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Has there been any time in history when government could successfully spend private sector money (by first taxing it), borrow the difference (deficit spending), and crowd out private sector long run borrowing (causing higher interest rates)--all to try to bring about growth, economic recovery, jobs, and stable prices? Should we worry that our government's ambitious spending plans could be like the proverbial drunken sailor squandering his paycheck on leave? At least it was his own money!
Remember Margaret Thatcher? "The problem with Socialism," she said, "is that, sooner or later, we run out of other people's money..."
The Belden Center for Private Enterprise Education
Economic Policy | Economics | Public Affairs, Public Policy and Public Administration