Excerpt:
"Imagine a future where the average American earns $15,000 more each year because Congress reduced federal spending and national debt. Too often, spending cuts are painted as a necessary evil—painful austerity measures that slow the economy. This narrative couldn’t be further from the truth. Economic research shows that stabilizing government debt by cutting spending can unleash economic growth.
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Economic research reinforces the idea that spending cuts can enhance growth. A 2020 study by researchers at the Hoover Institution found that stabilizing and reducing the debt by restraining the growth in federal spending could boost short-run annual GDP growth by 10 percent and long-run growth by 7 percent. More specifically, Cogan, Hail, and Taylor find that an economic plan that curbs entitlement spending without raising taxes can deliver a powerful one-two punch for growth. A credible commitment to reducing future debt and taxes results in higher long-term disposable income for individuals, motivating more consumer spending today. This surge in consumption more than offsets the initial reduction in entitlement benefits, demonstrating that fiscal discipline can create a win-win for the economy."