But a government that grows too large, centralized, bureaucratic, and expensive substantially impairs the private economy by eroding individual initiative and responsibility; crowding out private investment, consumption, and charity; and damaging incentives with high tax rates.
Pero un gobierno excesivamente grande, centralizado, burocrático y caro reduce sustancialmente la economía privada al erosionar la iniciativa y la responsabilidad individual; desplazar a la inversión privada, el consumo y la caridad; y dañar los incentivos con elevadas tasas impositivas.