Word: keynesian
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Dates: during 1990-1999
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...ruled out. There was about seven years from the pit of the last recession to the beginning of the current one. And that, as Reaganites love to tell you, was an extraordinarily long period of growth. Perhaps you believe -- as the supply- side conservatives did during the 1980s and Keynesian liberals did for decades before -- that the business cycle has been abolished. If not, the calendar is against you: we cannot wait until full recovery from the current recession to begin serious deficit reduction and hope to have it completed before the next recession becomes an excuse to abandon...
...four years. Let's set aside that Bush has watched as the cost of simply administering regulatory programs has skyrocketed from $9.6 billion to $11.3 billion in the last three and a half years. In other words, let's set aside that Bush is basically a moderate-conservative Keynesian who thinks supply siders are just plain silly. The economics themselves are dubious...
There are those, to be sure, who think nothing at all needs to be done about the deficit. Certain neo-Keynesian and supply-side economists have, willy- nilly, joined forces in an attempt to persuade Americans that the deficit doesn't matter all that much and may even be useful. Some of them think that a mere $200 billion in federal red ink has only a negligible negative effect on an expanding $4.9 trillion economy. Others argue that much of the deficit has positive, pump-priming effects and promotes growth and higher levels of employment. As Robert Eisner, an economist...
...says Roberts. "Even then, it would be acceptable if the percentage of gdp is lower than the rest of the world's, because our bonds would still sell well overseas." Foreign ownership of U.S. debt does not bother Roberts at all. Where he draws the line is at the Keynesian notion that government deficits can encourage growth. "The deficit did not finance the growth of the Reagan years," Roberts insists. "Lower taxes...
Clinton won't make the same mistakes. But he knows that to stay competitive, the Keynesian deficit spending offered by New Deal and Great Society-era programs cannot work. Were America the unquestioned economic leader of the world, a plan to return to such programs might make at least some sense...