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June 08, 2011



I have to say that I think there's tremendous waste in the defense supply chain, and there's probably no more waste anywhere else in the budget. Granted, a thoroughgoing Keynesian would say it doesn't matter if the spending is wasted, but I'm not, so I dismiss that defense. Thus, I don't think stimulus spending on the military would have been a good idea. It's probably not even doable, considering supply constraints. Not really a major point, there; just a note in response to Feldstein.

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