The US national income and product accounts are restated in the form of a social accounting matrix or SAM. Using data from the Congressional Budget Office and the Consumer Expenditure Survey of the Bureau of Labor Statistics, the SAM is extended to include seven household groups in the size...

A simple model illustrates interactions between the 'primary' fiscal deficit (total deficit minus interest payments), economic growth and debt. The deficit/income ratio responds countercyclically to growth while growth may respond positively (a 'Keynes' case) or negatively (à la 'Merkel') to...