Europe offers the same lesson in reverse: Their deficits are ballooning because their austerity policies have caused their economies to sink.And where should we spend it? I don't want to keep seeing the same hands, class!
The best way to generate jobs and growth is for the government to spend more, not less. And for taxes to stay low -- or become even lower -- on the middle class.
In fact, if there was ever a time for America to borrow more in order to put our people back to work repairing our crumbling infrastructure and rebuilding our schools, it's now.Here's the best part of all.
Public investments that spur future job-growth and productivity shouldn't even be included in measures of government spending to begin with. They're justifiable as long as the return on those investments -- a more educated and productive workforce, and a more efficient infrastructure, both generating more and better goods and services with fewer scarce resources -- is higher than the cost of those investments.Fantastic! We should spend whatever we want with no concern about where the money comes from and for Holy Infrastructure, we shouldn't even count it among the money spent!
Meanwhile, in totally and I mean TOTALLY unrelated news, France's credit rating has been cut.