Binge spending

posted by
December 21, 2010
Fairfield County Weekly
by Phil Maymin  
Posted in Commentary

"Until World War I, America had followed a foreign policy of non-interventionism. Government spending as a percentage of gross domestic product never exceeded ten percent. Then we declared war on Germany. We ate our first pastry. Our government didn’t run amok immediately. Within a few years, government spending had stabilized back to about ten percent of our overall production, but always just a little above. We never dipped below ten percent again." (12/21/10)



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