The U.S. economy faces major problems in both the short and long term.
Currently, it totters between an anemic recovery and a double-dip recession. Over
the longer term we face a continuation of the unsatisfactory pre-recession trends of
slow income growth, flagging productivity, and eroding international
This paper outlines the case for a modest, politically reasonable, fiscal
strategy which will stimulate employment and production growth in the short run
and expand public and private investment in the longer term.