The very concept of "counter-cyclical fiscal policy" is conspicuous by its absence in the American popular press, even in debates among leading economists and politicians. This is a serious loss to our public discourse.



Most private citizens assume that their own home economics also applies to the national economy. This leads to truisms exchanged around the water cooler, such as "you can't spend more than you make" or "We're just borrowing from China." Some of us know better - that in a national economy everyone's spending is someone else's income, and money is lost from the economy as a whole only in defaults. We need to be taking this message to the wider public.



Most discussions in US media of debt and deficit contain no acknowledgment at all that Keynesian principles even exist. Even the Friedman criticism that governments can't be trusted to follow the disciplined side of fiscal policy are ignored.