Thursday, September 03, 2009


The Non-Stimulating Stimulus Bill

...As a supply-sider I have learned that deficits aren't necessarily bad things. Art Laffer years ago taught me that if the government is faced with a shortfall of revenues, of the two alternatives to plugging the gap—higher taxes or increased borrowing—taxpayers should always prefer the latter, since that gives them at least some hope of getting their money back in the future. If taxes rise, however, then the money is lost forever. Milton Friedman taught us that the burden of government is best measured not by the level of taxes or the deficit, but by the level of spending, since the government uses the economy's resources less efficiently than the private sector...

Seeking Alpha: The Non-Stimulating Stimulus Bill

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