More people will have more money to spend on other goods that they normally wouldn't of been able to spend. This means that the producers of products like expensive jewelers, will have a higher profit and more demand for their products
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In a word, disaster! In Britain it will result in 5 million unemployed and anarchy. Geoffrey Howe and Margaret Thatcher infamously tried slash and burn economics in Britain in the eighties to awful effect and it resulted in unemployment leaping from one million to three million almost overnight. Widespread civil unrest followed. Britain still suffers the legacy of the Thatcher years of underinvestment. Thatcher lifted restriction on what money could be invested abroad, so tax cuts resulted in money draining out of Britain. It was the start of globalisation, which is so spectacularly failing now. If another slash and burn government comes to power, things will get very bad indeed.
Liberals
Defense spending
if inflation is increasing that means the economy is over producing and that the economy has an inflationary gap which means the equilibrium GDP(where total spending is equal to total production) is greater then potential GDP(full employment GDP). Increasing taxes will reduce the disposable income that consumer have which will then reduce consumer expenditure(which is one of the components of GDP or aggregate demand). This will lower the equilibrium GDP to be the same as potential GDP and will lower the equilibrium for the supply and demand graph for the entire economy to a lower price level reducing price levels. Reducing government spending or decreasing transfer payments will have the same affect on the economy.
fiscal policies, like lower spending and higher taxes, that reduce economic growth
The Libertarian Party.