What Do Budget Deficits Do ?

  title={What Do Budget Deficits Do ?},
  author={Laurence Ball and N. Gregory Mankiw},
No issue in economic policy has generated more debate over the past decade than the effects of g vernment budget defici ts. Politicians of various ideolog ies argue t hat deficit reduction is critical to the future of the United St a es and other major economies. Although the economics profession is more divided over the issue, many economists share the view that deficits are harmful, and perhaps even disastrous. 

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