A key tenet of the GOP is this: The economy is being held back because businesses are nervous about deficits and taxes, and that if we just removed that uncertainty, businesses would spend and we’d have more jobs.
The tragedy is that that’s a total canard.
One big problem? It’s just not true that businesses aren’t investing or spending.
To be clear: Business spending as a share of the GDP remains low, but it’s remarkably high given previous patterns.
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