Fiscal austerity damages growth – latest evidence
Republican Presidential (Bush) and Presidential hopeful (Romney) advisor and a principal deficit terrorist, Glenn Hubbard has once again re-cycled his obsession about the apparent necessity for the US to pass a balanced budget amendment which would require governments to eschew their fiscal responsibility and behave like automatums irrespective of the state of the cycle or the behaviour of the other sectors (external and private domestic). In his latest New York Times article (August 11, 2013) – Republicans and Democrats Both Miscalculated – (with T. Kane), we see a tired conservative hack, worn out from repeated failed attempts to push a balanced budget amendment into US law, wimpering about the need for another vote on this issue, but signifying a boring lameness that is being overtaken by the duration of time that has elapsed without the doomsday arriving and more recent evidence refuting the position outright.