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June 28, 2005

Economics in One Paragraph

From Sheldon Richman's article "Trade Wars: The Empire Strikes Back":

Has it occurred to our (mis)leaders that Chinese entrepreneurs have done more to raise the living standards of low-income Americans than all the welfare-state bureaucrats, anti-poverty workers, and their trillions of dollars combined? Speeches about the minimum wage, Medicaid, and food stamps amount to nothing compared to the mass production of low-priced goods. Worse than nothing — because the welfare state stunts economic growth, hurting low-income people far more than the middle and upper classes.

Posted by George F. Smith at June 28, 2005 06:18 PM

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