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Of course, all things aren't equal. If politicians are spending $10 billion on new roads and schools and suddenly decide to give a $10 billion tax break to the wealthiest 1% of Americans, then in order to achieve a balanced budget they would have to shift that $10 billion away from the roads and schools and deliver it into the well-lined pockets of their buddies in the C-suite. That would be "fiscal responsibility" in action. But it's also just a redistribution of wealth from one area of the economy to another, with no actual stimulus.

Continue reading Sorry, but tax cuts are not stimulative


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]]>Lewis BrahamWed, 11 Feb 2009 12:30:00 EST