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: Instapundit.comNOBEL LAUREATE VERNON SMITH: The Deficit Is Bad For America. ?So what has been the government?s ?
By Glenn Reynolds
NOBEL LAUREATE VERNON SMITH: The Deficit Is Bad For America. “So what has been the government?s response in the current crisis? Besides spending stimulus, it was tax incentives for new home buyers and cash for clunkers if you bought a new car. All three are programs for borrowing output, homes and cars from future production and sales. Using subsidies to pump up home sales beyond what people could afford was the problem that led to the crisis. Now the problem is touted as the solution.”
Full post as published by Instapundit.com on July 19, 2010 (boomark / email).
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