The Parties' Flip-Flops on Deficit Spending: Economics or Politics?
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?
Joseph Stiglitz. "The Parties' Flip-Flops on Deficit Spending: Economics or Politics?" The Economists' Voice 1.1 (2004).
Available at: http://works.bepress.com/joseph_stiglitz/6
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