My tireless (and probably annoying) campaign to promote my Golden Rule of spending restraint is bearing fruit.
The good folks at the editorial page of the Wall Street Journal allowed me to explain the fiscal and economic benefits that accrue when nations limit the growth of government.
Here are some excerpts from my column, starting with a proper definition of the problem.
What matters, as Milton Friedman taught us, is the size of government. That’s the measure of how much national income is being redistributed and reallocated by Washington. Spending often is wasteful and counterproductive whether it’s financed by taxes or borrowing.
So how do we deal with this problem?
I’m sure you’ll be totally shocked to discover that I think the answer is spending restraint.
More specifically, governments should be bound by my Golden Rule.
Ensure that government spending, over time, grows more slowly than the private economy…
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