Deficit Reduction: Expenditure Share and Year Career

deficit reduction: Biggs' preference is in line with that of Alberto Alesina, an exponent of austerity for countries with large debts, according to The Independent. The Harvard University professor has been writing about government fiscal policy for much of his 33-year career. In the paper, A Guide for Deficit Reduction in the United States Based on Historical Consolidations That Worked, which Biggs authored with Kevin Hassett and Matthew Jensen, they said that The average expenditure share for successful consolidations is 80 percent if inclusive of our calculations and those from others . They argued that cuts should be focused on government wages and the provision of social transfers. He authored a book with Carlo Favero and Francesco Giavazzi, Austerity When it Works and When it Doesn't, published earlier this year. The authors argue that government debt in major industrialized countries should be reduced. Harvard University Economist Alberto Alesina said that austerity has a better track record when it consists mainly of spending cuts rather than tax increases. (news.financializer.com). As reported in the news.