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The Boy Who Cried Wolf About Government Debt

Author

Listed:
  • Yeva Nersisyan
  • L. Randall Wray

Abstract

In a New York Times editorial, David Leonhardt recounts Aesop's apocryphal story about the boy and the wolf, warning that while deficit hawks have so far been wrong, the growing government debt will eventually bite. He reports the economic plans of both presidential candidates would add to the debt that will soon exceed GDP and grow to 130 percent of annual output under a President Harris, or 140 percent with a Trump presidency.

Suggested Citation

  • Yeva Nersisyan & L. Randall Wray, 2024. "The Boy Who Cried Wolf About Government Debt," Economics Policy Note Archive 24-1, Levy Economics Institute.
    • Handle: RePEc:lev:levypn:24-1
    as

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    References listed on IDEAS

    as
    1. Yeva Nersisyan & L. Randall Wray, 2021. "Can we afford the Green New Deal?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 44(1), pages 68-88, January.
    2. Eric Tymoigne, 2019. "Debunking the Public Debt and Deficit Rhetoric," Challenge, Taylor & Francis Journals, vol. 62(5), pages 281-298, September.
    3. Jeremy B. Rudd, 2022. "Why do we think that inflation expectations matter for inflation? (And should we?)," Review of Keynesian Economics, Edward Elgar Publishing, vol. 10(1), pages 25-45, January.
    4. L. Randall Wray, 2004. "The Fed and the New Monetary Consensus: The Case for Rate Hikes, Part Two," Economics Public Policy Brief Archive ppb_80, Levy Economics Institute.
    Full references (including those not matched with items on IDEAS)

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