See also M Feldstein, Fiscal policies, capital formation, and capitalism, in European Economic Review 39 (1995), p. 418.
“Instead of correcting the tax and transfer problems that have contributed to the low rate of capital formation and growth, the natural tendency of the political process may be to emphasize policies that appear to have favourable short-term effects but that ignore the longer term consequences.” See Deutsche Bundesbank, The economic scene in Germany in spring 1999, Monthly Report, May 1999, p. 67.