As the European economy grapples with yet another bailout of a bankrupt sovereign state, a storyline is emerging that seeks to frame this latest instance of government interventionism along deliberately disingenuous lines. According to this misleading narrative, Ireland’s abysmal fiscal condition did not come as a result of chronic state overspending, but is instead due to the island nation’s comparatively-low corporate income tax rate.
Sound like a familiar song? On both sides of the ocean there appear to be plenty of Keynesian apologists who believe that economic downturns are always caused by greedy capitalists — never by greedy politicians and government bureaucrats.
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