As is well known, SpaceX floated its shares last week. Elon Musk is the world's first, but surely not last, trillionaire. Let’s refer to Musk as the Frederic Bastiat “seen.”
From there, let’s pivot to Megan McArdle’s latest Washington Post column on the national debt. She writes that “There is only one way this kind of profligacy can end: in a fiscal crisis that forces Congress and the President to hike taxes and cut spending, very probably at the worst possible time, when the economy is already nose-diving for some other reason.” The analysis is erroneous.
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