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New taxes are so unpopular that most 'social' handout schemes are originally enacted without enough increased taxation to pay for them. The result is chronic government deficits, paid for by the issuance of additional paper money.

Henry Hazlitt

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Henry Hazlitt
Age: 98 †
Born: 1894
Born: November 28
Died: 1993
Died: July 8
Economist
Journalist
Philosopher
Philadelphia
Pennsylvania
Henry Stuart Hazlitt
Enough
Paid
Additional
Paper
Originally
Pay
Taxation
Handout
Results
Schemes
Handouts
Social
Deficit
Enacted
Money
Increased
Deficits
Government
Result
Unpopular
Without
Taxes
Chronic

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Diluting the money supply with paper is the moral equivalent of diluting the milk supply with water.
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The more 'adequate' we make relief, the more people we are going to find willing to get on it and stay on it indefinitely. The more we try to make sure that everybody really in need of relief gets it, the more certain we can be that we are also giving it to people who neither need nor deserve it.
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Need is not demand. Effective economic demand requires not merely need but corresponding purchasing power.
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The only way government bureaucrats know of keeping prosperity going is to inflate some more - to increase the deficit or to pump more money into the system.
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Give me the clear blue sky above my head, and the green turf beneath my feet, a winding road before me, and a three hours' march to dinner - and then to thinking!
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If a government resorts to inflation, that is, creates money in order to cover its budget deficits or expands credit in order to stimulate business, then no power on earth, no gimmick, device, trick or even indexation can prevent its economic consequences.
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The crying need today is not for more laws, but for fewer. The world must be saved from its saviors. If the friends of liberty and law could have only one slogan it should be: Stop the remedies!
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One of the worst features of all the plans for sharing wealth and equalizing or guaranteeing incomes is that they lose sight of the conditions and institution s that are necessary to create wealth and income in the first place.
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The only real cure for poverty is production.
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Today is already the tomorrow which the bad economist yesterday urged us to ignore.
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A man who is good from docility, and not from stern self-control, has no character.
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Some champions of ever-greater governmental power and spending invent the theory that the taxpayers, left to themselves, spend the money they have earned very foolishly, on all sorts of trivialities and rubbish, and that only the bureaucrats, by first seizing it from them, will know how to spend it wisely.
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Inflation is a form of tax, a tax that we all collectively must pay.
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Prolonged inflation never 'stimulates' the economy. On the contrary, it unbalances, disrupts, and misdirects production and employment.
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Bureaucrats denounce private enterprise for the consequences of their own reckless policies and demand still more governmental controls.
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The way to maximize production is to maximize the incentives to production. And the way to do that, as the modern world has discovered, is through the system known as capitalism - the system of private property, free markets, and free enterprise.
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The larger the percentage of the national income taken by taxes the greater the deterrent to private production and employment. When the total tax burden grows beyond a bearable size, the problem of devising taxes that will not discourage and disrupt production becomes insoluble.
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If there is to be no loss whatever of dignity or self-respect in getting and staying on relief, then there can be no gain in dignity or self-respect in makings some sacrifices to keep off.
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The army of relief and other subsidy recipients will continue to grow, and the solvency of the government will become increasingly un tenable, as long as part of the population can vote to force the other part to support it.
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The essential function of the State is to maintain peace, justice, law, and order, and to protect the individual citizen against aggression, violence, theft, and fraud.
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