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The Economists' Voice

Ed. by Cragg, Michael / Edlin, Aaron S. / Jaffee, Dwight / Stiglitz, Joseph / Zwiebel, Jeffrey

1 Issue per year

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The Parties' Flip-Flops on Deficit Spending: Economics or Politics?

Joseph Stiglitz1

1Columbia University

Citation Information: The Economists' Voice. Volume 1, Issue 1, ISSN (Online) 1553-3832, DOI: 10.2202/1553-3832.1001, September 2004

Publication History

Published Online:
2004-09-15

Not long ago, Republicans were trying to pass a balanced budget amendment to the constitution. Democrats were skeptical, overwhelmingly Keynesian, and believed that deficit spending had ended the Great Depression. Under Rubinomics the positions began to switch: Democrats became the defenders of fiscal orthodoxy. Now Bush has cut taxes for the rich and caused huge deficits. Is the flip-flop just politics?

Keywords: deficits; deficit spending; Greenspan; Bush; Rubin; Keynes

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