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Referendum 52: Too much debt

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Referendum 52 is a stimulus bill. It is supposed to work like any government-induced economic booster: We collectively borrow a large sum of money, spend it on public projects which require the hiring of workers, and thereby inject money into the economy through their pockets. We “create jobs,” encourage spending, roll money through the economy, and get some good public projects as a byproduct. These schemes, of course, rarely if ever work as well as their proponents claim. If they did, Referendum 52 wouldn’t be necessary, since we have been bathing the economy in borrowed dollars for some time. Instead, experience shows they are just as likely to increase the public debt now and in the future to fund projects of dubious necessity and create few short-lived jobs. The public benefit is questionable; the debt is all too real. Referendum 52 deserves a no vote.

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