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In the private economy, people are always making mistakes. People buy things they really don't need with money they really don't have. Then, they pay the price.

In the public economy, people are always making mistakes too. But since the person who makes the mistake is not the one who pays the price there is little incentive to ever recognize the mistake or to stop it. Just the opposite. In the public economy, people are rewarded for failure. The worse a situation becomes...the more money gets thrown towards it. Just look at Detroit!

Government mistakes become eternal...programs that can't be stopped because too many jobs would be lost...useless community centers that can't be closed...wars that go on forever...the bureau of this...the department of that...

More and more parasites...fewer and fewer honest workers. But parasites do not build honest prosperity. They just waste resources.

Bill Bonner, in The Daily Reckoning