Joseph Stiglitz | January 2021 | Peterson Institute

Beyond the COVID-19 pandemic, the United States faces several core economic policy objectives: promoting sustainable growth, expanding economic well-being and reducing inequality, and addressing climate change. Achieving these interdependent objectives requires an effective, sustainable fiscal framework, not just now but into the future. Thinking on fiscal policy has shifted significantly over the past decade. Orszag, Rubin, and Stiglitz outline a new fiscal framework that they argue would better equip policymakers to face deep uncertainties about future interest rates (which, they say, may not remain low forever), hard-to-predict global shocks, and climate risks.

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