Stanford University’s Michael J. Boskins wants to talk about disease and dysfunction. It’s not a medical condition, though; it’s an economic one.
Far too few governments rein in their countries’ bloated welfare states before disaster strikes. As a result, some citizens eventually suffer the economic equivalent of a heart attack: wrenching declines in living standards as they are victimized by unsustainable programs’ endgame. Greece and the city of Detroit are only the most recent grim examples.