So as usual, the pro-tax Obama/left was wrong and the cut spending right was correct. -------------------------- the Fed does see fiscal policy slowing growth, but not, as liberals would have you believe, due to spending cuts: Surprisingly, despite all the attention federal spending cuts and sequestration have received, our calculations suggest they are not the main contributors to this projected drag. The excess fiscal drag on the horizon comes almost entirely from rising taxes. Specifically, we calculate that nine-tenths of that projected 1 percentage point excess fiscal drag comes from tax revenue rising faster than normal as a share of the economy. So the next time a liberal complains about austerity, be sure to ask them which of President Obama’s many tax hikes they want to repeal first. washingtonexaminer/article/2531410
Posted on: Sun, 09 Jun 2013 16:10:09 +0000
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