Governor Jerry Brown is proposing measures to balance the California state budget, including cutting $12.5 billion in spending and extending $12 billion in expiring taxes. The politically ambitious move from the new governor involves a sequencing of three legislative parts. The legislature would pass spending cuts, voters would then be able to vote in…
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As the government of Ireland undergoes scrutiny and criticism for its poorly mismanaged fiscal house, the media risks missing the primary lesson. Poor public sector incentives drive politicians to enact policies that defy the laws of economics. There is no such thing as a free lunch—not even a Keynesian lunch of government issued corn…
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