Federal spending is out of control. However, in comparison to the spending levels that the public “wants,” federal tax receipts are likewise too low. Interest rates increase in response to rising federal deficits in an effort to draw both domestic and foreign capital. The cost of financing for investments, such as ground-breaking R&D expenditures, increases as interest rates rise. Additionally, the most productive regions of the nation receive fewer resources when the federal government’s budget is higher. Investments are harmed. Productivity is reduced. Everyone has less wealth. Trickle-down does function. Trickle-up policies, such as increasing welfare benefits and income transfers,…
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