by Summary:
Politicians often tell us that we should live within our means. Quite right. Unfortunately, many of them do not appear to understand what this actually entails when it comes to fiscal policy. So far as most economists are concerned, the events of the last decade have thoroughly discredited advocates of austerity. Yet, it remains quite common to hear politicians from across the political spectrum calling for reductions in fiscal deficits or even fiscal surpluses. There appears to be little awareness that, in most countries, a call for a fiscal surplus is, literally, a call for the society to live beyond its means.... Excellent summary. Save it and pass it on.heteconomistPoliticians Who Want Us to Live Beyond Our Means Peter Cooper
Topics:
Mike Norman considers the following as important: economics and policy, economics and politics, MMT, Political Economy
This could be interesting, too:
Politicians often tell us that we should live within our means. Quite right. Unfortunately, many of them do not appear to understand what this actually entails when it comes to fiscal policy. So far as most economists are concerned, the events of the last decade have thoroughly discredited advocates of austerity. Yet, it remains quite common to hear politicians from across the political spectrum calling for reductions in fiscal deficits or even fiscal surpluses. There appears to be little awareness that, in most countries, a call for a fiscal surplus is, literally, a call for the society to live beyond its means.... Excellent summary. Save it and pass it on.heteconomistPoliticians Who Want Us to Live Beyond Our Means Peter Cooper
Topics:
Mike Norman considers the following as important: economics and policy, economics and politics, MMT, Political Economy
This could be interesting, too:
tom writes Argentina’s labor reform: back to the past
tom writes The environmental crisis is driven by class interest
Politicians often tell us that we should live within our means. Quite right. Unfortunately, many of them do not appear to understand what this actually entails when it comes to fiscal policy. So far as most economists are concerned, the events of the last decade have thoroughly discredited advocates of austerity. Yet, it remains quite common to hear politicians from across the political spectrum calling for reductions in fiscal deficits or even fiscal surpluses. There appears to be little awareness that, in most countries, a call for a fiscal surplus is, literally, a call for the society to live beyond its means....Excellent summary. Save it and pass it on.
heteconomist
Politicians Who Want Us to Live Beyond Our Means
Peter Cooper