Romney's Economic Plan Has the Edge | Jeffrey A. Miron | Cato Institute: Commentary

Romney's Economic Plan Has the Edge | Jeffrey A. Miron | Cato Institute: Commentary: "Obama errs in believing that federal expenditure is mainly "investment." In reality, huge chunks — such as drug prohibition, the National Endowments for the Arts and Humanities, the Corporation for Public Broadcasting, NASA, earmarks, the Postal Service, Amtrak, foreign aid, agricultural subsidies, the Small Business Administration, along with bridges to nowhere, the Big Dig, and high-speed rail — are wasteful.

Romney makes a similar mistake for military spending. Many defense and national security activities, such as the ongoing war in Afghanistan, provision of national security for nations in Western Europe and other parts of the globe, not to mention unnecessary weapons systems, redundant military bases, and more, are difficult to justify."

"Both approaches, therefore, aim to "save Medicare," but in fundamentally different ways: The IPAB relies on government to decide what health care is valuable, while the voucher approach lets individuals make those choices."