Ruth Richardson: The = Queen of Fiscal Squeezes

Ruth Richardson: The Queen of Fiscal Squeezes

Posted by Steve H. Hanke

In my posting of June 3, 2010, =E2=80=9CProf Krugman Is Wrong, Again,=E2=80=9D I = argued and presented=20 evidence to indicate that Prof. Krugman and other fiscalists, who peddle = the=20 idea that more government spending is the economic elixir for the United = States,=20 are wrong. They have latched onto an old idea =E2=80=94 naive = Keynesianism =E2=80=94 that=20 has congealed into a crust of dogma by endless repetition and = obeisance.

When fiscal deficits and debt levels are =E2=80=9Clarge=E2=80=9D and = the state of confidence=20 is =E2=80=9Clow,=E2=80=9D fiscal multipliers can be negative. = Under these conditions, a=20 fiscal consolidation, not a fiscal stimulus, is stimulative.

While my June 3, 2010 posting contained well-known contra-Keynesian = cases, my=20 friend Peter Redward in Singapore reminded me that I failed to include = New=20 Zealand=E2=80=99s 1991 budget squeeze. This leaves me a bit = red-faced as another=20 good friend, Ruth Richardson, was New Zealand=E2=80=99s Minister of = Finance (November=20 1990 =E2=80=93 1993) and was responsible for the 1991 budget. As = Ruth makes clear=20 in her memoirs Making A Difference (Chapter 11 =E2=80=93 The = Mother of All=20 Budgets), the purpose of New Zealand=E2=80=99s fiscal squeeze was = to restore=20 confidence and boost economic growth. Her squeeze worked like a = charm, as=20 Roger Kerr, Executive Director of the New Zealand Business Roundtable, = recounts.

Steve H.=20 Hanke =E2=80=A2 http://www.cato-at-liber= ty.org/2010/06/=20
Filed under: International Economics and Development; Tax and Budget Policy
Tags: fiscalists, keynes, Krugman, New = Zealand,=20 Roger Kerr,=20 Ruth=20 Richardson=20

=20

Is=20 Hillary Clinton Ignorant about Geography, Fiscal Policy, or = Both?
Prof.=20 Krugman Is Wrong, Again
Fiscal=20 Imbalance and Global Power
Taiwan=20 Cuts Corporate Taxes
Taxpayers=20 Alliance Video Explains Tax Freedom Day in the U.K.

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