Fiscal Discipline Requires Public Support

Brief

Fiscal Discipline Requires Public Support

The U.S experiences will be useful. Public debate should be fostered.
May 23, 2002

Abstract

[Nihonkeizai Shimbun] What can Japan learn from the United States' experience with deficit reduction? First and foremost, U.S. success in eliminating deficits would not have been possible without the support of a broad public consensus that focused on the long-run negative effects of deficits. The public had to be willing to give up the benefits of using fiscal policy to stimulate the economy in the short run.

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