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Full employment budgetary deficits

Kushinator

I'm not-low all the time
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Definition: A deficit that occurs when an economy is near or at maximized economic output.

Should this type of policy be outlawed?

Discuss.
 
Definition: A deficit that occurs when an economy is near or at maximized economic output.

Should this type of policy be outlawed?

Discuss.

The answer is so obvious that I don't think you are going to get a lot of debate on this topic.

Yes, it should absolutely be outlawed.
 
The answer is so obvious that I don't think you are going to get a lot of debate on this topic.

Yes, it should absolutely be outlawed.

We can't realistically get there without many changes.
 
Certain circumstances like war could be a reason for such a policy. I would by and large agree that budgets should remain counter-cylcical however. I guess what I am getting at is it should be discouraged, rather than outlawed, since special circumstances may arise.
 
We've tried to take such an approach several times in the past. Hasn't worked yet. The closest we got was probably Gramm-Rudman, if anyone remembers that? The basic problem has been: Whatever congress can legislate, it can legislate a change or efffectively disavow, as it did with Gramm-Rudman, line-item vetos, pay-go, etc.

Our legislative history suggests that the only way to truly and effectively "outlaw" or even to define any kind of acceptable/nonacceptable deficit policy is by constitutional amendment. What do you think the chances are?

IMO: zip, zero, nada.
 
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