recession. fiscal policy

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"There Is No Economic Justification for Deficit Reduction" Galbraith to Deficit Commission

  • Posted on: 10 September 2010
  • By: MichaelCollins

Posted by Michael Collins

Your proceedings are clouded by illegitimacy.

The conclusion to be drawn is that Social Security should in any event be off the agenda of your Commission, as it is a transfer program and not a program of public spending in the economic sense. In particular it does not use capital resources and will not drive up interest rates. This is true whether the "Social Security System" is in internal balance or not.