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Fiscal TherapyBalancing Today's Needs with Tomorrow's Obligations$
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William G. Gale

Print publication date: 2019

Print ISBN-13: 9780190645410

Published to Oxford Scholarship Online: April 2019

DOI: 10.1093/oso/9780190645410.001.0001

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Investing for Growth and Security

Investing for Growth and Security

(p.193) 10 Investing for Growth and Security
Fiscal Therapy

William G. Gale

Oxford University Press

Besides its investment in people, the federal government makes critical investments in infrastructure and research and development. Because federal spending in these areas has fallen significantly in recent years and interest rates are low relative to historical levels, this chapter proposes sizable increases for both categories. The increases in infrastructure spending will provide the resources needed to restore and update aging roads, bridges, and public transit systems, while the increases in research and development will help the United States to explore cutting-edge technologies. Policymakers should also fund the military’s long-term plans through 2032, as outlined by President Obama, and let spending grow modestly afterward. That would allow for a continuing presence overseas. If a new war broke out, policymakers presumably would provide the additional temporary funds to ensure that America achieved its mission and emerged victorious.

Keywords:   investment, defense, research and development (R&D), infrastructure, FYDP, OCO, base budget

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