Barry W. Poulson is emeritus professor of economics at the University of Colorado.John Merrifield is head of the Institute for Objective Policy Assessment and was a member of the faculty at the University of Texas at San Antonio for 32 years.

This book reveals the authors' strong understanding of fiscal restraint. Calling for a return to historical and rational policies, the authors argue against the positions that today’s politicians and electorate favor. Beginning with the debt incurred when the US was newly founded and continuing through the COVID-19 crisis, Poulson and Merrifield uncover the shift from rational economic policies in the US to a form of economic reasoning that tries to do the right thing based on compassion toward others… This book provides insights into this subject matter that challenge and distinguish it from many college-level textbooks. It is written in a clear and concise manner, and the authors lucidly explain academic jargon, terms, formulas, and graphs, offering both lay readers and new students of economics a broad understanding of the subject matter. Recommended. Undergraduates through faculty and general readers.

• Chapter 1. Debt Fatigue and Debt Sustainability in Historical PerspectiveChapter 2. Understanding the U.S. Debt Crisis Chapter 3. Debt Fatigue in the U.S. as a Failure of Macroeconomic PolicyChapter 4. The Zombies are Coming Chapter 5. A Look Back at the New Era of Fiscal Rules Chapter 6. 2nd Generation Fiscal Rules for the U.S.Chapter 7. The Merrifield-Poulson Rules for Restoring a Great Moderation in Fiscal PolicyChapter 8. Institutional Reforms to Restore a ‘Great Moderation’ in Monetary and Fiscal Policy: The Friedman Solution

Barry W. Poulson is emeritus professor of economics at the University of Colorado.John Merrifield is head of the Institute for Objective Policy Assessment and was a member of the faculty at the University of Texas at San Antonio for 32 years.

This book reveals the authors' strong understanding of fiscal restraint. Calling for a return to historical and rational policies, the authors argue against the positions that today’s politicians and electorate favor. Beginning with the debt incurred when the US was newly founded and continuing through the COVID-19 crisis, Poulson and Merrifield uncover the shift from rational economic policies in the US to a form of economic reasoning that tries to do the right thing based on compassion toward others… This book provides insights into this subject matter that challenge and distinguish it from many college-level textbooks. It is written in a clear and concise manner, and the authors lucidly explain academic jargon, terms, formulas, and graphs, offering both lay readers and new students of economics a broad understanding of the subject matter. Recommended. Undergraduates through faculty and general readers.

• Chapter 1. Debt Fatigue and Debt Sustainability in Historical PerspectiveChapter 2. Understanding the U.S. Debt Crisis Chapter 3. Debt Fatigue in the U.S. as a Failure of Macroeconomic PolicyChapter 4. The Zombies are Coming Chapter 5. A Look Back at the New Era of Fiscal Rules Chapter 6. 2nd Generation Fiscal Rules for the U.S.Chapter 7. The Merrifield-Poulson Rules for Restoring a Great Moderation in Fiscal PolicyChapter 8. Institutional Reforms to Restore a ‘Great Moderation’ in Monetary and Fiscal Policy: The Friedman Solution

Barry W. Poulson is emeritus professor of economics at the University of Colorado.John Merrifield is head of the Institute for Objective Policy Assessment and was a member of the faculty at the University of Texas at San Antonio for 32 years.

This book reveals the authors' strong understanding of fiscal restraint. Calling for a return to historical and rational policies, the authors argue against the positions that today’s politicians and electorate favor. Beginning with the debt incurred when the US was newly founded and continuing through the COVID-19 crisis, Poulson and Merrifield uncover the shift from rational economic policies in the US to a form of economic reasoning that tries to do the right thing based on compassion toward others… This book provides insights into this subject matter that challenge and distinguish it from many college-level textbooks. It is written in a clear and concise manner, and the authors lucidly explain academic jargon, terms, formulas, and graphs, offering both lay readers and new students of economics a broad understanding of the subject matter. Recommended. Undergraduates through faculty and general readers.

• Chapter 1. Debt Fatigue and Debt Sustainability in Historical PerspectiveChapter 2. Understanding the U.S. Debt Crisis Chapter 3. Debt Fatigue in the U.S. as a Failure of Macroeconomic PolicyChapter 4. The Zombies are Coming Chapter 5. A Look Back at the New Era of Fiscal Rules Chapter 6. 2nd Generation Fiscal Rules for the U.S.Chapter 7. The Merrifield-Poulson Rules for Restoring a Great Moderation in Fiscal PolicyChapter 8. Institutional Reforms to Restore a ‘Great Moderation’ in Monetary and Fiscal Policy: The Friedman Solution