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Fiscal Austerity and Public Policy
Richard M. Salsman, Forbes In this second of three entries on fiscal austerity I focus on public policy. My first entry stressed the moral premises that drive a nation’s fiscal affairs. In the next entry I’ll examine the proper fiscal path to prosperity, including the history of past austerity programs, showing that when austerity is imposed on government it’s bullish for prosperity, but if imposed on markets, it’s bearish. For now I will simply stress that we must abandon the false alternative of fiscal “stimulus” (Keynesian) and “austerity” (Puritanical) and, in favor of pro-capitalist policies — with far less government spending, lower tax rates, sound money, deregulation, and free trade. Read More