Today, in the Wall Street Journal, Burton G. Malkiel, Princeton economics professor, in an op ed piece, “Buy and Hold” is Still a Winner, writes:
The one investment principle about which I am absolutely sure is that the less I pay to the purveyor of an investment service, the more there will be for me. As Jack Bogle, founder of the Vanguard Group, says: “In the investment fund business, you get what you don’t pay for.
Today in the New York Times, Uwe Reinhardt, Princeton economics professor, in an occasional piece, Why I Would Raise Taxes, from the Economix Blog writes:
Douglas Elmendorf, director of the Congressional Budget Office, put it succinctly: “The United States faces a fundamental disconnect between the services that people expect the government to provide, particularly in the form of benefits to older Americans, and the tax revenues that people are willing to send to the government to finance those services.”
In our fiscal policy, we should turn around the saying “you get what you pay for” and make it “you should pay for what you get.”
How about this variation, —too often you get what someone else pays for, —to start with your parents, and thereafter in too many instances the government through taxation.
What ever happened to, ‘you pay as you go.’ We seem to have lost sight of that one, and more and more we go without paying.