State Budgets and the Wages of Sin | RealClearPolitics

State Budgets and the Wages of Sin

State Budgets and the Wages of Sin
(AP Photo/Fernando Llano)

The history of public finance is largely the history of currency debasement for those civic authorities that possess the ability to print their own money and the debasement of values and culture when those authorities cannot. If the past has taught us anything, it is that people can get extremely creative, for better or worse, when the cupboards run bare. For politicians in democracies, there are economic and political limits to simply raising taxes.

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