Don't tax, but spend...........

A brief essay on the recently held notion that deficits provide painless paths to growth is here.  Excerpt here:


"Until the 1960s, Americans generally believed in low inflation and balanced budgets. President John Kennedy shared the consensus but was persuaded to change his mind. His economic advisers argued that, through deficit spending and modest increases in inflation, government could raise economic growth, lower unemployment and smooth business cycles.


"None of this proved true; all of it led to grief."