By: Luther Tweeten, Emeritus Chaired Professor, Department of Agricultural, Environmental, and Development Economics, Ohio State University
Conclusion: After elections, Congress and the President will attempt to address the nation’s fiscal problems. Farm commodity program spending will be scrutinized as never before.
At the annual economic symposium sponsored by the Kansas City Federal Reserve Bank and held this summer at Jackson Hole, Wyoming, bankers and economists wrung their hands in frustration over the persistent torpor of the American economy. Neither monetary nor fiscal policies– traditional means to avoid or ameliorate downturns in the business cycle–have succeeded in lowering the stubborn 8 percent unemployment rate. This brief addresses policies including reforms in fiscal policy institutions to overcome the nation’s economic lethargy. Click here to download the pdf.