Inflation Might Spell Doom for Wokeness

As more people, both in the U.S. and around the world, wake up to the reality of spiraling inflation, it becomes clear just how much of the overspending and deficits driving inflation are attributable to self-serving government inefficiencies. As the great economist Friedrich von Hayek once said, outbreaks of inflation are almost always “engineered by governments for the gain of governments.”

Consider healthcare, one of the largest public expenditures in developed countries. A 2017 OECD report found that government-subsidized medical services are commonly plagued by overdiagnosis and needless procedures. The report also found that a high percentage of government-subsidized treatments go to correcting provider mistakes, and that a third of patients rank their own nation’s public health system as either “corrupt” or “very corrupt.” The U.K. alone spends almost 13 percent of its economic output on its National Health Service (NHS), yet has terrible cancer-survival rates.

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