New York City
One of the great absurdities of our modern financial system is that a nation living within its means, i.e. spending less than what it confiscates in tax revenue, is no longer the norm.
Living within your means is now considered ‘austerity’. And unfair.
Whether in the UK, Europe, or North America, many voters have become so accustomed to the government’s massive role in the economy, they can’t begin to imagine how it could be scaled back.
You usually hear heavy objections from people like– “What about roads? If we start cutting budgets, there would be no more roads!”
The ‘road argument’ is one of the most widely misused defenses of government… as if there are no private roads in the world.
Chile comes to mind as a great example– the country’s very modern toll-based highway system is privatized, and the operators have a huge profit incentive to keep the roads in top condition.
In fact, the 2 1/2 hour ride from Santiago to our farm is along one of these roads, and it’s smooth sailing the whole way.
A few years ago when Chile had its major earthquake, portions of the highway system were damaged. This meant that the operators were missing out on toll revenue… so they found a solution and were back up and running in a matter of days.
It was amazing how fast they were able to pull it off when so much of their profit was at stake.