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A couple remarks: 0/ Reading it as a mainstream Public Finance enthusiast, I read "lower G and gvt borrowing not accompanied by a decrease in output" --- your quote: 'This supported aggregate demand and hence employment and wages – which allowed tax revenues to hold up as spending was squeezed.' --- and I think... Mission accomplished? 1/ Macro and time horizons: are we all comfortable with an AD-centric story and paradox of thrift at a TEN year horizon? 2/ Funny property of private savings offsetting government dissavings. You could call it ricardian! 3/ The government does control expenditure and that is what it should focus on. Debt is a secondary concern.
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Mar 15, 2019