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

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.

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