Dr. Dalrymple skillfully diagnoses the conflict between the typical demagogic democracy and sensible, long-term fiscal policy over at Takimag.

But, even supposing a government to be honestly disposed in the matter of balancing its budget, it finds itself on the horns of an insoluble dilemma: It must either reduce its expenditure or increase taxes. And in modern democracies, government is not about doing the right thing by the country but about winning the next election. We live, in effect, in a permanent election campaign.