Politicians invariably respond to crises -- that in most cases they themselves created -- by spawning new government programs, laws and regulations. These, in turn, generate more havoc and poverty, which inspires the politicians to create more programs . . . and the downward spiral repeats itself until the productive sectors of the economy collapse under the collective weight of taxes and other burdens imposed in the name of fairness, equality and do-goodism.
Sound familiar?
The novel? Atlas Shrugged, by Ayn Rand.
One memorable moment occurs near the very end, when the economy has been rendered comatose by all the great economic minds in Washington. Finally, out of desperation, the politicians come to heroic businessman John Galt (who has resisted their assault on capitalism from the start) and beg him to help them get the economy back on track.
You know all the talk about "czars" we have today? Same thing.
Galt: "You want me to be Economic Dictator?"
Mr. Thompson: "Yes!"
"And you'll obey any order I give?"
"Implicitly!"
"Then start by abolishing all income taxes."
"Oh no!" screamed Mr. Thompson, leaping to his feet. "We couldn't do that . . . How would we pay government employees?"
"Fire your government employees."
"Oh, no!"
Abolishing the income tax.
Now that really would be a genuine economic stimulus.
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