More than a third of our budget depends on a source that’s headed for financial ruin. The federal government is now $14 trillion in debt and running a $1.3 trillion deficit. That’s bad news for South Carolina.
Federal government spending comes with costs; it should not be accepted as the free-lunch it is frequently considered to be. Every dollar the government spends must first be removed from the pocket of the private sector through higher taxes today, or higher borrowing today implying higher taxes tomorrow. Either way, government spending crowds-out private sector spending, diminishing the private economy’s rate of growth.
Tag: Federal Spending
Smiling Faces, Federally Dependent Places
Updated on June 10, 2013 by South Carolina Policy Council
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More than a third of our budget depends on a source that’s headed for financial ruin. The federal government is now $14 trillion in debt and running a $1.3 trillion deficit. That’s bad news for South Carolina.
Category: Budget, Commentary, Independence from DC Tags: Federal Spending
The Economic Impact of Federal Spending on State Economic Performance: A South Carolina Perspective
Updated on January 30, 2012 by South Carolina Policy Council
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Federal government spending comes with costs; it should not be accepted as the free-lunch it is frequently considered to be. Every dollar the government spends must first be removed from the pocket of the private sector through higher taxes today, or higher borrowing today implying higher taxes tomorrow. Either way, government spending crowds-out private sector spending, diminishing the private economy’s rate of growth.
Category: Budget, Research Tags: Federal Spending, Stimulus