Spending Less versus Taxing More

Note that the debate about "spending less" versus "taxing more" is really an argument about how to implement "austerity" -- that this debate has ended in an impasse (in the US, Europe, and even California) highlights why austerity fails, which is the chronic lack of a public mandate -- austerity proposals are failing in the US and all over the world, which leaves only two other macroeconomic ways forward: default or monetary expansion -- we will see whether the US falls into default or monetary expansion in the coming months...

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