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Congress Can’t Enact a Chicken



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Egg first. As legislators play a game of chicken with “infrastructure” bills, there is a huge misconception about how the economy actually works. Last week Moody’s economist Mark Zandi said more government spending on infrastructure and social programs like Medicaid “will lift productivity.” Does he even know what productivity is? He thinks you can give people money and they’ll spend it, prime the pump and boost the economy. That is backward. An economy has to produce first, then consume.
Reagan-era supply-side economics has been badmouthed for so long, and given monikers like voodoo and trickle-down, it has more …

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