Brief Fiscal Discipline Requires Public Support
The U.S experiences will be useful. Public debate should be fostered.
Rudolph G. Penner
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[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.
Research Areas Economic mobility and inequality Taxes and budgets
Tags Fiscal policy Federal budget and economy