ts into the future if they can, and impose austerity of no more than 1% of GDP in 2013. Ifso, Congress can point to a March 2012 paper by Summers and DeLong as justification. The bottom line from the paper: don’t tighten fiscal policy when interest rates are near zero. The authors assert that (a) addition

Trillion Dollar Gap, Underfunded State Retirement Systems and the Roads to Reform”, Pew Center, February 2010 “Fiscal Policy in a Depressed Economy”, DeLong (Berkeley) and Summers (Harvard), March 20, 2012 Moody’s US Municipal Bond Defaults and Recoveries, 1970-2011 IMF Country Report 11/216. “Spain: Se

ts into the future if they can, and impose austerity of no more than 1% of GDP in 2013. Ifso, Congress can point to a March 2012 paper by Summers and DeLong as justification. The bottom line from the paper: don’t tighten fiscal policy when interest rates are near zero. The authors assert that (a) addition