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Americans Forget the Big Government 1970s

February 1, 2013 1 minute Read by Amity Shlaes

Do Americans suddenly like tax increases and bigger government? Or did they simply forget what happens when you raise taxes and make government larger? These are questions to ask as we analyze the election's results to discern the fiscal consequences. These votes suggest Americans are indeed looking at government and taxation differently. Voters don’t really recall the 1970s, or what a mess price controls and strange tax regimes yielded. So they aren’t really aware of the strong possibility that the new mandate for tax increases and bigger government is likely to yield similar economic challenges. It looks as if we have to repeat history if we are going to remember it. Read the full article 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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