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IMF Proposes to Sabotage China’s Economy

For the people of China, there’s good news and bad news. The good news, as illustrated by the chart, is that economic freedom has increased dramatically since 1980. This liberalization has lifted hundreds of millions from abject poverty. The bad news is that China still has a long way to go if it wants to […]

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More Anti-Factual Analysis from Paul Krugman

I don’t know whether to be impressed or horrified by Paul Krugman. I’m impressed that he’s always “on message.” No matter what’s happening in America or around the world, he always has some sort of story about why events show the need for bigger government. But I’m horrified that he’s so sloppy with numbers. My […]

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Social Security, Vote Buying, and the Road to Greece

What’s America’s main fiscal policy challenge, particularly in the long run? Most sensible people will agree that our greatest threat is the rising burden of entitlement spending. More specifically, demographic changes and ill-designed programs will combine to dramatically expand the size of the public sector over the next few decades. So it’s really amazing that […]

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Very Powerful Real-World Evidence for Spending Caps

A few days ago, I cited some research by an economics professor at the University of Georgia (Go Dawgs!), who calculated that we would have a big budget surplus today if Washington lawmakers had simply maintained Bill Clinton’s final budget, adjusting it only for inflation plus population growth. My purpose was to show that some […]

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Bill Clinton and the Retroactive Application of Mitchell’s Golden Rule

It’s amazingly simple to reduce the burden of government spending. Policy makers simply need to impose some modest spending restraint so that government doesn’t grow faster than the economy’s productive sector. In a display of humility that can only be found in Washington, DC, I call this Mitchell’s Golden Rule. And, amazingly, even the International […]

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Restoring the Old-Fashioned Budget Virtue of…FDR and Truman?!?

This is a column I never expected to write. That’s because I’m going to applaud Presidents Franklin Roosevelt and Harry Truman. This won’t be unconstrained applause, to be sure. Roosevelt, after all, pursued awful policies that lengthened and deepened the economic misery of the 1930s. And, as you can see from this video, the “economic […]

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