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    ” This is before the requisite pinch cheek, of course. The Chinese characters certainly don’t help with this.


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    Conventional fiscal policy debates inside the Beltway in recent years have focused mostly on the dangers posed by unhealthily large structural budget deficits projected to be run when the economy has returned to full employment.

    (Again, this concern ignores the likelihood of additional cyclical budget deficits if the return to full employment does not materialize as soon as projected.) Besides noting how remote these dangers are, we should also point out that even if the economy rebounded much, much faster than anybody is currently predicting, there is little danger our policy recommendations would be damaging.

    He has authored or co-authored three books (including The State of Working America, 12th Edition) while working at EPI, edited another, and has written numerous research papers, including for academic journals. Andrew has provided frequent commentary on the current budget debate and the impact of fiscal policy on the economic recovery. Congress Has Cut Discretionary Funding By

    Conventional fiscal policy debates inside the Beltway in recent years have focused mostly on the dangers posed by unhealthily large structural budget deficits projected to be run when the economy has returned to full employment. (Again, this concern ignores the likelihood of additional cyclical budget deficits if the return to full employment does not materialize as soon as projected.) Besides noting how remote these dangers are, we should also point out that even if the economy rebounded much, much faster than anybody is currently predicting, there is little danger our policy recommendations would be damaging.

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    Conventional fiscal policy debates inside the Beltway in recent years have focused mostly on the dangers posed by unhealthily large structural budget deficits projected to be run when the economy has returned to full employment.

    (Again, this concern ignores the likelihood of additional cyclical budget deficits if the return to full employment does not materialize as soon as projected.) Besides noting how remote these dangers are, we should also point out that even if the economy rebounded much, much faster than anybody is currently predicting, there is little danger our policy recommendations would be damaging.

    He has authored or co-authored three books (including The State of Working America, 12th Edition) while working at EPI, edited another, and has written numerous research papers, including for academic journals. Andrew has provided frequent commentary on the current budget debate and the impact of fiscal policy on the economic recovery. Congress Has Cut Discretionary Funding By $1.5 Trillion Over Ten Years: First Stage of Deficit Reduction Is in Law.

    He appears often in media outlets to offer eco­nomic commentary and has testified several times before the U. — Heidi Shierholz joined the Economic Policy Institute as an economist in 2007. She previously worked as an assistant professor of economics at the University of Toronto, and she holds a Ph. in economics from the University of Michigan-Ann Arbor. The National Bureau of Economic Research (NBER) Business Cycle Dating Committee dates U. business cycle peaks and troughs by month, based on aggregate economic activity measured across a number of economic indicators, notably “real GDP, real income, employment, industrial production, and wholesale-retail sales” (NBER 2013).

    Further, this 7.8 percent unemployment rate rivals or exceeds the peak unemployment rates reached in the wake of recessions in the early 1990s and early 2000s. economy has failed to fully recover and argues for much more ambitious, sustained federal fiscal support to achieve full employment.

    .5 Trillion Over Ten Years: First Stage of Deficit Reduction Is in Law.

    He appears often in media outlets to offer eco­nomic commentary and has testified several times before the U. — Heidi Shierholz joined the Economic Policy Institute as an economist in 2007. She previously worked as an assistant professor of economics at the University of Toronto, and she holds a Ph. in economics from the University of Michigan-Ann Arbor. The National Bureau of Economic Research (NBER) Business Cycle Dating Committee dates U. business cycle peaks and troughs by month, based on aggregate economic activity measured across a number of economic indicators, notably “real GDP, real income, employment, industrial production, and wholesale-retail sales” (NBER 2013).

    Further, this 7.8 percent unemployment rate rivals or exceeds the peak unemployment rates reached in the wake of recessions in the early 1990s and early 2000s. economy has failed to fully recover and argues for much more ambitious, sustained federal fiscal support to achieve full employment.

    Sadly, the thoroughly inadequate policy response of this same political elite also explains why, five years after the onset of the Great Recession, the U. economy remains extraordinarily weak and risks a second lost decade of deteriorating—or, at best, stagnant—living standards for lower- and middle-income households. In short, the real policy risk here is inaction and failure to ensure a return to full employment. Lawrence, Josh Bivens, Elise Gould, and Heidi Shierholz. 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. If, for example, our policy recommendations were followed and budget deficits exceeded those projected under current policy in 20 even in an economy that had staged a strong return to full employment, the only cost would be higher interest rates that threatened to crowd out some private-sector investments.23 But since so much of our plan relies on expanded public-sector investments, the economy’s overall capital stock would still register strong growth. And given much research showing that the marginal return to U. public investment probably exceeds that of private investment, it is very hard to argue that our policy recommendations would inflict any economic damage, even in the unlikely case that the economy staged a very strong recovery on its own (Bivens 2012a).

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