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The Obama Administration put all of its chips on a vast increase in government spending and targeted tax rebates and credits to stimulate the economy. But after 19 months of the most rapid increase in discretionary federal spending in history, total nonfarm employment has declined by approximately one million jobs. By contrast, 19 months after the January 1983 implementation of the Reagan across-the-board reduction in tax rates, total employment adjusted for today’s larger work force had increased by 7.6 million.
