The economy is faltering. Look out, because our leaders see it as another excuse to cut taxes for the rich. They did it in the 80s and they will do it again. The Milton Friedman conventional wisdom is that economic troubles are cause by insufficiently pure implementations of a pure free-market economy. So when times get tough they will reach for the low taxes switch. But unfortunately they won’t cut spending, they will just increase the debt. That’s because huge amounts of the budget are for defense, and for some reason cutting the defense budget is never on the table.

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