Monday, April 24, 2017

Unearned Prosperity

I bought a toothbrush, some toothpaste
A flannel for my face
Pajamas, a hairbrush
New shoes and a case
I said to my reflection
Let's get out of this place

Dan Mitchell discusses the unearned prosperity enveloping Washington DC. Unearned in that burgeoning household incomes of DC residents come not from their own production, but from forcible wealth transfer.

In some cases the wealth transfer is direct in the form of tax payments lining the pockets of Washington bureaucrats. In other cases it is indirect in the form of lucrative privileges going to cronyist principals and their lobbyist agents.

The thing about such unearned prosperity is that it is never permanent. Forcible wealth transfer lasts only until the system breaks (which can happen in various ways).

DC's gilded class should enjoy the spoils while they last.

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