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Thursday, January 24, 2013

Obama's Witch Doctor Economists Propose Reducing the Federal Deficit By Spending More

The liberal drumbeat against spending reductions is increasing in volume, frequency, and lack of common sense. Arithmetic makes the odd liberal claim that we can spend our way out of deficits a hard sell.  Not only will it not work, but its failure will be costly. Unsustainable deficits impose burdens not only on future generations. They also divert limited savings away from private investment to the blank checks of politicians and Washington central planners.

Everyone knows the deficit is the gap between government revenues and government spending.  In order for extra spending to reduce the deficit, it must somehow raise revenues. If liberals ridiculed Reagan’s belief that tax cuts could generate growth and reduce deficits as “voodoo economics,” their plan for increased government spending to reduce deficits is “witch doctor” economics. Whereas, the media heaped scorn on Reaganomics, it ignores the near comedic features of liberal witch-doctor economics.

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