Economic analysis is itself value-free, but in practice it encourages a cosmopolitan interest in natural equality. Many economic models, of course, assume that all individuals are motivated by rational self-interest or some variant thereof; even the so-called behavioral theories tweak only the fringes of a basically common, rational understanding of people. The crucial implication is this: If you treat all individuals as fundamentally the same in your theoretical constructs, it would be odd to insist that the law should suddenly start treating them differently.

 “Equitable growth” produces neither equity nor wealth. 

Nineteenth century historian Thomas Carlyle called economics “the dismal science” because of its predictions about scarcity and poverty. Those are immutable features of all societies, which explains why his snarky term remains widely used.

If we’re going to put fiscal policy on a more sustainable course, we first need to diagnose the cause of the projected future imbalance. We have three potential culprits: we’re not growing fast enough, we’re not taxing enough, or we’re spending too much.