The government decides to try to increase the middle class by subsidizing things that middle class people have: If middle-class people go to college and own homes, then surely if more people go to college and own homes, we’ll have more middle-class people. But homeownership and college aren’t causes of middle-class status, they’re markers for possessing the kinds of traits — self-discipline, the ability to defer gratification, etc. — that let you enter, and stay, in the middle class. Subsidizing the markers doesn’t produce the traits; if anything, it undermines them.Reynolds is so insightful you can almost forgive his being an attorney.
Tuesday, February 23, 2016
The following has been dubbed Reynolds' Law, and is written by Glenn Harlan Reynolds, aka Instapundit.