The U.S. should stay within a tight budget while sustaining focus on long-term problems, Allen...

|By:, SA News Editor

The U.S. should stay within a tight budget while sustaining focus on long-term problems, Allen Meltzer says, because that's the formula for raising expectations about the future. "That's what the U.S. needs now. Not major cuts in current spending, but a credible plan showing that authorities will not wait for a fiscal crisis but begin to act prudently and continue until deficits disappear, and the debt is below 60% of GDP.”