It is really amazing how these guys look at only one side of an equation. If you cut government spending that means there is more money available for spending in the private sector.
Do they really think money disappears from the system if the government doesn't spend it? Do they not realize that money not spent by the government might be used in the private sector to use in the investment arena, which means an increasing standard of living?
Bernstein served as chief economist to Vice President Joe Biden until two weeks ago, and now works as a senior fellow at the Center on Budget and Policy Priorities.
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