Negative consequences of this unchecked spending

(Don Boudreaux) Tweet George Will rightly condemns Josh Hawley and Ted Cruz for playing leading roles in unleashing Wednesday’s mob on Capitol Hill . A slice: The Trump-Hawley-Cruz insurrection against constitutional government will be an indelible stain on the nation.

Source: Some Non-Covid Links

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My intrepid Mercatus Center colleague Veronique de Rugy has some wishes for the New Year. A slice:

The negative consequences of this unchecked spending will be huge. The Congressional Budget Office, for instance, warned that an extension of unemployment bonuses and benefits creates disincentives to work and a slowdown of the economy. This extra spending also produces an ungodly level of debt, which academic research shows will ultimately slow economic growth. This means that future generations will both live in a slower-growth environment and face higher taxes to pay for today’s obscene spending. And this doesn’t even address the cultural distortions created by programs designed to pay people not to work.

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So get ready for more disincentives, higher taxes, and higher inflation.

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