A Hundred Welfare Programs, Spending More And

The Great Merit Of Gold Is Precisely That It Is Scarce; That Its Quantity Is Limited By Nature; That It Is Costly To Discover, To Mine, And To Process; And That It Cannot Be Created By Political Fiat Or Caprice.

A Day Never Passes Without Some Ardent Reformer Or Group Of Reformers Suggesting Some New Government Intervention, Some New Statist Scheme To Fill Some Alleged 'need' Or Relieve Some Alleged Distress.

There Are Millions Receiving Government Payments Who Have Come To Consider Them As An Earned Right, Who Of Course Find Them Inadequate, And Who Are Outraged At The Slightest Suggestion Of A Critical Re-examination Of The Subject. The Political Pressure For Constant Extension And Increase Of These Benefits Is Almost Irresistible.

Need Is Not Demand. Effective Economic Demand Requires Not Merely Need But Corresponding Purchasing Power.

The Proposal Is Frequently Made That The Government Ought To Assume The Risks That Are "too Great For Private Industry." This Means That Bureaucrats Should Be Permitted To Take Risks With The Tax Payer's Money That No One Is Willing To Take With His Own.