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Mr Brown says he will run fiscal surpluses for the next three years, but that applies only to current spending.
Greece has run fiscal deficits averaging 7.8% of GDP since 1988.
This is an irresponsible way to run fiscal policy.
Governments that run fiscal deficits bigger than 3% of GDP must take swift corrective action.
A more prosaic recommendation, however, would have been to run fiscal deficits to help the Fed combat economic weakness.
But otherwise healthy economies can afford to run fiscal deficits in times of weak private sector growth.
Similar(50)
The first episode ran in 2011, as President Obama made his first attempt to cut a long-run fiscal deal — a so-called Grand Bargain — with John Boehner, the speaker of the House.
Still needed is a long-run fiscal regime to address the moral hazard problem.
When will we be ready for a long-run fiscal deal?
Many European countries have long-run fiscal situations that are unsustainable and must be dealt with.
That's when serious actions to narrow the long-run fiscal gap would begin to take effect.
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