Past experience with fiscal austerity at home and overseas strongly suggests that it is best for the economy's long-run performance to restrain government spending rather than raise taxes.

Summary

This quote emphasizes the importance of controlling government spending instead of increasing taxes for the long-term prosperity of the economy. Based on previous encounters with fiscal austerity both domestically and internationally, the quote suggests that restraining government spending has demonstrated more positive outcomes. This approach implies that reducing government expenditure will lead to better economic performance and stability in the long run, rather than burdening citizens with higher taxes.

Topics