In Bootleggers & Baptists: How Economic Forces and Moral Persuasion Interact to Shape Regulatory Politics, economists Bruce Yandle and Adam Smith explain how money and morality are often combined in politics to produce arbitrary regulations benefiting cronies, while constraining productive economic activities by the general public.
$61 billion sounds like a big spending cut, but we should put that number in perspective. Video produced by Caleb O. Brown. Music licensed (Creative Commons 3.0 Attribution) from Kevin MacLeod. Based on a blog post by Tad DeHaven.