Monday, October 25, 2010
Fiscal Policy: Addendum to "Christina Romer..."
My thought for this morning is that, in recent memory, the United States has not embarked on a fiscal program that asked sacrifice from anyone. Politicians either tell us that we can tax the very rich to solve the problem, so don't worry about it, or we can cut benefits to the very poor, so don't worry about that either. Some economists tell us that there is a Keynesian free lunch that cures recessions, and we don't really need to be concerned with the future consequences of higher deficits today. Maybe we're not very good at marketing pain, or sharing it.