That was then: deficit reduction worked for Clinton, but circumstances were different in 1993. Today's Democrats mustn't think they can merely mimic him.(Dispatches)
American Prospect, The, February, 2004 by Stiglitz, Joseph E.
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WE LIVE IN AN UPSIDE-DOWN WORLD where Republicans defend deficits and Democrats attack them. These are seemingly opposite views. But both have led, mistakenly, to cuts in social investment as well as to needlessly slow economic growth and high unemployment.
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For years Republicans tried to slay Keynesian economics, the idea that in an economic downturn, one should run deficits. During the Clinton years, they even pushed for a balanced-budget amendment to the Constitution, which would have enshrined the principles of fiscal prudence (and precluded the Bush deficits). In those ...
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