A Quote by Gita Gopinath
Fiscal policy will need to manage trade-offs between supporting demand, protecting social spending, and ensuring that public debt remains on a sustainable path, with the optimal mix depending on country-specific circumstances.
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Where fiscal space is low, fiscal policy needs to adjust in a growth-friendly manner to ensure public debt is on a sustainable path, while protecting the most vulnerable.
Developing protectionism regarding trade and our reluctance to place fiscal policy on a more sustainable path are threatening what may well be our most valued policy asset: the increased flexibility of our economy, which has fostered our extraordinary resilience to shocks.
We need a mobilized and active civil society using its purchasing power to demand sustainable products and practices. It is also essential that governments commit to the future, creating fiscal and regulatory conditions for sustainable policies to thrive.
There is a lot of fiscal conservatives in the United States senate that didn't vote for that because we understand that national security spending is not the reason why we have a debt. Our debt is being driven by the way Social Security, Medicare, and Medicaid and, by the way, the interest on the debt is structured in the years to come.
Our anti-crisis policy is aimed at supporting domestic demand, providing social guarantees for the population, and creating new jobs. Like many countries, we have reduced production taxes, leaving money in the economy. We have optimised state spending.
I think it's absolutely clear that the fiscal path we are on is not sustainable, and for me, the best analogy is these deficits are like a cancer, and over time they will destroy the country from within.
The public has a right to know what kind of monitoring the government is doing, and there should be a public discussion of the appropriate trade-offs between law enforcement and privacy rights.
For highly indebted governments, low interest rates are critical to keep debt levels sustainable and ease pressure to restructure debt and recapitalize banks. The shift to a high sovereign-debt-yield equilibrium would make it impossible to achieve fiscal balance.
I don't understand how the Republican party is the party with the reputation for fiscal conservatism and fiscal sanity, when they're the ones who run up the debt. It was Reagan who ran up the debt and now Bush is doing it again, and in between, Clinton and Bush's father, I must say, worked so hard to get that deficit and that debt down.
The administration's reckless plan doesn't do one thing to ensure the long term security of social security, rather it undermines our economy. We need a budget and a fiscal policy that reflects the values and interests of America and restores fiscal discipline.
Any politician that says no tax revenue or zero spending cuts does not deserve reelection. Our hole is so deep in this country with the debt and the debt service, the interest on that debt, before the big expenses come for Social Security and Medicare - for we baby boomers in a few years - that everything has to be on the table.
It should be possible to emphasize to students that the level of employment is a macroeconomic issue, depending in the short run on aggregate demand and depending in the long run on the natural rate of unemployment, with microeconomic policies like tariffs having little net effect. Trade policy should be debated in terms of its impact on efficiency, not in terms of phoney numbers about jobs created or lost.
Good economic policy requires not so much the bravado to implement drastic change as the strength and wisdom to make reasonable trade-offs over the many years it takes to transform a country's standard of living.
The risk exists that, with aggregate demand exhibiting considerable momentum, output could overshoot its sustainable path, leading ultimately in the absence of countervailing monetary policy action to further upward pressure on inflation.
Americans need to educate themselves, from elementary school onward, about what their country has done abroad. And they need to play a more active role in ensuring that what the United States does abroad is not merely in keeping with a foreign policy elite's sense of realpolitik but also with the American public's own sense of American values.
There's an argument that private debt, in some way, is creating indentured servants in our country. But public debt does not do that. In fact, public debt does the exact opposite - it relieves private debt.
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