One of the raps on deficit spending in neoliberal circles is that it will trigger substantial inflation or hyper-inflation. Even when mainstream economists grant the MMT point about the impossibility of the US becoming involuntarily insolvent, they will still insist that sustained deficit spending is a bad idea because it will inevitably lead to unmanageable inflation. more »
(Author's Note: The full title of this peace is: "The Fiscal Summit Counter-Narrative: Part Four, The Deficit, the Debt, the Debt-To-GDP Ratio, the Grandchildren, and Government Economic Policy")
An issue at the core of all the fuss about fiscal sustainability is Government solvency. The deficit hawks and doves believe that Governments sovereign in their own currency can run out of money if they keep deficit spending, and keep borrowing to do it. more »
One of the most irritating things about the deficit hawk/austerity literature, is that it uses the ideas of “fiscal sustainability” and “fiscal responsibility” in an ideological way, without ever really analyzing or explaining these labels. more »
It's a trope with our politicians, including the President, his likely Republican opponent Mitt Romney, and an emerging third party candidate over at Americans Elect and NoLabels, Pete Peterson's long-time Sancho Panza, David Walk more »
A few days back, the President had some remarks on taxes, fairness, "The Buffett Rule," “fiscal responsibility,” and making real choices with real consequences. more »
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