The federal budget deficit is already around $1.6 trillion, meaning that the government is borrowing more than 40 cents of every dollar it spends. But The New York Times’ editorial board and some Obama administration officials want to run up even bigger deficits to pay for liberal programs, supposedly to “stimulate” the economy. (Never mind that the $800 billion stimulus package failed, and even wiped out some jobs, such as in America’s export sector.)
At the root of this demand for ever-increasing spending is the false belief that falling government spending caused (and deepened) the Great Depression, even though government spending (and budget deficits) rose dramatically in the Depression under both the Hoover administration and the Roosevelt administration.
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