Cato: Successful nations cut debt, taxes and spending

The Cato Institute published an article citing direct evidence that countries that effectively manage their spending and debts thrive, while nations that allow out of control spending, senseless tax increases and an expanding GDP, suffer.

Alan Reynolds contrasted nations like Brazil, Russia, India and China – dubbed BRIC – and praised their potential growth due to their cuts in taxes and controlled government spending with countries like Portugal, Italy, Greece and Spain (PIGS), who’s GDP grew sharply between 2007 and 2010, resulting in far less stable economies and a meager future outlook.