The Oregon Legislature is poised to load state residents with more debt. Pro-debt legislators should be tarred and feathered for continued fiscal irresponsibility. Beyond being irresponsible, this debt-spending spree will cause long-term damage, especially in light of an increasing money supply. (Easy money helped create the current malaise and was a key cause of the Great Depression.) To counter this federal and state jog to the economic cliff, the Cato Institute created Fiscal Reality Central to provide true solutions, not elixir. Further, Cato has placed ads in The New York Times, Washington Post and others, signed by countless economists, pointing out: “More government spending by Hoover and Roosevelt did not pull the United States economy out of the Great Depression in the 1930s. More government spending did not solve Japan’s “˜lost decade’ in the 1990s. As such, it is a triumph of hope over experience to believe that more government spending will help the U.S. today.”
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