Thomas Sowell is against bailouts; I am too

Increasing numbers of people seem to have convinced themselves that they are entitled to a “fair share” of what someone else has earned. Whole nations now seem to think that they should be bailed out from the consequences of their own reckless spending by nations that lived within their means.

My two cents

Economic Facts and Fallacies
Economic Facts and Fallacies (Photo credit: arellis49)

I hadn’t quite thought of national bailouts that way before, but the premise is true and I support Thomas Sowell’s assessment of the situation. I also think that terms like ‘fair share’ are steadily becoming more trite (just like the term ‘human rights’). I sometimes wonder how the various bailout proposals would have fared if they were done by means of a referendum instead of (supposedly) representative politicians.

Quote source

Sowell, T. (2012). Random Thoughts. Available: http://www.realclearpolitics.com/articles/2012/06/19/random_thoughts_114525.html. Last accessed 24th Oct 2012
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