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Deficits are Bad, but the Real Problem is Federal Spending

The Center for Freedom & Prosperity released a new video featuring economist Dan Mitchell, who says “that huge deficits and skyrocketing debt are rightly causing worry, but these are merely symptoms of the real problem of excessive government spending. ‘Fiscal responsibility is lacking in Washington. Deficits and debt are the symptoms, but the underlying disease is government spending.’”In sum, Mitchell argues:

“Huge deficits and skyrocketing debt levels are creating considerable worry. This Center for Freedom and Prosperity video explains that that government borrowing is excessive - and will get worse in coming decades. But this mini-documentary explains that deficits and debt are merely the symptoms, and a rising burden of government spending is the real problem."

Investors Business Daily had a related editorial last Friday, pointing out that “Congressional hearings were held Thursday to create a task force that will write a deficit-reduction plan. Unfortunately, as some are pointing out, the proposed panel will be more of a tax-hike commission.” IBD explains why such a Congressional commission is not such a good idea, and their bottom-line conclusion says it all:

“But if the panel does an honest analysis, it will find Washington has spending issues, not a revenue problem.”

We couldn't agree more.

HT Big Government

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