The cliche about “the victory of hope over experience” that Samuel Johnson famously said comes to mind when calls for budgetary discipline. We should expect that significant deficit reduction is soon on the horizon as our country continues to deal with the effects of large debt monetization brought on by a two-year expenditure blowout and a debt to gross domestic product ratio that is close to its most recent historical high. Perhaps there is cause for optimism if the president and the incoming Congress would learn a few lessons from the past. There have been various congressional initiatives to lower…
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