Daniel J. Mitchell

Jay Leno had the all-time best Christmas joke and the school bureaucrats in Haymarket, VA, win the prize for the all-time worst example of anti-Christmas lunacy.

But I must win the prize for being the biggest Christmas policy dork. I make this confession freely because there’s no other explanation for being very happy about this present from my girlfriend.

Golden Rule Christmas

The Golden Rule, for those who have not endured my haranguing on the topic, is the common-sense notion that good fiscal policy is achieved when the burden of government spending shrinks compared to the size of the private sector.

And that occurs, needless to say (but I’ll say it anyhow), when government spending increases slower than the growth of private output.

Ideally, it would be even better to actually cut government spending – which actually did happenin the 2012 and 2013 fiscal years (thanks to the Tea Party and sequestration).

Unfortunately, I fear government will grow far too fast in 2014, in part because of the Murray-Ryan budget deal that replaced automatic spending cuts with back-door tax hikes.


Daniel J. Mitchell

Daniel J. Mitchell is a top expert on tax reform and supply-side tax policy at the Cato Institute.