☕ Dan Mitchell has a wide-ranging new post this morning:
Both these views are wrong. President John F. Kennedy was right about a rising tide lifting all boats.
And we see that in the incredible data that’s been shared by scholars such as Deirdre McCloskey and Don Boudreaux.
And since we just quoted Kennedy, let’s close with an equally appropriate quote from Winston Churchill, who famously observed that “The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.”
And the best example of that is in the data comparing the US with Denmark and Sweden. Or the words of Margaret Thatcher.
The moral of the story is that Slovakia has the right approach on taxes while Sweden has the wrong approach. That’s true, whether you want a winning sports team or a winning economy.