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The Boston Globe


Peter S. Canellos

The overspending myth

Is the idea that overspending is the cause of the economic downturn today’s equivalent of the widespread myth that Iraq was responsible for the 9/11 attacks?

At the recent Republican convention, speaker after speaker, culminating in the presidential and vice-presidential nominees, decried overspending as the source of the nation’s economic ills. “The choice is whether to put hard limits on economic growth or to limit the growth of government,” declared Paul Ryan, as if reciting a mathematical equation.

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