Economics

‘The Dominance of Federal Money’

“In a historic first, Uncle Sam has supplanted sales, property and income taxes as the biggest source of revenue for state and local governments,” USA Today reports. (HT: DP)

UPDATE: Arnold Kling points out what’s worrisome about this: “The incentive to spend other people’s money is big enough when its your own constituents paying the taxes, and it’s even bigger when someone else’s constituents are paying the taxes.”

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