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The Case for Austerity

May 21, 2012 1 minute Read by Amity Shlaes

Growth happens more easily when people believe that government is, and will remain, small. Austerity makes government smaller. Sometimes you have to have austerity first, so that you have trust, and growth can come later. The best move to assure that the U.S. won’t be trapped like Spain or JPMorgan Chase & Co. (JPM) in coming years is to cut the budget now, and lock in a future of lower tax rates with a law passed at the same time as the budget. But to earn the trust, the budget cut -- the emblem of smaller government -- must be prominent. The full text is posted on Bloomberg.com here. This post was written by Amity Shlaes, Director of the 4% Growth Project at the George W. Bush Institute. Find her on Twitter @AmityShlaes

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