Good points Allan, and I’d add another: short-termism. We all want current benefits from government, whether lower taxes or government spending, and we ignor to long-term costs.
Our pension tsunami is the result of politicians promising mind-numbing increases that would all take effect years later. The savvy unions that extracted these committments knew they just hugely raised the lifetime income of their members. The complacent public and asleep media let it happen, and are now waking up to the cost that now must be paid.
The same can be said about social security, the recent “bailouts”, and impossible math of Obamacare.
