Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 1 of 1
Full-Text Articles in Law
Economic Policy After A Lost Decade--From Over-Spending To Innovation, Timothy M. Kaine
Economic Policy After A Lost Decade--From Over-Spending To Innovation, Timothy M. Kaine
University of Richmond Law Review
In this article, I want to focus on one aspect of our economic recovery-namely, how do we grow an economy without relying upon debt-fueled overconsumption? I argue that the magnitude of the 2007-2009 collapse was based significantly on unsustainable spending that had propped up the previous expansion. National policy during the first years of the last decade turned a sizable national surplus into a huge deficit through war spending, tax cuts, and expansion of public programs that were not paid for.The spending patterns of American families followed a similar pattern in which traditional savings rates shrunk precipitously while family debt …