How the Debt Crisis Will Stop by David Boaz
The economist Herb Stein famously said, "If something cannot go on forever, it will stop." That's a good riposte when people wring their hands over something unsustainable. Of course, that fact doesn't tell you how unsustainable situations will stop, and some ways are less pleasant than others.
I thought of "Stein's Law" when I read former California Assembly speaker Willie Brown's response to a question about whether California's lavish public-employee pensions would bankrupt the state:
No, it's not going to bankrupt the state. My guess is that the State of California, like most places involved with pensions, is going to cease to pay them.
Posted on May 6, 2010 Posted to Cato@Liberty
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