|"Deeper spending cuts by state and local governments weighed down U.S. economic growth in the final three months of last year. The government's new estimate for the October-December quarter illustrates how growing state budget crises could hold back the economic recovery..."|
What happened to "cut and grow?" That's the House Republican leadership's slogan.
Seems that things are not working out quite the way they planned. States "only" cut about $9 billion in spending in the fourth quarter, but cuts this year are likely to be much deeper.
The sad part about all this is that the folly of their economics, which should be so obvious to everyone right now, will probably be ignored because very powerful people want to see this happen so it's going to happen. And the president is sufficiently misguided as to aid this along. As far as the electorate is concerned, they've been propagandized so effectively that spending cuts are like religion. No one can change their beliefs about that now.