The right - and I mean to define that so broadly as to include a substantial part of the Democratic elite e.g. Erskine Bowles - isn't really pro-growth. They are anti-tax and that means cut anything that doesn't go to them. This letter from the Federal Reserve Bank of San Francisco explains how the austerity process hurts us. - GWCFRBSF Economic Letter: Fiscal Headwinds: Is the Other Shoe About to Drop? (2013-16, 6/3/2013):
The current recovery has been disappointingly weak compared with past U.S. economic recoveries. Researchers and policymakers have pointed to a number of potential causes for this unusual weakness, including contractionary fiscal policy. For example, Federal Reserve Vice Chair Janet Yellen (2013) argues that three tailwinds that typically help drive strong recoveries—investment in housing, consumer confidence, and discretionary fiscal policy—have been absent or turned into headwinds this time.'via Blog this'
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