“During the Cold War, we were interested because we were scared that Russia and the United States were going to go to war. We were scared that Russia was going to take over the world. Every country became a battleground.”
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In a very weak economy, when you say 'cut government spending, ' what you mean is you're laying off school teachers and you're de-funding various programs that put money into the economy. This means you have more unemployed people that then draw unemployment benefits and don't pay taxes.
America's growth historically has been fueled mostly by investment, education, productivity, innovation and immigration. The one thing that doesn't seem to have anything to do with America's growth rate is a brutal work schedule.
Having your fiscal house in order and having a more manageable macro-economic future is going to be very useful in creating growth.
What we see today is an American economy that has boomed because of policies and developments of the 1950s and '60s: the interstate-highway system, massive funding for science and technology, a public-education system that was the envy of the world and generous immigration policies.
