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Discussions in the past have focused on the need for the Federal Reserve to be a stronger, first mover, and the potential risks of rising US debt. The discussion now centers on how much should be spent and where should the money go -- to infrastructure construction, climate change projects or direct distribution to households?
Karen Dyna, a former Fed and Treasury secretary, recently discussed the global economic outlook, saying that the United States should consider a "fairly generous plan" for the next recession, perhaps as much as $1.7 trillion, twice the size of the stimulus approved to fight the recession during the sharp downturn in early 2009. She is currently at the Peterson Institute for International Economics.
"We do have room financially," she said.
This attitude of supporting debt borrowing has gained widespread recognition among business economists, scholars, think tank analysts and private forecasters, and not only in the United States.
Debt is twice the size of Japan's economy, and increasing debt issuance is not a problem. Jean Pisani-Ferry, a senior researcher at Bruegel, a European think tank, said that although Japan's situation is unique in some ways, even countries in Europe that are more cautious about borrowing may be open to the idea that there are good reasons to borrow, especially in order to achieve new commitments to reduce dependence on carbon-based fuels.
He said the fight against climate change "may be a reason for fiscal action" in countries that fear spending expansion only to boost short-term consumption.


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