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In terms of fiscal policy, "what that means is budget cuts or tax rises," he said.
In terms of fiscal management, it has outperformed both the US and Europe.
George Bush may have had many faults, but in terms of fiscal policy he was an uber-Keynesian.
I would say more than 2/3 of the work has been done in terms of fiscal policies.
"The cuts destroying the people's purchasing power are recessionary and don't yield results in terms of fiscal equilibrium," he says.
In an interview, Mayor Stephanie A. Miner of Syracuse said that "this is uncharted water, in terms of fiscal crisis".
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However, the effect is smaller as government efficiency increases, indicating that fiscal rules and government efficiency are institutional substitutes in terms of promoting fiscal sustainability.
That didn't stop the Treasury from crowing: "The latest available estimates indicate that the financial stability programs are likely to result in an overall positive financial return to taxpayers in terms of direct fiscal cost".
If the clock runs out midnight December 31st and there is no resolution to the fiscal cliff, the nation will have the opportunity to reset the terms of the fiscal debate in Washington.
But, he reasoned, a short-term postponement of tax cuts could favor a long-term improvement of fiscal health.
"And we're looking at it in terms of annual fiscal cycles and presidential elections".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com