A timely, broadly revisionist, essential book by one of our foremost economic observers takes down one of the most cherished tenets of contemporary financial thinking: that spending less, refusing to forgive debt, and shrinking government--"austerity"--is a solution to the current economic...

The discrepancy between taxing and spending -- The politics of taxing -- Raising taxes -- Cutting taxes -- The politics of spending -- The growth of government spending -- Reducing spending -- Deficits and the american democracy