Heterodox
Non-sequitur. Sandronsky criticizes Jerry Brown for being anti-Keynesian and then admits that US states don't have the same fiscal space as the general government. Why then does Gov. Brown ignore Keynes’ insights on government or state spending to spur the economy? One reason is that state governments are unable to run deficits in the way that Uncle Sam can. Another is that Gov. Brown is reserving state revenue to repay Wall St. creditors in a downturn. The state issues bonds that these...
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