Quote of the Day: "The Folly of Short-Termism"

"The central issue facing the U.S. is whether we turn away from unsustainable budget and trade deficits toward an economy that grows at historic rates with low inflation. More redistribution now won't do that. More investment and productivity growth now will, and it will also provide more resources to pay for a greater share of future health-care costs at lower tax rates."

~Allan H. Meltzer

Mr. Meltzer, a professor of public policy at the Tepper School, Carnegie Mellon University and a visiting scholar at the American Enterprise Institute, is the author of "A History of the Federal Reserve" (University of Chicago Press, 2003 and 2009).