"So the Bush-Obama administration has taken a fiscal stance diametrically opposed to that of the patron saint of free enterprise. While escalating war in Afghanistan and maintaining over 850 military bases around the world, the administration has run up the national debt that Smith decried. By shifting the tax burden off property and off rent-seeking monopolies – above all, off the financial sector – this policy has raised America’s cost of living and doing business, thereby undercutting its competitive power and running up larger and larger foreign debt."
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Academics from the United StatesNon-fiction authors from the United StatesEducators from the United StatesHistorians from the United StatesEconomists from the United States
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Adam Smith critiques the Deficit Reduction Commission (December 6, 2010)
https://en.wikiquote.org/wiki/Michael_Hudson_(economist)
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Michael Hudson (economist)
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