By Jonathan B. Wight
The cynicism of rich toward government lasts only as long as it takes to cash the check. That was exemplified in the 2008 bailout, in which AIG traders immediately tried to pay themselves a $160 million bonus after losing $62 billion that year and getting a government bailout.
The Queen of England, it turns out, is also on her last million pennies.
Her take from the Treasury is 38 million pounds per year. That's not much when you factor in all her castles and other expenses. Her personal net worth is 500 million pounds, yet she applied for public welfare assistance to pay for heat for the castle. She was turned down.
At least the Queen works hard for her public subsidy. Can the same be said for those who receive the near monopoly from the sugar quota? The ethanol subsidy? And too many others to count?
A big government quickly becomes a rigged government, a Robin-Hood in reverse: "“It is the industry which is carried on for the benefit of the rich and the powerful that is principally encouraged by our mercantile system. That which is carried on for the benefit of the poor and the indigent is too often either neglected or oppressed.”
--Adam Smith, The Wealth of Nations, Liberty Fund, p. 416).