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Perspectives on U.S. Fiscal Policy

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Abstract

Under current policies the deficit may get to 7% of GDP in 10 years. Our political process is not coming to grips with responsible fiscal policy. We have both parties agreeing a deficit is a great way of attracting votes. Future increases in spending are coming from entitlements. We need incentives in health care to do things more efficiently and encourage competition. The biggest risk for the U.S. economy is the global bond market. We need to get moving. If not, eventually inflation, or a crisis of confidence, will be the wake-up call on the growth of U.S. debt.

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Notes

  1. Based on the transcript of the February 26, 2018 session at the NABE Economic Policy Conference.

Reference

  • Lee, Ronald, and Gretchen Donehower. 2011. Private Transfers in International Perspective, in Population Aging and the Generational Economy: A Global Perspective (Ronald Lee and Andrew Mason, eds). Elgar: Northampton, MA.

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Authors and Affiliations

  1. Peter G. Peterson Foundation, New York, NY, USA

    Jeffrey Holland

  2. University of California at Los Angeles, Los Angeles, CA, USA

    Edward Leamer

  3. The Brookings Institution, Washington, D.C, USA

    Alice Rivlin

Authors
  1. Jeffrey Holland
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  2. Edward Leamer
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  3. Alice Rivlin
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Correspondence to Jeffrey Holland.

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Holland, J., Leamer, E. & Rivlin, A. Perspectives on U.S. Fiscal Policy. Bus Econ 53, 124–133 (2018). https://doi.org/10.1057/s11369-018-0083-3

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  • DOI: https://doi.org/10.1057/s11369-018-0083-3

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