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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

(p.212) 10 Changing Directions
Mountains of Debt

Michael Veseth

Oxford University Press

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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