A Quote by Robert Higgs
Government spending either is completely wasteful, merely transfers income, purchases an intermediate rather than a final good, or purchases valuable final services whose value cannot be ascertained because the transaction is not made by private parties exchanging their own resources in a market setting.
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Household spending growth has been particularly solid in 2015, with purchases of new motor vehicles especially strong. Job growth has bolstered household income, and lower energy prices have left consumers with more to spend on other goods and services.
Quite often the federal government purchases things at prices higher than individuals in the private marketplace.
Whether government finances its added spending by increasing taxes, by borrowing, or by inflating the currency, the added spending will be offset by reduced private spending. Furthermore, private spending is generally more efficient than the government spending that would replace it because people act more carefully when they spend their own money than when they spend other people's money.
Most poor families are living completely unassisted in a private rental market, devoting most of their income to housing. When you meet people who are spending 70, 80 percent of their income on rent, eviction becomes much more of an inevitability than the result of personal irresponsibility.
As homeowners see the value of their homes decline, they become more likely to delay purchases of the big items - like automobiles, electronics and home appliances - that are ballasts of the American economy. When those purchases decline, large manufacturing firms, suddenly short on funds, could begin laying off employees.
If there is no absolute moral standard, then one cannot say in a final sense that anything is right or wrong. By absolute we mean that which always applies, that which provides a final or ultimate standard. There must be an absolute if there are to be morals, and there must be an absolute if there are to be real values. If there is no absolute beyond man's ideas, then there is no final appeal to judge between individuals and groups whose moral judgments conflict. We are merely left with conflicting opinions.
To be honest, I was never expecting to be in a World Cup final, a Euro final, a Champions League final, a Europa League final. I've done much more than I dreamt, and that's incredible.
Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.
Circumstance - which moves by laws of its own, regardless of parties and policies, and whose decrees are final and must be obeyed by all - and will be
It is not just disposable income but whether people feel good about their immediate future that drives sales. It is this feel-good factor that drives the purchases more and more than mere economic wealth.
When you start cutting government expenditure, at some point you are cutting essential services rather than excessive services. So you have to take into account the social costs involved in cutting government spending.
But, surprise - none of these blockbuster events made the slightest dent in Ben Graham's investment principles. Nor did
they render unsound the negotiated purchases of fine businesses at sensible prices. Imagine the cost to us, then, if we had let a fear of unknowns cause us to defer or alter the deployment of capital. Indeed, we have usually made our best purchases when apprehensions about some macro event were at a peak. Fear is the foe of the faddist, but the friend of the fundamentalist.
If all men are created equal, that is final. If they are endowed with inalienable rights, that is final. If governments derive their just powers from the consent of the governed, that is final. No advance, no progress can be made beyond these propositions.
Conservatives and liberals are kindred spirits as far as government spending is concerned. First, let's make sure we understand what government spending is. Since government has no resources of its own, and since there's no Tooth Fairy handing Congress the funds for the programs it enacts, we are forced to recognize that government spending is no less than the confiscation of one person's property to give it to another to whom it does not belong - in effect, legalized theft.
If we had decided on January 5, in the new House of Representatives, to make no new spending bills, the debt ceiling would've still been hit, because, those are bills that are coming in as a result of purchases and commitments made by the administration and the previous Congress.
I think, my own personal view is there should be higher and higher levels of autonomy; government should not interfere in setting up colleges, in running colleges. The market, the society will decide which is a good university, which is not a good university, rather than government mandating.
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