Changing Directions
Changing Directions
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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