Balanced budget orthodoxy in the United States will keep the poorest parts of the U.S. relatively impoverished. And not because of reduced federal spending. Quite the opposite.
Peter Bauer (1915-2002), a Hungarian-born British economist, and winner of the libertarian Cato Institute’s first Milton Friedman Prize for Advancing Liberty, would know why. Bauer was awarded by Cato for his foreign aid work. He showed that recipients of it didn’t prosper from it. Which, when you think about it, really isn’t surprising.
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