The other night, a politician criticized Bernie Sanders and Elizabeth Warren for offering voters “free everything and impossible promises.” Remarkably, the critique came, not from a Republican fiscal conservative, but from a fellow Democrat during a primary debate. John Delaney, a former congressman from Maryland, said such policies were based on “fairy-tale economics.”
As economist Thomas Sowell wrote, “The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.”
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