HKS Affiliated Authors
Director of the Taubman Center for State and Local Government
Robert W. Scrivner Professor of Social Policy
Excerpt
Excerpt
The Deterioration in the US Fiscal Outlook, 2001-2010. Jeffrey Liebman, October 2013, Paper. "From 1999 to 2001, US budget surpluses averaged 2% of GDP. By 2011, the Congressional Budget Office was projecting persistent 'current policy' budget deficits exceeding 6% of GDP, even after the economy recovered from the recession. This paper reviews the remarkable deterioration in the US fiscal outlook. It shows that more than half of the deterioration occurred before the 2007-9 recession, as a combination of tax cuts, increased spending, and worse than expected economic performance..." May require user account or purchase. Link