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15-Jan-2018 13:07

The opportunity cost of sustained economic weakness in terms of living standards, inequality, the fiscal outlook, and economic scarring to potential productive resources is simply too high to jettison 80 years’ worth of hard-earned economic knowledge.

In contrast to the conventional wisdom that big budget deficits are immoral and economically damaging, big budget deficits have ended a recession and sustained anemic recovery. “US Business Cycle Expansions and Contractions” [data table].

However, at the root of this damage is a shortfall in households’ and businesses’ lack of demand for goods and services—an eminently solvable problem. Begins a Serious Fiscal Debate.” Moody’s Analytics, April 14.

Budget hawks should have an additional reason to be concerned about expanding output gaps: As a rule of thumb, every dollar the economy moves away from potential GDP adds

The recession inflicted enormous, long-lasting economic damage, particularly on the labor market and on the living standards of low- and moderate-income Americans.

It is time to stop taking for granted the automatic return to full employment presumed by the policymaking elite, and instead use proven policy levers to force its return. “Two Years into Austerity and Counting…” Working Economics (Economic Policy Institute blog), October 19.

.37 to the cyclical budget deficit through decreased tax receipts and increased automatic safety net spending (Bivens and Edwards 2010).

Unfortunately, this risk seems all but certain of coming to pass. — is a federal budget policy analyst with the Economic Policy Institute and The Century Foundation.

— Josh Bivens joined the Economic Policy Institute in 2002 and is currently the director of research and policy. He previously worked as an assistant budget analyst and research assistant with the House Budget Committee.

This is an exceptionally inefficient waste of human and economic potential—and one that adds to budget deficits. It only fully recovered when external events (i.e., the defense boom spurred by World War II) demanded a huge fiscal expansion. ” Working Economics (Economic Policy Institute blog), July 6.

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The recession inflicted enormous, long-lasting economic damage, particularly on the labor market and on the living standards of low- and moderate-income Americans.

It is time to stop taking for granted the automatic return to full employment presumed by the policymaking elite, and instead use proven policy levers to force its return. “Two Years into Austerity and Counting…” Working Economics (Economic Policy Institute blog), October 19.