April 7, 2011 Reading Time: < 1 minute

“As to where the money is coming from, Humphrey announced, “We can pay for it out of a growing, expanding economy. And it is actuarially sound.” It is depressing to record that three days later, on Sept. 28, Richard Nixon also proposed that Social Security benefits be increased automatically to offset cost-of-living increases. The blunt truth is that we are not even meeting our present welfare payments out of our “growing, expanding economy.” The federal budget has been in deficit for the last eight years. In the last fiscal year, this deficit reached $25 billion, the biggest in 23 years.” Read more

“Welfare and Inflation Create Endless Spiral”
Henry Hazlitt
The Palm Beach Post, October 13, 1968.

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Tom Duncan

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