Debt-Financed Splurges Are a Dead End

We are all amply familiar with the neo-Keynesian wisdom, repeated endlessly on both sides of the aisle, that government can reliably stimulate private sector prosperity through ever-larger outlays. As Congress debates a $2.4 trillion reconciliation package, we should consider whether debt-fueled government spending ever delivers renewed growth. The notion is not just wrong; it is dangerously counterproductive.

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