Balanced budget requirements seem more likely to produce accounting ingenuity than genuinely balanced budgets.

Meaning of the quote

Balanced budget laws may cause governments to be creative with numbers instead of truly balancing their budgets. These laws are meant to make sure governments spend only what they can afford, but they can also encourage governments to find ways around the rules through clever accounting.

About Thomas Sowell

Thomas Sowell is an acclaimed American economist, social philosopher, and political commentator. He has authored over 45 books and is known for his conservative and libertarian views. Sowell overcame a challenging upbringing to become a prominent voice in the American conservative movement and a recipient of the National Humanities Medal.

More about the author

More quotes from Thomas Sowell

The most fundamental fact about the ideas of the political left is that they do not work. Therefore we should not be surprised to find the left concentrated in institutions where ideas do not have to work in order to survive.

Thomas Sowell

American economist, social theorist, political philosopher and author

Facts do not speak for themselves. They speak for or against competing theories. Facts divorced from theories or visions are mere isolated curiosities.

Thomas Sowell

American economist, social theorist, political philosopher and author

What ‘multiculturalism’ boils down to is that you can praise any culture in the world except Western culture – and you cannot blame any culture in the world except Western culture.

Thomas Sowell

American economist, social theorist, political philosopher and author

Socialism in general has a record of failure so blatant that only an intellectual could ignore or evade it.

Thomas Sowell

American economist, social theorist, political philosopher and author

What is ominous is the ease with which some people go from saying that they don’t like something to saying that the government should forbid it. When you go down that road, don’t expect freedom to survive very long.

Thomas Sowell

American economist, social theorist, political philosopher and author

It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people who pay no price for being wrong.

Thomas Sowell

American economist, social theorist, political philosopher and author

Liberals seem to assume that, if you don’t believe in their particular political solutions, then you don’t really care about the people that they claim to want to help.

Thomas Sowell

American economist, social theorist, political philosopher and author

Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information through a vast society in which fragmented knowledge must be coordinated.

Thomas Sowell

American economist, social theorist, political philosopher and author

It takes considerable knowledge just to realize the extent of your own ignorance.

Thomas Sowell

American economist, social theorist, political philosopher and author

The problem isn’t that Johnny can’t read. The problem isn’t even that Johnny can’t think. The problem is that Johnny doesn’t know what thinking is; he confuses it with feeling.

Thomas Sowell

American economist, social theorist, political philosopher and author

Elections should be held on April 16th- the day after we pay our income taxes. That is one of the few things that might discourage politicians from being big spenders.

Thomas Sowell

American economist, social theorist, political philosopher and author

There are only two ways of telling the complete truth – anonymously and posthumously.

Thomas Sowell

American economist, social theorist, political philosopher and author

Like a baseball game, wars are not over till they are over. Wars don’t run on a clock like football. No previous generation was so hopelessly unrealistic that this had to be explained to them.

Thomas Sowell

American economist, social theorist, political philosopher and author

Freedom has cost too much blood and agony to be relinquished at the cheap price of rhetoric.

Thomas Sowell

American economist, social theorist, political philosopher and author

Mistakes can be corrected by those who pay attention to facts but dogmatism will not be corrected by those who are wedded to a vision.

Thomas Sowell

American economist, social theorist, political philosopher and author

The simplest and most psychologically satisfying explanation of any observed phenomenon is that it happened that way because someone wanted it to happen that way.

Thomas Sowell

American economist, social theorist, political philosopher and author

Much of the social history of the Western world, over the past three decades, has been a history of replacing what worked with what sounded good.

Thomas Sowell

American economist, social theorist, political philosopher and author

People who identify themselves as conservatives donate money to charity more often than people who identify themselves as liberals. They donate more money and a higher percentage of their incomes.

Thomas Sowell

American economist, social theorist, political philosopher and author

People who enjoy meetings should not be in charge of anything.

Thomas Sowell

American economist, social theorist, political philosopher and author

The Massachusetts Institute of Technology accepts blacks in the top ten percent of students, but at MIT this puts them in the bottom ten percent of the class.

Thomas Sowell

American economist, social theorist, political philosopher and author

Stopping illegal immigration would mean that wages would have to rise to a level where Americans would want the jobs currently taken by illegal aliens.

Thomas Sowell

American economist, social theorist, political philosopher and author

One of the most pervasive political visions of our time is the vision of liberals as compassionate and conservatives as less caring.

Thomas Sowell

American economist, social theorist, political philosopher and author

The big divide in this country is not between Democrats and Republicans, or women and men, but between talkers and doers.

Thomas Sowell

American economist, social theorist, political philosopher and author

It is amazing that people who think we cannot afford to pay for doctors, hospitals, and medication somehow think that we can afford to pay for doctors, hospitals, medication and a government bureaucracy to administer it.

Thomas Sowell

American economist, social theorist, political philosopher and author

Capitalism knows only one color: that color is green; all else is necessarily subservient to it, hence, race, gender and ethnicity cannot be considered within it.

Thomas Sowell

American economist, social theorist, political philosopher and author

Mystical references to society and its programs to help may warm the hearts of the gullible but what it really means is putting more power in the hands of bureaucrats.

Thomas Sowell

American economist, social theorist, political philosopher and author

Imagine a political system so radical as to promise to move more of the poorest 20% of the population into the richest 20% than remain in the poorest bracket within the decade? You don’t need to imagine it. It’s called the United States of America.

Thomas Sowell

American economist, social theorist, political philosopher and author

You will never understand bureaucracies until you understand that for bureaucrats procedure is everything and outcomes are nothing.

Thomas Sowell

American economist, social theorist, political philosopher and author

If you are not prepared to use force to defend civilization, then be prepared to accept barbarism.

Thomas Sowell

American economist, social theorist, political philosopher and author

The welfare state is not really about the welfare of the masses. It is about the egos of the elites.

Thomas Sowell

American economist, social theorist, political philosopher and author

One of the common failings among honorable people is a failure to appreciate how thoroughly dishonorable some other people can be, and how dangerous it is to trust them.

Thomas Sowell

American economist, social theorist, political philosopher and author

Both free speech rights and property rights belong legally to individuals, but their real function is social, to benefit vast numbers of people who do not themselves exercise these rights.

Thomas Sowell

American economist, social theorist, political philosopher and author

Talkers are usually more articulate than doers, since talk is their specialty.

Thomas Sowell

American economist, social theorist, political philosopher and author

The least productive people are usually the ones who are most in favor of holding meetings.

Thomas Sowell

American economist, social theorist, political philosopher and author

The people made worse off by slavery were those who were enslaved. Their descendants would have been worse off today if born in Africa instead of America. Put differently, the terrible fate of their ancestors benefitted them.

Thomas Sowell

American economist, social theorist, political philosopher and author

The most basic question is not what is best, but who shall decide what is best.

Thomas Sowell

American economist, social theorist, political philosopher and author

Actually lowering the cost of insurance would be accomplished by such things as making it harder for lawyers to win frivolous lawsuits against insurance companies.

Thomas Sowell

American economist, social theorist, political philosopher and author

Balanced budget requirements seem more likely to produce accounting ingenuity than genuinely balanced budgets.

Thomas Sowell

American economist, social theorist, political philosopher and author

The next time some academics tell you how important diversity is, ask how many Republicans there are in their sociology department.

Thomas Sowell

American economist, social theorist, political philosopher and author

Tariffs that save jobs in the steel industry mean higher steel prices, which in turn means fewer sales of American steel products around the world and losses of far more jobs than are saved.

Thomas Sowell

American economist, social theorist, political philosopher and author

If you have always believed that everyone should play by the same rules and be judged by the same standards, that would have gotten you labeled a radical 60 years ago, a liberal 30 years ago and a racist today.

Thomas Sowell

American economist, social theorist, political philosopher and author

The march of science and technology does not imply growing intellectual complexity in the lives of most people. It often means the opposite.

Thomas Sowell

American economist, social theorist, political philosopher and author

The real minimum wage is zero.

Thomas Sowell

American economist, social theorist, political philosopher and author

There are few things more dishonorable than misleading the young.

Thomas Sowell

American economist, social theorist, political philosopher and author

The first lesson of economics is scarcity: there is never enough of anything to fully satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.

Thomas Sowell

American economist, social theorist, political philosopher and author

If the battle for civilization comes down to the wimps versus the barbarians, the barbarians are going to win.

Thomas Sowell

American economist, social theorist, political philosopher and author

Each new generation born is in effect an invasion of civilization by little barbarians, who must be civilized before it is too late.

Thomas Sowell

American economist, social theorist, political philosopher and author

People who have time on their hands will inevitably waste the time of people who have work to do.

Thomas Sowell

American economist, social theorist, political philosopher and author

The real goal should be reduced government spending, rather than balanced budgets achieved by ever rising tax rates to cover ever rising spending.

Thomas Sowell

American economist, social theorist, political philosopher and author

Too much of what is called “education” is little more than an expensive isolation from reality.

Thomas Sowell

American economist, social theorist, political philosopher and author

Would you bet your paycheck on a weather forecast for tomorrow? If not, then why should this country bet billions on global warming predictions that have even less foundation?

Thomas Sowell

American economist, social theorist, political philosopher and author

Liberalism is totalitarianism with a human face.

Thomas Sowell

American economist, social theorist, political philosopher and author