Government spending saps economic growth, which is no insight. Instead, it’s just a comment that the centralized and politicized allocation of goods, services and labor in sub-optimal fashion by politicians lays a wet blanket on economic growth.
What makes the economically enervating nature of government spending worth mentioning is the ongoing debate about state and local taxes, also known as SALT. Governors in high-tax blue states would like to return to the old state of tax play whereby state and local taxes paid could be 100 percent deducted against federal tax bills. Red state citizens should take this gift from people with names like Newsom and Pritzker and run with it.
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