The New Global Virus Is Runaway Government Spending and Debt, by Stephen Moore

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October 11, 2022
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By Stephen Moore, Patriot Post, Oct. 11, 2022

The public sector has to go on a SlimFast diet — and for a long, long time to drain the excess spending out of the global economy.

When new British Prime Minister Liz Truss suggested lowering the United Kingdom’s highest tax rate from 45% to 40%, along with a 1% reduction in the income tax rate for all taxpayers, the bond markets and the central bankers around the world went stark raving mad.

The academic pinheads at the International Monetary Fund trashed the tax cut as irresponsible. The bond vigilantes started selling Britain’s bonds. And the Bank of England, which had also savaged the tax cut idea, stepped in to buy bonds to stop the bleeding. …

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