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Spend Less, Owe Less, Grow the Economy

As students juggle many responsibilities, education and training in such a system would be provided in a flexible manner with appropriate services to help students stay in school. Programs would be built on appropriate and innovative curricula and pedagogy, and those that are occupationally-focused developed in close collaboration with local employers and other workforce stakeholders. The funding streams and reporting requirements of Federal and state workforce programs would allow for innovation in the delivery of services. Finally, programs and institutions would have an incentive to continually improve and would be held accountable for their results. These. | Spend Less Owe Less Grow the Economy Executive Summary March 15 2011 View the full commentary at http tinyurl.com 4c4gvx9 SPENDING REDUCTIONS TRUMP TAX INCREASES. Fiscal consolidations are programs to reduce government budget deficits and stabilize government debt as a percentage of GDP. Such programs theoretically may consist of reductions in government spending or increases in government receipts principally tax increases but also higher user fees and asset sales . Fiscal consolidation programs are far more likely to achieve their goals for government budget deficit reduction and debt stabilization if they are based predominately or entirely on government spending reductions than if tax increases play a significant role. Moreover a decrease in government spending as a percentage of GDP accelerates long-term economic growth and may even boost short-term economic growth as well. Economists Andrew Biggs Kevin Hassett and Matt Jensen demonstrated that the degree of success in reducing budget deficits and stabilizing the debt-to-GDP ratio correlates to the share of spending cuts in fiscal consolidation programs. Biggs Hassett and Jensen found that successful fiscal consolidations averaged 85 spending cuts and 15 revenue increases while unsuccessful fiscal consolidations averaged 47 spending cuts and 53 revenue increases. HIGH TAXES ARE THE BANE OF ECONOMIC GROWTH. Most economists agree that fluctuations in business investment in equipment software and structures drive the economic cycle but there is disagreement on what causes this volatility. According to Keynesian economists large government budget deficits push up real interest rates and thus dampen business investment. In the Keynesian model large government budget deficits consequently are bad for long-term economic growth but the model is not sensitive to whether spending cuts or tax increases are used to reduce the deficit. Empirical studies have found a small statistically significant relationship between 1 .