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The Return of Big Government--Policy Advice for President Obama

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  • L. Randall Wray

Abstract

In the current global financial crisis, economists and policymakers have reembraced Big Government as a means of preventing the reoccurrence of a debt-deflation depression. The danger, however, is that policy may not downsize finance and replace money manager capitalism. According to Senior Scholar L. Randall Wray, we need a permanently larger fiscal presence, with more public services. His advice to President Obama is to discard all of former Treasury Secretary Paulson's actions. Wray believes that we can afford any necessary spending and bailouts, and that these actions will not burden our grandchildren.

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  • L. Randall Wray, 2009. "The Return of Big Government--Policy Advice for President Obama," Economics Public Policy Brief Archive ppb_99, Levy Economics Institute.
    • Handle: RePEc:lev:levppb:ppb_99
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    References listed on IDEAS

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    1. Dimitri B. Papadimitriou & L. Randall Wray, "undated". "How Can We Provide for the Baby Boomers in Their Old Age?," Economics Policy Note Archive 99-5, Levy Economics Institute.
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    Cited by:

    1. Steven Kates (ed.), 2010. "Macroeconomic Theory and its Failings," Books, Edward Elgar Publishing, number 13728.
    2. L. Randall Wray, 2010. "Minsky, the Global Money-Manager Crisis, and the Return of Big Government," Chapters, in: Steven Kates (ed.), Macroeconomic Theory and its Failings, chapter 15, Edward Elgar Publishing.
    3. Jan Kregel, 2009. "It's That 'Vision' Thing: Why the Bailouts Aren't Working, and Why a New Financial System Is Needed," Economics Public Policy Brief Archive ppb_100, Levy Economics Institute.

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