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A Nation in the Red: The Government Debt Crisis and What We Can Do About It by Murray Holland

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CHAPTER 4

THE FINANCIAL CAUSES OF THE DEBT TRAP

My reading of history convinces me that most bad government results from too much government.

—Thomas Jefferson

The Debt Trap is caused by government spending in excess of tax receipts, period! When you focus on the money stream and follow the money, you get a much better idea of the financial causes. One of the best ways to look at government, and here I am referring to federal, state, and local governments, is as a cash collection and distribution machine. Government services, which used to be the only thing governments did, has become a small part of the federal government today. Federal and state governments actually perform services for the money they collect in taxes, but they also act as ...

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