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Product Description
American politics often seems to be focused on three deficits, real and potential: the federal budget, the Social Security Trust Fund, and the trade balance. Robert Eisner, past president of the American Economic Association, explains why this is an unhealthy situation as well as a source of much misunderstanding. He argues that simply looking at the raw numbers creates misimpressions about the country's real economic situation, as well as provoking potentially damaging ideas for "remedies."
Eisner points out that Social Security Trust Fund deficits can be "fixed" by simple changes in accounting procedures or funding requirements. And America's trade deficit will not bankrupt the country--servicing America's foreign obligations will take only a tiny share of its national wealth. As with any other loan, Eisner reminds us, it is what deficits are spent on that counts: tax cuts or investments in education, research, or the nation's capital stock.
Eisner maintains that the economic dragons the American nation should be attempting to slay do not entail mythically measured budget or current account deficits. The real economic troubles that America faces are those of poverty, income inequality, and a failure to invest in human capital and public infrastructure.
Eisner points out that Social Security Trust Fund deficits can be "fixed" by simple changes in accounting procedures or funding requirements. And America's trade deficit will not bankrupt the country--servicing America's foreign obligations will take only a tiny share of its national wealth. As with any other loan, Eisner reminds us, it is what deficits are spent on that counts: tax cuts or investments in education, research, or the nation's capital stock.
Eisner maintains that the economic dragons the American nation should be attempting to slay do not entail mythically measured budget or current account deficits. The real economic troubles that America faces are those of poverty, income inequality, and a failure to invest in human capital and public infrastructure.
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Twentieth Century Fund Press
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Citations
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5
books
cite this book:
- Political Economy: A Comparative Approach, Second Edition by Barry Clark on page 154, and Back Matter
- The Means to Prosperity Fiscal Policy Reconsidered (Routledge International Studies in Money and Banking) by Matias Vernengo in Back Matter
- Slippery Math In Public Affairs: Price Tag And Defense by William J. Adams on page 237
- The New Masters Of Capital: American Bond Rating Agencies And The Politics Of Creditworthiness (Cornell Studies in Political Economy) by Timothy J. Sinclair on page 112
- How Policies Make Citizens: Senior Political Activism and the American Welfare State (Princeton Studies in American Politics) by Andrea Louise Campbell in Back Matter
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