# Fiscal Policy ## expand\_more ["What will US debt reckoning look like?"](https://www.project-syndicate.org/commentary/us-unsustainable-debt-path-will-probably-end-in-a-painful-fiscal-adjustment-by-jeffrey-frankel-2025-11) P*roject Syndicate,* Nov. 28. [*The Korea Herald*](https://www.koreaherald.com/article/10627348), Dec. 2. [*Seeking Alpha*](https://seekingalpha.com/article/4849907-how-will-unsustainable-us-debt-end?mailingid=42852291&messageid=2850&position=rta_analysis_popular_main_0_title&serial=42852291.3527&source=email_2850&utm_campaign=rta-author-article&utm_medium=email&utm_source=seeking_alpha&utm_term=42852291.3527), Dec. 3, 2025. "America's Mythical Fiscal Conservatives," [*Project Syndicate*](https://www.project-syndicate.org/commentary/republican-plans-to-reduce-national-debt-make-no-sense-by-jeffrey-frankel-2023-06?utm_source=project-syndicate.org&utm_medium=email&utm_campaign=authnote&), June 16, 2023. "Biden should let the game of debt ceiling chicken play out," [*Project Syndicate*](https://www.project-syndicate.org/commentary/us-debt-ceiling-fight-republicans-game-of-chicken-by-jeffrey-frankel-2023-01?barrier=accesspaylog) and [*LA Times*](https://www.latimes.com/opinion/story/2023-01-19/u-s-economy-debt-ceiling-republicans-biden-yellen), Jan.19, 2023 "Will fiscal stimulus overheat the US economy?" [slides](/file_url/927); panel [video](https://www.youtube.com/watch?v=EoxG7KYHX7U), SAFE Policy Center, Frankfurt, April 22. "[Biden's Sensible Stimulus](https://www.project-syndicate.org/commentary/joe-biden-fiscal-stimulus-avoids-2009-mistakes-by-jeffrey-frankel-2021-03)," [*Project Syndicate*](http://www.project-syndicate.org/contributor/jeffrey-frankel)*,* March 24. K[*orea Herald*](http://www01.koreaherald.com/view.php?ud=20210328000036), March 29, 2021. “[Will fiscal stimulus overheat the US economy?](/file_url/922)” panel [video, American Enterprise Institute](https://www.aei.org/events/the-biden-stimulus-the-federal-reserve-and-the-everything-bubble/), March 24. "[Republicans are rediscovering the dangers of budget deficits](https://www.theguardian.com/business/2021/jan/26/republicans-are-rediscovering-the-dangers-of-budget-deficits)," *The Guardian*, Jan. 26, 2021 "[Six tax-based ways to tackle US income inequality](/www.theguardian.com/business/2019/dec/18/six-tax-based-ways-to-tackle-us-income-inequality)," The Guardian, Dec. 18, 2019. "[Policy pro-cyclicalit](/file_url/813)[y](/file_url/808)," [Ppt](/file_url/807); Macro Policy Seminar, Harvard Econ.Dept., Dec.3, 2019. [Summary](/file_url/806). "[The lesson from George H.W. Bush’s tax reversal](https://voxeu.org/content/lesson-george-hw-bush-s-tax-reversal)" [*VoxEU*](https://voxeu.org/users/jeffreyfrankel), Dec. 22, 2018. Abbreviated as "[Re-reading George H.W. Bush's Lips](https://www.project-syndicate.org/commentary/bush-no-new-taxes-pledge-haunts-republicans-by-jeffrey-frankel-2018-12)," [*Project Syndicate*](https://www.project-syndicate.org/columnist/jeffrey-frankel)*,* Dec. 10, 2018. “[US will lack fiscal space to respond when next recession comes](https://www.theguardian.com/business/2018/aug/28/us-will-lack-fiscal-space-to-respond-when-next-recession-comes),” *The Guardian*, Aug. 28, 2018. "[Measuring the GOP's Tax Plan](https://soundcloud.com/projectsyndicate/harvards-jeffrey-frankel-measures-the-gops-tax-plan)," *Project Syndicate podcast*, Dec.12, 2017. “[To understand the tax reform bill, use good old math and history](http://thehill.com/opinion/finance/364145-to-understand-the-tax-reform-bill-use-good-old-math-and-history#.Wi1XEvtveow.twitter),” *The Hill*, Dec 10. 2017. "[When is the Right Time to Cut Taxes](https://twitter.com/Kennedy_School/status/937346944329965569)?" 60-second video, Dec. 2017. "[How the GOP tax overhaul compares to the Reagan-era tax bills](https://www.pbs.org/newshour/economy/making-sense/how-the-gop-tax-overhaul-compares-to-the-reagan-era-tax-bills)*," PBS Newshour*, Dec.4, 2017. “[Do Current GOP Tax Reform Proposals Resemble Reagan’s Tax Reforms?](http://econofact.org/do-current-gop-tax-reform-proposals-resemble-reagans-tax-reforms)” [*Econofact*](http://econofact.org/), Nov. 29, 2017. "[Reagan's Tax Reforms Revisited](https://www.project-syndicate.org/commentary/republican-tax-reform-reagan-by-jeffrey-frankel-2017-11)," [*Project Syndicate*](http://www.project-syndicate.org/columnist/jeffrey-frankel), Nov. 24, 2017. "[Trump's Fiscal Follies](https://www.project-syndicate.org/commentary/donald-trump-tax-plan-by-jeffrey-frankel-2016-08)," [*Project Syndicate*](http://www.project-syndicate.org/columnist/jeffrey-frankel), Aug. 19, 2016. [E.g., in *Financial Advisor*](/www.fa-mag.com/news/trump-s-fiscal-follies-28636.html), Aug. 23, 2016. "[The Role of Policy in Achieving Shared, Sustainable Economic Prosperity](https://growthpolicy.org/)," Dec.2015, *Growth Policy*, M-RCBG, Harvard. "[The End of Republican Obstruction](http://www.project-syndicate.org/commentary/republican-fiscal-policy-economic-recovery-by-jeffrey-frankel-2015-01)?" [*Project Syndicate*](http://www.project-syndicate.org/contributor/jeffrey-frankel)*,* Jan.19, 2015. ["](https://www.hks.harvard.edu/fs/jfrankel/TaxCutSnakeOilSept16-08.pdf)[Austerity vs. Stimulus: The U.S. Fiscal Policy Debate](https://www.hks.harvard.edu/fs/jfrankel/REIA2013USfiscal.ppt)," [REAI](http://www.reai.harvard.edu/) International Advisory Board, May 2013. "[Austerity vs. Stimulus](https://www.hks.harvard.edu/fs/jfrankel/SEF-2013Apr.ppt)," Apr.2013; "[US Fiscal Problems](https://www.hks.harvard.edu/fs/jfrankel/SEF-2013Feb-NoA.ppt),"[Appendices](https://www.hks.harvard.edu/fs/jfrankel/SEF-2013FebAppendices.pptx), Feb.2013, [SEF](http://ksgexecprogram.harvard.edu/Programs/sef/overview.aspx) Executive Program, HKS. "[Fiscal Problems](https://www.hks.harvard.edu/fs/jfrankel/HBS-USfiscalJan2013NoA.ppt)," *CEO/WPO Presidents’ Seminar*, Harvard Business School, Jan.29, 2013; [with appendices.](https://www.hks.harvard.edu/fs/jfrankel/HBS-USfiscalJan2013.ppt) "[Four Magic Tricks for Aspiring Fiscal Conservatives](http://content.ksg.harvard.edu/blog/jeff_frankels_weblog/2012/10/29/four-magic-tricks-for-aspiring-fiscal-conservatives/)," [blog](http://content.ksg.harvard.edu/blog/jeff_frankels_weblog/category/budget/), Oct. 29, 2012. "[The Procyclicalists: Fiscal Austerity vs. Stimulus](http://www.voxeu.org/article/procyclicalists-fiscal-austerity-vs-stimulus)," [*VoxEU*](http://www.voxeu.org/person/jeffrey-frankel), Aug.7, 2012 Question from [*The International Economy*](http://www.international-economy.com/AboutTIE.htm)*,* 26, no.4, Fall 2012*:* "[What One Change in Economic Policy Do We Need?](https://www.hks.harvard.edu/fs/jfrankel/TIE-OnePolicyChange-CountercyclFiscal.docx)" "[The First World's Fiscal Follies](http://www.project-syndicate.org/commentary/the-first-world-s-fiscal-follies)," [*Project Syndicate*](http://www.project-syndicate.org/contributor/jeffrey-frankel), July 19, 2012. Or "[How the First World got its Keynesian Policies All Wrong](http://view.koreaherald.com/kh/view.php?ud=20120722000362&cpv=0)," *Korea Herald*, July 22. Part I: [The Procyclicalists: Fiscal Austerity vs. Stimulus](http://content.ksg.harvard.edu/blog/jeff_frankels_weblog/2012/07/25/the-procyclicalists-fiscal-austerity-versus-stimulus/). ***"***[Austerity v. Stimulus](https://www.hks.harvard.edu/fs/jfrankel/REAI-Fiscal2014Apr.pptx)," REAI Advisory Board, Apr.2014. [Senior Executive Fellows](http://ksgexecprogram.harvard.edu/Programs/sef/overview.aspx), HKS: "[Fiscal Policy: Austerity vs. Stimulus](https://www.hks.harvard.edu/fs/jfrankel/SEF-2014Apr.pptx)," April 2014. "[Austerity vs. Stimulus](https://www.hks.harvard.edu/fs/jfrankel/SEF-2013Apr.ppt)," Apr.2013. "Back to School on the Budget: History & Arithmetic," [2012](https://www.hks.harvard.edu/fs/jfrankel/SEF-Mar6-2012.pptx);[ 2011](https://www.hks.harvard.edu/fs/jfrankel/BudgetHistory&ArithSEF-Mar2011.ppt). "[Did Obama Turn Around the Economy?](https://www.project-syndicate.org/blog/did-obama-turn-around-the-economy)" *Project Syndicate*, February 20, 2012. [*Korea Herald*](http://www.koreaherald.com/view.php?ud=20120223001176), Feb. 24, 2012. “Snake-Oil Tax Cuts,” [Economic Policy Institute](http://www.epi.org/), [Briefing Paper 221](http://www.epi.org/publication/bp221/). [Presented ](https://www.hks.harvard.edu/fs/jfrankel/Snake-Oil%20TaxCutsC.pdf)at Center for American Progress, Washington, DC, Sept. 2008. [HKS RWP](https://research.hks.harvard.edu/publications/workingpapers/By_Faculty_Name.aspx) [08-056](https://research.hks.harvard.edu/publications/workingpapers/citation.aspx?PubId=5975&type=FN&PersonId=15). [“Is the Debt Important?**”** slides](http://www.hks.harvard.edu/fs/jfrankel/NERepubsDebtApr28-07.pdf)**,** New England Republican Council Issues Conference, Boston, April 28, 2007. “[As a Budget Storm Gathers, Bush Ignores Fiscal Forecast ](/file_url/916),” in *The Forward*, Sept. 16-22, 2005. "[A Debate on the Deficit](/file_url/915)," *Challenge*, November/December 2004, vol. 47, [no. 6, pp. 8-23](/file_url/490). Reprinted in *The Means to Prosperity: Fiscal Policy Reconsidered*, edited by Per Gunnar Berglund and Matias Vernengo (Routledge, 2005) 12-45. ["The Wrong Approach," ](http://www.hks.harvard.edu/fs/jfrankel/The_wrong_approach.pdf) Jeffrey Frankel and Jessica Stern, 2004,[The Baltimore Sun, Oct. 29, Pg. 17A](/file_url/815). ["Twin Deficits and Twin Decades,"](http://www.hks.harvard.edu/fs/jfrankel/Twin_Deficits_Twin_Decades.pdf) a [speech ](http://www.hks.harvard.edu/fs/jfrankel/WeqTwinDeficitsSlides.ppt)written for the conference on *the Macroeconomics of Fiscal Policy,* held by the Federal Reserve Bank of Boston, at Wequassett, June 14-16, 2004. "[Bush's Tax Cut Policy is a Bad Investment](/file_url/914)" published in [*The Forward*, June 27, 2003](/file_url/816). "[Now It's Harder to Fix a Recession](/file_url/493)," (with Barry Eichengreen), *New York Times*, August 14,1988.