Back to the macroeconomic ’90s? Lower deficits can again create more growth ...Middle East

The Hill - News

Washington’s addiction to deficit spending — a rare bipartisan habit — is unlikely to change, no matter the electoral outcome in November. A deep conviction exists on both sides of the political divide that fiscal consolidation, whether achieved through less spending or higher taxes, reduces growth. What this political consensus misses, however, are situations in which the classic trade-off is suspended — when smaller deficits can counterintuitively deliver more growth. Today’s macroeconomic environment is ripe for such an approach. Compared to the years before the pandemic, fiscal policy — government spending and taxation — has kept a foot on the gas. Deficits remain large, particu

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Back to the macroeconomic ’90s? Lower deficits can again create more growth ...Middle East

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