According to Congressional Budget Office (CBO) data, the federal government spent $3.9 trillion in 2017. In Argentina, total federal spending in 2017 was $161 billion.
The above statistical disparity rates mention in consideration of all the hand wringing related to the partial federal government shutdown in the U.S. Supposedly an elongated one would slam the breaks on the U.S. economic expansion. No less than J.P. Morgan CEO Jamie Dimon observed this week that a prolonged shuttering of one quarter of the federal government could “reduce growth to zero.”
Dimon would be wise to relax. So would others convinced that government spending is a substantial driver of U.S. economic vitality. Nothing could be further from the truth.
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