Exact(31)
"We are looking at a substantial fiscal drag on the economy next year as the spending cuts take hold and state and local governments continue to contract," said Karen Dynan, an economist at the Brookings Institution, a policy research organization.
At a moment when the economy is already growing at an annual rate of about three per cent, and the unemployment rate has fallen to 4.1percentnt, its lowest level since 2000, Congress has introduced a substantial fiscal stimulus in the form of a big tax cut and higher spending.
On top of those woes, the government is likely to run a substantial fiscal deficit and the economy will enter a recession in 2015.
Frankly, given the behaviour of governments and central banks over the past two years it would be truly bizarre not to observe fairly substantial fiscal multipliers.And that is the key point: policymakers suffered from a striking lack of perspective in opting to pursue broad austerity* beginning in 2010.
"There's been a very, very substantial fiscal injection into the economy, and this has helped greatly".
"We have a pretty substantial fiscal crisis that we have to deal with.
Similar(26)
Substantial winter kill.
Later in the 19th century and into the 20th, wealthy families built substantial summer homes on the islands.
Another substantial winter dish was a thick cassoulet of duck and lamb with white beans, carrots and tomato.
This substantial summer salad provides plenty of protein, in addition to nutrient-rich tomatoes, peppers and arugula.
After allowing the Canadiens the first five shots, the Rangers wrested control of the game, winding up with a substantial 44-25 advantage.
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