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But his distaste for Mr. Obama's fiscal theories was unambiguous.
But this debate is about more than dry statistics or competing fiscal theories.
From a fiscal-theory-of-the-price-level point of view more debt means a greater chance that the government is forced (or opts) to inflate its obligations away.
Fiscal contract theories hypothesize that government performance affects tax collection and that institutions that foster representation and accountability link taxes and services.
"It was a literally once-in-a-lifetime event," Mr. Solow said, "But I really cannot see this as a new general theory of fiscal policy".
(Vox) Don't rule out a double dip recession (Wall Street Journal) Modern macroeconomic theory and fiscal policy (Mark Thoma) What is going on in Turkey?
Consequently, many people have concluded that the stimulus experiment has failed and are receptive to the conservative theory that fiscal contraction may do a better job of jump-starting growth.
Fiscal policy works in theory but not in practice: Estonia already runs a big budget surplus, and Latvia is not far behind.Wages are spiralling thanks to a boom in labour-thirsty industries such as construction, retail and tourism.
Ms Romer of the Council of Economic Advisers notes that whereas in theory tight fiscal and loose monetary policy should get an economy back to full strength, the interest rate needed to achieve that might sometimes be negative, which is beyond the scope of conventional monetary policy.
The theory goes that fiscal conservatives are always fiscal conservatives -- except when it comes to their districts.
He rounded out his rambly anti-NDP sermon by dubbing the government's fiscal approach "voodoo economic theories" and representative of "socialist zeal" and that "it's time for conservatives to stop apologizing for conservatism".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com