America's economy is in a period of historic prosperity, but you wouldn't know it from Washington's policymaking
The federal government has a long track record of treating recessions by handing out a powerful dose of medicine to bring the economy back to life. Congress and the White House typically rush through massive tax cuts and government spending increases aimed at keeping the economy humming. The Federal Reserve slashes interest rates to encourage businesses and households to spend.Washington is turning to this strategy again today — even though the economy does not appear to be seriously ill.
"It's a bipartisan debt binge," said Danielle DiMartino Booth, CEO and chief strategist for Quill Intelligence."It's sad that we're running up a trillion dollars of debt every year and have show little to show for it."JPMorgan's Kelly said that there have only been two years in the past 71 when the budget deficit as a share of GDP has been above the unemployment rate: 2009 and this year.
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