A study published by the National Bureau of Economic Research looks at how various countries tried to deal with budget deficits. It finds that those countries that focused on spending cuts were successful, while those that attempted a “balanced” approach of tax hikes and spending cuts were not.
This is very timely, since Democrats are pushing the latter strategy. (Of course, even that would be an improvement over the usual Democratic strategy, which is to promise a “balanced” approach, but never deliver the spending cuts.)
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