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Deficits, Debts and Growth: A Reprieve but not a Pardon

Author

Listed:
  • Anwar Shaikh
  • Dimitri B. Papadimitriou
  • Claudio H. dos Santos
  • Gennaro Zezza

Abstract

These are fast moving times. Two years ago, the U.S. Congressional Budget Office (CBO, 2001) projected a federal budget surplus of $172 billion for fiscal year 2003. One year ago, the projected figure had changed to a deficit of $145 billion (CBO 2002). The actual figure, near the end of fiscal year 2003, turned out to be a deficit of about $390 billion. And just one month ago, President Bush submitted a request to Congress for an additional $87 billion appropriation for war expenditures, over and above the $166 billion tallied so far. It is widely anticipated that even this will have to be revised upward by the end of the coming year (Stevenson 2003; Firestone 2003).

Suggested Citation

  • Anwar Shaikh & Dimitri B. Papadimitriou & Claudio H. dos Santos & Gennaro Zezza, 2003. "Deficits, Debts and Growth: A Reprieve but not a Pardon," Economics Strategic Analysis Archive 03-10, Levy Economics Institute.
  • Handle: RePEc:lev:levysa:03-10
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    File URL: http://www.levyinstitute.org/pubs/stratan-oct-03.pdf
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    References listed on IDEAS

    as
    1. Claudio H. Dos Santos & Anwar M. Shaikh & Gennaro Zezza, 2003. "Measures of the Real GDP of U.S. Trading Partners: Methodology and Results," International Trade 0309021, EconWPA.
    2. repec:mes:challe:v:41:y:1998:i:1:p:38-54 is not listed on IDEAS
    3. Wynne Godley & Alex Izurieta, 2001. "As The Implosion Begins . . .? Prospects and Policies for the U.S. Economy: A Strategic View," Economics Strategic Analysis Archive 01-7, Levy Economics Institute.
    4. Wynne Godley, 1999. "Seven Unsustainable Processes: Medium-Term Prospects and Policies for the United States and the World," Economics Strategic Analysis Archive 99-10, Levy Economics Institute.
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    Cited by:

    1. Greg Hannsgen, 2007. "The Transmission Mechanism of Monetary Policy: A Critical Review," Chapters,in: A Handbook of Alternative Monetary Economics, chapter 13 Edward Elgar Publishing.
    2. Francis Cripps & Alex Izurieta & Terry McKinley, 2007. "Developing a Global Model for Trade, Finance and Income Distribution," Publications 1, International Policy Centre for Inclusive Growth.
    3. Constantine, Collin, 2014. "Rethinking the Twin Deficits," MPRA Paper 58798, University Library of Munich, Germany.
    4. Alex Izurieta & Terry McKinley, 2006. "Addressing Global Imbalances: A Development-Oriented Policy Agenda," Working Papers 23, International Policy Centre for Inclusive Growth.

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