WASHINGTON, Oct. 17 (UPI) -- Worries about the federal deficit can wait until the U.S. economy perks up again, several economic analysts said.
Such a policy would be good news for political candidates running for office this fall, the Washington Times reported Friday.
"Definitely in the short term, the policy should be to spend and not worry about the impact on the deficit," Rob Shapiro, an economic adviser to President Bill Clinton told the newspaper.
"Certainly that's the policy you should be following in the face of a deep recession," Shapiro said.
Financial Times columnist Samuel Brittan advised, "maxims about debt that might be prudent for families can be the height of folly for government," the Times reported.
The philosophies mirror British economist John Maynard Keynes' thoughts on the Great Depression.
Keynes argued the crash in the 1930s was prolonged because governments at the time insisted on balancing their budgets, raising taxes and reducing spending.
Even the president of the Committee for a Responsible Federal Budget Maya MacGuineas expressed support for an economic stimulus package. "We should probably err on the side of caution and have one, with the very clear understanding that in the long term, we have to get the budget under control," MacGuineas said.
