Government Spending Discourages Work via The Wall Street Journal
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Growth is correlated with low taxes, low spending, and hard work.
A one-percentage point increase in the tax rate is associated with a 1.4% decrease in hours worked.
Taxes and spending are highly correlated.
A 4-percentage point increase in the spending rate is associated with a about 1/2 percentage- point reduction in the growth rate. (4 x .1187786 = .475)
It is spending, not the deficit, that is correlated with growth.
Increased deficits are usually the result of higher spending, not lower taxes.
CBO projections and taxes would have to rise by 55% to close the gap