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Fed today: “fiscal policy is restraining economic growth”

Steve Roth | May 1, 2013 2:57 pm

Politics
US/Global Economics

That is all.

FRB: Press Release–Federal Reserve issues FOMC statement–May 1, 2013.

Cross-posted at Asymptosis.

Comments (4) | Digg Facebook Twitter |
4 Comments
  • Terry says:
    May 1, 2013 at 5:02 pm

    Well duh

  • jurisdebtor says:
    May 1, 2013 at 8:29 pm

    Of course, now the monetarists, formerly content with their false notions that monetary policy was working just fine in lieu of fiscal expansion, are now wanting the FED to step on the gas.

  • Matt McOsker says:
    May 2, 2013 at 9:59 am

    This was an email conversation I just had with Warren Mosler:

    [ME] Hi Warren, hope all is well.

    Regarding your post “Double dip- this time it’s different” I might add that we are running a budget deficit of about 5%, but we have a trade deficit of 3%. To me that means we are only running a budget deficit of 2%, as the trade deficit is a drain.

    [WM] right, the domestic sector is only ‘savings’ at a 2% rate.

    [ME] I understand the benefits of trade, but still a current drain that needs to be offset by 3% of GDP deficit. We probably need a budget deficit of at least 8% of GDP to keep things moving marginally.

    [WM] sure seems like it!

    [ME] In 2008, we had a huge CAD of 6% of GDP and the budget deficit was just over 1% of GDP, probably exacerbating/triggering the 2008 crisis

    [ME] Thoughts?

    [WM] agreed! all in, the approx 1% deficit in the 2006-2008 period wasn’t enough to support the credit structure.

    best!

    Original Post by Warren:
    http://moslereconomics.com/2013/05/01/double-dip-this-time-its-different/

  • nottrampis says:
    May 2, 2013 at 7:14 pm

    we read you downunder

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