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A Keynesian Defense of the Reagan Deficit: The Real Issue Is How Big Should Federal Budgets Be and How Should They Be Met

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  • Robert J. Alexander

Abstract

. Agreement is general that the U.S. budget deficit of the Reagan administrations is a national disaster. The supply side and laffer curve economics of Mr. Reagan and his advisers have proved totally fallacious. Draconian monetary policy Curbed the inflation. But most of the negative charges against the deficit have also proved wrong. The U.S. is not a ‘debtor country.’ The purchasing power pumped into the economy may have mitigated the crisis in major U.S. industries. The real issue in the budget deficit debate is how big a share in the economy should the Federal Government have and should it be financed by taxation or borrowing.

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  • Robert J. Alexander, 1989. "A Keynesian Defense of the Reagan Deficit: The Real Issue Is How Big Should Federal Budgets Be and How Should They Be Met," American Journal of Economics and Sociology, Wiley Blackwell, vol. 48(1), pages 47-54, January.
    • Handle: RePEc:bla:ajecsc:v:48:y:1989:i:1:p:47-54
    DOI: 10.1111/j.1536-7150.1989.tb02089.x
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