Spending Their Way Out of Debt

NEARLY ALL 50 states are experiencing budget crises, with California in the worst shape, facing a $38.2 billion deficit. Even Arizona has a $1.3 billion shortfall. Washington state has had to close schools. Connecticut is cutting 2,800 public employees. In this context, New York state’s $11.5 billion deficit on a $92 billion budget is only slightly above average, while New Read More ›

European Union on a glass ball in front of shining lights

The Economic Ruin of Europe

Assume the villain in a new James Bond movie has the goal of the economic destruction of Europe. How would he do it? First some background. In the 1960s and 1970s, Europe boasted brisk economic growth. From 1965 to 1974, government spending in Western Europe averaged 37 percent of the gross domestic product (GDP), and economic growth averaged 4.3 percent Read More ›