The First Lesson of Economics is Scarcity

The first lesson of economics is scarcity. There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics. – Thomas Sowell

The real tragedy of minimum wage laws is …

The real tragedy of minimum wage laws is that they are supported by well-meaning groups who want to reduce poverty. But the people who are hurt most by higher minimums are the most poverty stricken. – Milton Friedman

But with Respect to Future Debt

“But with respect to future debt: would it not be wise and just for that nation to declare in the Constitution they are forming that neither the legislature, nor the nation itself, can validly contract more debt than they may pay within their own age?”– Thomas Jefferson