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 2018   Who Is the Forgotten Man (and Woman) on the Fiscal Commons?
    Spring 2012   Taxpayers and Tax Spenders
    Spring 2007   Adam Smith’s Roles for Government and Contemporary U.S. Roles
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