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Mountains of DebtCrisis and Change in Renaissance Florence, Postwar Britain, and Postwar America$
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Michael Veseth

Print publication date: 1991

Print ISBN-13: 9780195064209

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780195064209.001.0001

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Changing Directions

Changing Directions

Chapter:
(p.212) 10 Changing Directions
Source:
Mountains of Debt
Author(s):

Michael Veseth

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195064209.003.0011

It is one thing to identify the problem of the saddle point and point out the need for policies to move the economy in a new direction. It is another thing actually to conceive of policies that might realistically alter the economy's course. Finally, it is a very hard thing to overcome the forces of institutional momentum and actually implement these policies. However, this chapter concludes with a proposal that might well set the United States on a better path as it heads toward the future. It offers one plan with some hope of shifting the economy's momentum without thoroughly distorting private sector incentives or resorting to a heavy-handed and ultimately unsuccessful layer of coercive government controls. The Saddle Point Plan has three main parts: income tax reform, deficit reduction, and a major new program of federal grants to state and local governments for education and training programs.

Keywords:   saddle point, economy, United States, income tax, deficit reduction, federal grants, education, training programs

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