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Debts, Deficits, Economic Recovery, and the U.S. Government

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  • Dimitri B. Papadimitriou
  • Greg Hannsgen

Abstract

In this new policy brief, President Dimitri B. Papadimitriou and Research Scholar Greg Hannsgen evaluate the current path of fiscal deficits in the United States in the context of government debt and further spending, economic recovery, and unemployment. They are adamant that there is no justification for the belief that cutting spending or raising taxes by any amount will reduce the federal deficit, let alone permit solid growth. The worst fears about recent stimulative policies and rapid money-supply growth are proving to be incorrect once again. In the authors’ view, we must find the will to reinvigorate government and to maintain Keynesian macro stimulus in the face of ideological opposition and widespread mistrust of government.

Suggested Citation

  • Dimitri B. Papadimitriou & Greg Hannsgen, 2010. "Debts, Deficits, Economic Recovery, and the U.S. Government," Economics Public Policy Brief Archive ppb_114, Levy Economics Institute.
    • Handle: RePEc:lev:levppb:ppb_114
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    References listed on IDEAS

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    1. repec:cbo:report:418805 is not listed on IDEAS
    2. Congressional Budget Office, 2010. "The Budget and Economic Outlook: Fiscal Years 2010 to 2020," Reports 41880, Congressional Budget Office.
    3. Congressional Budget Office, 2010. "The Budget and Economic Outlook: Fiscal Years 2010 to 2020," Reports 41880, Congressional Budget Office.
    4. repec:cbo:report:418806 is not listed on IDEAS
    5. Congressional Budget Office, 2010. "The Budget and Economic Outlook: Fiscal Years 2010 to 2020," Reports 41880, Congressional Budget Office.
    6. Congressional Budget Office, 2010. "The Budget and Economic Outlook: Fiscal Years 2010 to 2020," Reports 41880, Congressional Budget Office.
    7. James K. Galbraith, 2006. "THE FISCAL FACTS: Public and Private Debts and the Future of the American Economy," Economics Policy Note Archive 06-2, Levy Economics Institute.
    8. repec:cbo:report:418807 is not listed on IDEAS
    9. repec:cbo:report:418804 is not listed on IDEAS
    10. Stephen Cecchetti & Madhusudan Mohanty & Fabrizio Zampolli, 2010. "The future of public debt: prospects and implications," BIS Working Papers 300, Bank for International Settlements.
    11. Congressional Budget Office, 2010. "The Budget and Economic Outlook: Fiscal Years 2010 to 2020," Reports 41880, Congressional Budget Office.
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