The U.S. economy made impressive gains in the 20th century, but this progress makes it easy to forget a harsh reality: Americans were also the victims of disastrous government policies that wasted resources, created mass unemployment, and kept millions of people in poverty who otherwise would have participated in the nation’s growing prosperity. Leading the list of causes is that government decision-makers, regardless of political party, tend to favor short-run benefits for friends while imposing costs on current and later generations. The ten worst blunders divide equally among Democrats and Republicans. The Terrible 10 also provides lessons to help us avoid repeating such policy mistakes in the future.