Re: RE: Re: Re: Re: Re: RE: Re: Keynesians and Post Keynesians and growth

[Jim Devine]

Max wrote:
>Full-employment or 'structural balance':
>
>(billions)
>1999   44.3
>2000   91.2
>2001  124.5
>2002  149.2
>2003  168.5
>2004  192.5
>2005  215.7
>
>These are all surpluses.  Source: p. 13, Federal Budget, Analytical 
>Perspectives. These assume "full employment" of 5.2 percent.

Except for the first one, these are all projections. But the real-world 
estimates are rising, too. That's fiscal austerity, encouraging recession.

>The share of GDP is projected to rise. So we've got to figure out how to 
>spend a bunch of money.

Is the glass half-full or half-empty? Whereas Max sees a fiscal dividend, I 
see fiscal drag.

Jim Devine [EMAIL PROTECTED] &  http://liberalarts.lmu.edu/~jdevine