Rich economies with big trade surpluses and the ability to sustain budget deficits — most notably Germany — need to spend more, not less, at home and abroad.
Propping up demand may therefore require more persistent, and sustained, budget deficits than in Japan.Add all this together and the ease with which American policymakers dismiss Japan's experience is probably misplaced.
After all, in October 1993 the court ruled that euro-membership had to be based on strict adherence to the Maastricht criteria, achieved thanks to "sustained budget solidity", not chancy short-term measures.Even if the court decided in favour of the sceptics, some euro-fans argue it would make no difference.
"Their experience is another reminder, if one were needed, that every country with sustained budget deficits and rising debt — including the United States — needs to act in a timely manner to put in place a credible program for sustainable fiscal policies," he said.
As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with sustained budget deficits, has forced Kuala Lumpur to begin to address fiscal shortfalls, through initial reductions in energy and sugar subsidies and the announcement of the 2015 implementation of a 6% goods and services tax.
High-level commitment by governments is critical to ensure sustained budgets for immunization.
Consider the paper Orszag co-authored with Rubin and Allen Sinai in 2004, entitled "Sustained Budget Deficits: Longer-Run US Economic Performance and the Risk of Financial and Fiscal Disarray".
The partnership with the prison began two years ago, after the university's agriculture program sustained deep budget cuts.
"They put enormous pressure on that office to sustain their budget, so to then turn around and say they were too aggressive is the height of hypocrisy".
China has been repaying some of what little foreign debt it owes, even as economists wonder whether Greece will require an international bailout and ask how long the United States can sustain record budget deficits.
