Maybe we should put it in reverse so people get the picture: there has to be strong currency policy in combination with tax cuts.

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He notes that with plummeting birth rates, many European countries have resorted to "baby bonuses" to try to reverse the tide, but the demographic picture remains bleak, while the costs of entitlement programs have exploded.

WSJ: The Weekend Interview with Rick Santorum: 'Supply-Sider' for the Working Man

Once you know you have a picture of where you want to be, you can reverse-engineer your way there.

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