Bastiat Predicted The Baby Formula Crisis 170 Years Before It Happened

Source: Cobden Centre
by Robert Zumwalt

“The current baby formula shortage in the United States is a pressing crisis, and many in the media have been rushing to explain how such a thing could have happened. But on close analysis, it appears to share the same root as virtually every other crisis experienced in the modern world: a government promised benefits without costs. Our political leaders either fail to understand or outright ignore the basic, unavoidable limitation on government action, that no government benefit comes without a cost. As French writer and politician Frederic Bastiat wrote in his 1848 essay, Government: ‘Thus, the public has two hopes, and Government makes two promises — many benefits and no taxes. Hopes and promises that, being contradictory, can never be realized.'” (06/07/22)