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Tax Cuts Should Create Growth, Not Junk Spending: Amity Shlaes

Feb. 23 (Bloomberg) -- Payroll-tax cut equals growth. Consumer spending equals growth. Consumer spending is 70 percent of the economy. All growth is equal.

These are the axioms that motivated lawmakers to secure an extension of a payroll-tax cut this month. They felt like heroes for passing and signing a temporary break allowing citizens to skip Social Security payments.