“It is perverse and self-defeating for conservative CFOs to focus on the federal government’s profit and loss statement as if it were some test of fiscal virtue and the path to national revival. The key issue is not the prodigal spending but the corruption of the economy’s signaling systems by the public-sector noise of bribery and manipulation.

Stockman is right on target about the menace of crony capitalism. But he is so befogged by his focus on raw numbers rather than on information and value that he cannot tell the difference between Reagan and Obama. The real threats to the United States are the forces of decline that Mancur Olson identified—parasitical litigiousness, single-issue movements, entrenched bureaucracies, and devotion to the privileged past by poll-driven politicians and their cronies.”

Excerpt From: Gilder, George. “Knowledge and Power.” Regnery Publishing, 2013-05-14. iBooks.

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