Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.

Larger deficits are necessary and proper means to mitigate unemployment as the far greater evil in terms of human welfare.

The great increase in longevity has produced a surge in the desire to accumulate assets for retirement. It has outpaced the ability of the private sector to produce assets, so we need a larger government debt.

Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level.

To stick to the present situation would be something like a man who was observed in Times Square looking earnestly along the pavement. He was asked what he was looking for. He said "I lost my watch."

There is no reason inherent in the real resources available to us why we cannot move rapidly within the next two or three years to a state of genuine full employment.

... often analysis seems to be based on the assumption that future economic output is almost entirely determined by inexorable economic forces independently of government policy so that devoting more resources to one use inevitably detracts from availability for another.