by Summary:
Mike Konczal and I have a piece in the New York Times arguing that the next few years could see a historic boom for the US economy, if policy makers recognize that strong demand and rising wages are positive developments, and don’t get panicked into turning toward austerity. Given the foreign policy/military stance now, the predominance of government spending is likely to go to "defense" for the foreseeable future. This is likely to crowd out other spending initiatives and also encourage austerity with respect to domestic spending. The only fiscal "stimulus" that can be expected is from tax cuts given the political makeup and mood of the US electorate. The ridiculous brouhaha over "inflation" is a symptom, especially when it based on an erroneous rationale that misunderstands "money
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Mike Konczal and I have a piece in the New York Times arguing that the next few years could see a historic boom for the US economy, if policy makers recognize that strong demand and rising wages are positive developments, and don’t get panicked into turning toward austerity. Given the foreign policy/military stance now, the predominance of government spending is likely to go to "defense" for the foreseeable future. This is likely to crowd out other spending initiatives and also encourage austerity with respect to domestic spending. The only fiscal "stimulus" that can be expected is from tax cuts given the political makeup and mood of the US electorate. The ridiculous brouhaha over "inflation" is a symptom, especially when it based on an erroneous rationale that misunderstands "money
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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Mike Konczal and I have a piece in the New York Times arguing that the next few years could see a historic boom for the US economy, if policy makers recognize that strong demand and rising wages are positive developments, and don’t get panicked into turning toward austerity.Given the foreign policy/military stance now, the predominance of government spending is likely to go to "defense" for the foreseeable future. This is likely to crowd out other spending initiatives and also encourage austerity with respect to domestic spending. The only fiscal "stimulus" that can be expected is from tax cuts given the political makeup and mood of the US electorate. The ridiculous brouhaha over "inflation" is a symptom, especially when it based on an erroneous rationale that misunderstands "money printing."
J. W. Mason's Blog
The Roaring 2020s: Further Reading
JW Mason | Assistant Professor of Economics, John Jay College, City University of New York