The rise in deficit spending between 2008 and 2011 is evidence against the "crowding out" argument because

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The "crowding out" argument states that increased government spending will lead to higher interest rates, which will reduce private investment. However, between 2008 and 2011, despite a significant increase in deficit spending, interest rates did not rise, indicating that there was no crowding out effect.

The Rise in Deficit Spending Between 2008 and 2011 Is