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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.
 

imagep

Villiage Idiot
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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.
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.
 

washunut

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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.
 

drz-400

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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.
 

oldreliable67

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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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