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Twenty Years after Humphrey-Hawkins: An Assessment of Fiscal Policy
By Jody W. Lipford
This article appeared in the Summer 1999 issue of The Independent Review


Abstract

Pressure-group politics, and the persistent political support of large budget deficits, often undercut U.S. laws requiring federal policymakers to achieve full employment, price stability and economic growth. Even when fiscal policy has tempered the business cycle, it did so more because of unintended tax precommitments and Depression-era social legislation than because of full-employment legislation.



Other Independent Review articles by Jody W. Lipford
    Spring 2012   Taxpayers and Tax Spenders: Does a Zero Tax Price Matter?
    Spring 2007   Adam Smith’s Roles for Government and Contemporary U.S. Roles: Is the Welfare State Crowding Out Government’s Basic Functions?
    Winter 2004   Armageddon Averted: The Soviet Collapse, 1970–2000
[View All (6)]



Volume 4 Number 1
Summer 1999

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