Cato’s Dan Mitchell has a nice video showing examples of the actual experiences of different nations in restraining government spending which has resulted to a reduction in budget deficits and likewise augmented their respective economic growths.
Says Mr. Mitchell,
Says Mr. Mitchell,
These success stories from Canada, Ireland, Slovakia, and New Zealand share one common characteristic. By freezing or sharply constraining the growth of government outlays, nations were able to rapidly shrinking the economic burden of government, as measured by comparing the size of the budget to overall economic output.
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