Why is austerity in a depressed economy a bad idea? Because an economy is not like a household, whose income and spending are separate things. In the economy as a whole, my spending is your income and your spending is my income. What happens if everyone tries to cut spending at the same time, as was the case in the aftermath of the financial crisis? Everyone’s income falls.
Paul Krugman (b. 1953) American economist, author
“The Legacy of Destructive Austerity,” New York Times (20 Dec 2019)
(Source)
Quotations about:
balanced budget
Note not all quotations have been tagged, so Search may find additional quotes on this topic.
For a candidate to spend millions of dollars during the primaries to win a job that pays only $100,000 a year, doesn’t bode well for the citizens’ hopes of electing a man to this high office whose knowledge of economics will balance our national budget.
Goodman Ace (1899-1982) American humorist [b. Goodman Aiskowitz]
(Attributed)
The national budget must be balanced. The public debt must be reduced; the arrogance of the authorities must be moderated and controlled. Payments to foreign governments must be reduced, if the nation doesn’t want to go bankrupt. People must again learn to work, instead of living on public assistance.
Marcus Tullius Cicero (106-43 BC) Roman orator, statesman, philosopher
(Spurious)
(Source)
One of several related paraphrases of this "quote" from Taylor Caldwell's novel about Cicero, A Pillar of Iron, ch. 51 (1965):
Antonius heartily agreed with him [sc. Cicero] that the budget should be balanced, that the Treasury should be refilled, that public debt should be reduced, that the arrogance of the generals should be tempered and controlled, that assistance to foreign lands should be curtailed lest Rome become bankrupt, that the mobs should be forced to work and not depend on government for subsistence, and that prudence and frugality should be put into practice as soon as possible.
See here and here for more discussion.
