"During the past year, aggregate government budgetary policy has reversed course. Over the next few years, as federal fiscal policy shifts toward austerity, it is likely to be a headwind against economic growth."Many things worth noting, but most importantly, federal spending as a percentage of GDP has been dropping (real spending has dropped, too).
Linear thought is a flaw. As a dog, I like to cozy up on the sofa, pull up a glass of coffee and cookies and pretend to be human. I sometimes think that I wasted my time learning new tricks rather than playing outside.
Monday, July 2, 2012
SF Fed Bank: Austerity's creating economic headwinds.
As noted by the FRBSF:
Sound bites are easy (like how federal spending is out of control), but analysis isn't that much harder. The hard part is getting over personal bias built up over political leanings from years of propaganda.
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