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The Budget Deficit Scare Story and the Great Recession

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Publication Date: February 2010

Publisher(s): Center for Economic and Policy Research

Author(s): Dean Baker

Topic: Economics (Economic policy, planning, and development)
Government (Public policy)

Keywords: unemployment; recession; deficit; budget deficit

Type: Report

Coverage: United States

Abstract:

The Great Recession has left tens of millions of families facing unemployment, underemployment and the threat of losing their home. However, concerns over the deficit threaten to derail efforts to turn around the economy and spur employment. This report attempts to correct many of the misperceptions about the deficit that have brought the issue to the center of national debate. In a time when cogent, effective policies are needed to address the suffering stemming from the economic downturn, the tactics of the deficit hawks distract the public and policy makers from the policies necessary to bring the economy back to full employment.