“Government spending, beyond just being damaging to the economy by disrupting individuals private calculations of profit and loss, is destructive because it must be financed by taxation either directly or through inflation.

Taxing producers to finance government spending penalizes economic production, thus, reducing the incentive to engage in it. The depreciation of savings reduces the incentive to save, and the taxation of capital gains reduces the incentive to invest. By making a person less able to provide for his or her future, governments counteract the process of lowering time preference, which is the driving force of human civilization.”

- Principles of Economics (Ammous version, pg 324)

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