article:
"...Meanwhile, if you want to worry about the budget deficit, worry that it is too small — not too large. For you see, austerity (meaning cuts in government spending) imposed on a weak economy can only weaken it further.
We learned this lesson in the 1930s,..."
response:
Art Laffer was right about the cause of the 1930's problems and his theories are validated every day in both the US and Europe - to wit, there are too many taxes and regulations and big government is siphoning off too much of the economic rewards from work, saving and investment.
Government tax and social spending are like the ice and snow that hold a car from moving and, no matter how much one guns the engine (prints money), the car is stuck until something is done about the snow and ice holding it back.
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