Former Senator George McGovern died today at age 90. After retiring from the Senate, McGovern opened a bed and breakfast, which drove him into bankruptcy within a year. He noted after that episode:
In retrospect, I wish I had known more about the hazards and difficulties of such a business. … I wish that during the years I was in public office I had this firsthand experience about the difficulties business people face every day. That knowledge would have made me a better senator and a more understanding presidential contender. … To create job opportunities, we need entrepreneurs who will risk their capital against an expected payoff. Too often, however, public policy does not consider whether we are choking off those opportunities.
This is advice that should be heeded by every politician from all parties.