Lessons from the Fiscal Cliff
The conventional view of America's fiscal problems is that a reasonable, balanced approach entails both spending cuts and tax increases. But the two methods should be considered polar opposites, because spending cuts reduce the size of government – and thus boost economic growth.
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CAMBRIDGE – One of the many things I learned from Milton Friedman is that the true cost of government is its spending, not its taxes. To put it another way, spending is financed either by current taxes or through borrowing, and borrowing amounts to future taxes, which have almost the same impact on economic performance as current taxes.