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Choose Prosperity: Choose Small Government February 14, 2007

Posted by federalist in Economic Policy.
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With the U.S. seemingly at a political turning point, the next few years are very important. At a similar juncture in 1929, and again in 1965, the U.S. moved toward bigger government. After World War II, and again in the early 1980s, Washington chose less intrusive government. The results speak for themselves. Good times or scary times: It’s our choice. 

This is Brian Wesbury conluding his essay, “A Portrait of the Economy,” which offers a historical perspective on big government’s effect on the economy.

One would think that the unbelievably dramatic turnaround in the economy from the malaise of the 1970s to the boom of the past 24 years would prevent the return of big government. But it appears that a growing number of American politicians, journalists and their constituents have forgotten the awful reality of the 1970s economy. Part of the problem is that people younger than 45 don’t have even the slightest idea of how bad it was, or what caused it. They also have no idea that when Margaret Thatcher and Ronald Reagan turned away from socialism in the late 1970s and early 1980s, continental Europe (Germany, France and Italy) kept going. Then while the U.S and U.K. boomed, continental Europe fell behind.

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