Milton Friedman was a great communicator of the ideas of limiting government. In this clip from a lecture in the early 1980s, Friedman explains how reducing government spending is the only way to address government debt.

“Keep your eye on one thing and one thing only: how much government is spending…The real problem is to hold down government spending as a fraction of our income, and if you do that, you can stop worrying about the debt.”

The Cato Institute’s Daniel Mitchell wrote in a Wall Street Journal article in September that the real key to increasing innovation and living standards and growing the economy is fiscal policy aimed at growing the private sector–meaning, the economic activity of you and me–faster than growing government spending. Mitchell calls this the “golden rule of good fiscal policy,” and it is exactly what Friedman describes in the clip above.