Apr 1994
We can run, but we can’t hide from the eventual breaking of many government financial promises. Either future generations of working-age voters will catch on and vote to curtail government pensions, Social Security and Medicare spending, or we’ll likely try to fulfill unfulfillable promises by printing money much more rapidly—thereby subjecting ourselves to one of the greatest and most vicious of all taxes—inflation. Inflation, frankly, is the final medicine for voters who won’t take their economic remedies any other way.