— This article, written by Jerry Cates, is a work in progress that was first published on 19 November 2011, and was last revised on 29 April 2014.
The reader is invited to study the material in the following references, to get a foundational frame of reference on which to base an informed opinion on this important question. Readers are invited to recommend additions to the following reference list. Please limit your recommendations, as much as possible, to scholarly, peer-reviewed papers germane to this topic.
- Ball, Lawrence, and N. Gregory Mankiw. 1995. What Do Budget Deficits Do? Harvard University: 1995 Symposium on Budget Deficits and Debt.
- Boaz, David. 1982. The Reagan Budget: The Deficit that didn’t Have to Be. Cato Institute: Policy Analysis No. 13.
- Bernstein, B. Douglas. 1988. Budget Deficits and the Balance of Trade. National Bureau of Economic Research.
- Cashell, Brian W. 2005. The Economics of the Federal Budget Deficit. Congressional Research Service.
- Diamond, Peter. 2005. Social Security, the Government Budget and National Savings. MIT: Samuelsonian Economics and the 21st Century
- Fieldhouse, Andrew. 2011. The People’s Budget A Technical Analysis. Economic Policy Institute.
- Kaminsky, Graciela L., and Carmen M. Reinhart. 1999. The Twin Crises: The Causes of Banking and Balance-of-Payments Problems. American Economic Review.
- Labonte, Marc. 2011. The Sustainability of the Federal Budget Deficit: Market Confidence and Economic Effects. Congressional Research Service.
- Laski, Kazimierz. 2008. Market economy needs to run budgetary deficits. The Vienna Institute Monthly Report.
- Penner, Rudolph G. 1985. Testimony on the Balanced Budget Amendment. Congressional Budget Office.
- Romeo, Arthur, and Daniel Sampson. 2003. The Effect of Budget Deficits on Long-Term Interest Rates. Fairfield University: Issues in Economic Policy.
- Rivlin, Alice. 1982. H. J. Res. 350, the Balanced Budget Amendment to the Constitution. Congressional Budget Office.
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