An excellent post from George Leef:
Ever since the election, most of the talk in the nation has been about the “fiscal cliff.” Listening to it, you would think that whether the economy gets better or goes off the cliff and crashes depends on small adjustments in tax rates and a minimal change in our enormous annual budget deficit.
The fact is that no matter what the politicians do about tax rates and the size of the deficit, it won’t have any effect on the roots of our economic trouble. As long as the federal government’s mammoth size and appetite for wealth are suffocating the economy, growth will remain slow and unemployment high.
To understand why, we need to get down to some economic fundamentals.
