Brian Riedl, E21
In the past two years, the President and Congress have enacted $2.5 trillion in tax cuts and another $2.5 trillion in higher discretionary spending (assuming both are fully extended over the decade). Annual budget deficits are about to surpass $1 trillion and are on their way to $2 trillion within a decade. The national debt has more than doubled from $10 trillion to $21 trillion since 2008, and is projected to surpass $37 trillion within the next decade. Over the next 30 years, the Congressional Budget Office (CBO) forecasts an $84 trillion avalanche of new debt. Read more here....
by John B. Taylor via PolicyEdThe consequences of free trade are very similar to what happens when a new technology is invented. In both cases goods and services get better and more affordable for everyone, new jobs are created, and some jobs are replaced. So, the next time someone proposes new trade barriers, imagine instead that they had proposed outlawing a new invention.
with Milton Friedman, John B. Taylor, John H. Cochrane , Edward Paul Lazear, Michael J. Boskin, Richard A. Epstein, Russell Roberts, Tom Church via PolicyEdAfter a generation of trade liberalizations, many Americans—on the left and the right—are having second thoughts.