HONG KONG — The opening Mont Pelerin Society (MPS) address by Allan Meltzer, of Carnegie-Mellon University, warned attendees that the welfare system in America is getting out of control and could result in slow economic growth for years to come.
“The greatest threat today is the welfare state,” Meltzer said. “Lowering taxes does not appeal to the average voter because they don’t pay income taxes anymore.”
Meltzer added that “the welfare system can’t exist without a vibrant capitalistic economy.”
Read more about the dangers of the welfare state at Eagle Daily Investor.