TITLE

Spilled Milk

PUB. DATE
April 1975
SOURCE
National Review;4/25/1975, Vol. 27 Issue 15, p433
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
This article comments on several key issues and developments related to the fiscal policy in the U.S. The estimates of the next year's deficit have more than doubled since January, from $45 billion to $100 billion. This has put a disproportionate share of the burden on the U.S. Federal Reserve's control over the money stock, which has been none too sensible either. As the Treasury sells securities to finance the ever expanding federal deficits, interest rates must be bid up throughout the economy. According to the Tax Foundation, government spending at all levels now totals $7,792 per household. At the March meeting of "The Shadow Open Market Committee," a group of ten distinguished economists headed by Allan Meltzer of Carnegie-Mellon University and Karl Brunner of the University of Rochester, the dilemma presented by any method of financing the horrendous federal deficits was discussed.
ACCESSION #
6046258

 

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