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View Diary: Paul Krugman understands the show (9 comments)

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  •  In the long run, maybe fiscal cliff ain't so bad. (3+ / 0-)
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    WuChier, chicklet, Nica24

    A short tem contraction may be what is needed right now. Time to stop feeding defense as a growth multiplier.

    From fiscal year 2012 to 2013, federal tax revenue is expected to increase by 19.63%, while spending outlays are expected to decline by 0.25%.[1](table-1.6)[note 2] Relative to the size of the economy, these changes would raise 2013 tax revenue to 18.4% GDP, above its historical average of 18.0% GDP, while reducing spending to approximately 22.4% GDP, still above the 21.0% GDP historical spending average.[2]

    "If the past sits in judgment on the present, the future will be lost." Winston Churchill

    by Kvetchnrelease on Fri Dec 21, 2012 at 07:02:32 AM PST

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