given that the elderly are the ones who vote with greatest frequency, and the young often do not or cannot, that mistake should hardly come as a surprise. Governments should focus on investment, but in the United States, at least, government spending on investment is falling; in recent years, government investment has fallen below its postwar average of about five percent. Similar patterns can be observed in many European national budgets.9 Unfortunately, when government spending needs to be limited or cut, investment is often the first area to go, while entitlements for the elderly remain
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