Academic

KEITH HENNESSEY: Deficits are an important but incomplete metric. ?Washington traditionally focuse?

By Glenn Reynolds

KEITH HENNESSEY: Deficits are an important but incomplete metric. “Washington traditionally focuses its attention on the federal budget deficit, the difference between government spending and revenues. We need to expand our scope and think about two allocation decisions made in each year?s budget debate. The first decision is how much of society?s resources we want to allocate to the federal government. For sixty years from 1950-2009 this number was surprisingly stable.”

Full post as published by Instapundit.com on March 28, 2011 (boomark / email).