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Discussion Paper
Rebalancing the Economy in Response to Fiscal Consolidation
According to the Congressional Budget Office (CBO), under current policies the ratio of federal debt held by the public over gross domestic product?the debt-to-GDP ratio?will rise rapidly over the next decade. This unsustainable fiscal position presents the nation with two significant challenges. First, it requires fiscal consolidation that will, at a minimum, cause the ratio to level off in the not-too-distant future. Second, fiscal consolidation has to occur in a way that will keep the U.S. economy operating at as close to full employment as possible?a process known as rebalancing. While ...
Discussion Paper
Just Released: Does Transportation Spending Make Good Stimulus?
On January 14, the Transportation Research Board, an arm of the National Research Council, released a new report, Transportation Investments in Response to Economic Downturns. The report is intended to provide guidance on three important and related policy questions:?If the federal government undertakes a future stimulus program, should transportation spending be part of that package??If so, how should the transportation spending be structured and managed??Should established transportation programs be modified to make transportation spending more useful as economic stimulus?