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A hundred welfare programs, spending more and more billions, lead to chronic budget deficits, which lead to increased paper-money issues, which lead to higher prices.

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
Money
Welfare
Chronic
Spending
Prices
Program
Deficit
Lead
Increased
Paper
Programs
Hundred
Budget
Higher
Budgets
Issues
Billions
Deficits

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What is put into the hands of B cannot be put into the hands of A.
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There is no more certain way to deter employment than to harass and penalize employers.
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The envious are more likely to be mollified by seeing others deprived of some advantage than by gaining it for themselves. It is not what they lack that chiefly troubles them, but what others have.
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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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From a strictly economic point of view, buying gold in a major inflation and holding it probably presents the least risk of capital loss of any investment or speculation.
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In a thousand fields the welfarists, statists, socialists, and interventionists are daily driving for more restrictions on individual liberty.
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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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In a free enterprise system, with an honest and stable money, there is dominantly a close link between effort and productivity, on the one hand, and economic reward on the other. Inflation severs this link. Reward comes to depend less and less on effort and production, and more and more on successful gambling and luck.
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Precisely because the State has the monopoly of coercion it can be allowed the monopoly only of coercion. Only if the modern State can be held within a strictly limited agency of duties and powers can it be prevented from regimenting, conquering, and ultimately devouring the society which gave it birth.
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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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Bureaucrats denounce private enterprise for the consequences of their own reckless policies and demand still more governmental controls.
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If precious metals had been abundant, they would not have been precious.
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The surest way for a poor nation to stay poor is to harass, hobble, and straitjacket private enterprise or to discourage or destroy it by subsidized government competition, oppressive taxation, or outright expropriation.
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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 art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy it consists in tracing the consequences of that policy not merely for one group but for all groups.
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It is possible to increase paper-money income to any amount by debasing the currency. But real income can only be increased by working harder or more efficiently, saving more, investing more, and producing more.
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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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Contrary to age-old prejudices, the wealth of the rich is not the cause of the poverty of the poor, but helps to alleviate that poverty.
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The great merit of gold is precisely that it is scarce that its quantity is limited by nature that it is costly to discover, to mine, and to process and that it cannot be created by political fiat or caprice.
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For every alleged benefit that the politicians confer upon us, they must necessarily deprive us of something else.
Henry Hazlitt