Sunday, November 23, 2008

Hong Kong = Rent-seeking Paradise

"Social welfare expenditure [in Hong Kong] had increased by 80% from $20 billion in 1997-98 to $36 billion in 2007-08, representing the second largest share of government recurrent resource allocation"

And No, I do not make this up, it is from the Secretary for Labour and Welfare, Mr Matthew Cheung Kin-chung. More here.

So please repeat after me: Good bye Capitalism, Welcome Welfare State.

My sense is that this is going to get worse as the global financial crisis unfolds. Stay tuned.

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