The problem of how we finance the welfare state should not obscure a separate issue: if each person thinks he has an inalienable right to welfare, no matter what happens to the world, that’s not equity, it’s just creating a society where you can’t ask anything of people.
Inflation is taxation without legislation.
It is a kind of spiritual snobbery that makes people think they can be happy without money.
It is bad policy to regulate everything… where things may better regulate themselves and can be better promoted by private exertions; but it is no less bad policy to let those things alone which can only be promoted by interfering social power.
It is incumbent upon each of us to improve spending and savings practices to ensure our own individual financial security and preserve the collective economic well-being of our great society.