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Fiscal Policy To The Rescue

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Author Info
Wynne Godley
Abstract

The U.S. expansion of the past eight years has been fueled by a rise in private sector indebtedness. In 1997 U.S. private sector spending exceeded income for the first time since 1952, and since then the gap between the two has risen markedly. The situation closely mirrors that experienced in the United Kingdom during the 1980s, when a two-year slowdown resulted in absolute declines in GDP and a three-percentage-point increase in the unemployment rate.

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Paper provided by Levy Economics Institute, The in its series Economics Policy Note Archive with number 01-1.

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Handle: RePEc:lev:levypn:01-1

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  1. L. Randall Wray, . "The Backward Art of Tax Cutting," Economics Policy Note Archive 01-5, Levy Economics Institute, The. [Downloadable!]
  2. Philip Arestis, Malcolm Sawyer, 2003. "The Case for Fiscal Policy," Economics Working Paper Archive 382, Levy Economics Institute, The. [Downloadable!]
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  3. Dimitri B. Papadimitriou & L. Randall Wray, . "Are We All Keynesians (Again)?," Economics Policy Note Archive 01-10, Levy Economics Institute, The. [Downloadable!]
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This page was last updated on 2009-11-30.

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