ABOUT THAT ECONOMIC STIMULUS...
Last year's tax cuts and spending increases will likely provide less of a boost to economic growth than many forecasters predict—and possibly none at all. That’s because the changes took effect at a time when the economy was already firing on all cylinders. As a result, there are fewer unemployed workers, spare resources and idled factories ready to kick into action than there would have been during a downturn, Federal Reserve Bank of San Francisco economists said in a new report. Indeed, the next recession could be worse as a result: “The projected procyclical policy over the next few years may raise concerns regarding the nation’s fiscal capacity to respond to future downturns and its ability to manage the growing federal debt."
Regional Fed research doesn't often make a splash. But this economic letter caught some attention—especially from Democrats. WSJ reporter Paul Kiernan's full write-up will post to the Real Time Economics blog today.
This news has been published by title Real Time Economics: Tax Cuts, Trade Disputes, Messy Brexit And A Bag Of Sliders
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