Public Choice: Why Politicians Don't Cut Spending

Why did politicians cut a trivial amount of money in the recent budget agreement? Prof. Ben Powell explains why politicians don't cut spending, as a general rule. Using public choice economics, or the economics of politics, he shows how the political system naturally leads to overspending.

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[Iori Kira]

Ron Paul

[Käptn Kook]

Ron Paul

[DiggingNorway]

I higly recommend the second book from the top that is on his table. It is Tullock.

[Celso Maciel Rosa]

Thanks a lot xD.

[protestanimalsaslead]

can i double subscribe to this channel?

[Unit01232]

politicians like to spend because it buys votes, bailing out companies also look good to some people thinking the politician is creating jobs.

[Bruce Wayne]

There is a problem here too, the people who lobby/pay off these leaders can cause bailouts/welfare programs.

The only way out is a pure capitalistic meritocracy, where tests determine if you can lead or not.

[TheNekoman123]

Technically the term would be democratic republic. Majority rule of people will elect a group of representatives to lead their nation for x amount of years allotted. The dangers of democracy is it simply means majority rule. The majority does not always want freedom or liberty they may demand a tough leader sometimes the people so they can stop their perceived or realistic enemy. Liberty or freedom should be preserved at all costs even if the majority think it is overrated!

[Galt425]

But it's more then lobbyists who are aware. The voters take part in the tragedy of the commons. The folks living in flood plains want the federal insurance. The folks who watch the dairy commission ads want the "high quality less expensive milk" I think (sadly) individuals at the base are very much involved in this tragedy and pushing it downhill. Sure, they may not notice the penny, but they really want the promised bene and that's part of this cycle too IMO. -BoydK

[Bruce Wayne]

i know, it is useless to ruin our economy by this unneeded spending. that was my point.