A slow-growth America can’t lead the world

As President Barack Obama prepares to attend this week’s meeting of the G20, a Stanford economist contends the US is not in a position to preach the value of economic freedom if its fiscal policy is moving in the other direction.

“And [the US] will have less and less influence if it continues to depart from sound fiscal policy, becoming more indebted to the negotiators on the other side of the table,” writes John B. Taylor in the Wall Street Journal.

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