In a normal time, I don't think economic policy makes a large difference one way or another. But in times of crisis it makes all the difference in the world.
Mark ZandiPast experience with fiscal austerity at home and overseas strongly suggests that it is best for the economy's long-run performance to restrain government spending rather than raise taxes.
Mark ZandiThere are different flavors of recession. You can get into some pretty dark scenarios pretty quickly.
Mark Zandi