be among the last places a rabbit wants to be.

Redistribution of wealth takes capital from one rightful owner and places it someplace else — generally a place the person who earned it would not have put it by choice.

To understand how Americans mistake redistribution with prosperity, review the stories that are told after hurricanes and other Login to read more

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