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In a sense the budget deficit can be considered as an artificial export surplus.
--
Chapter 3, The Determinants of Profits, p. 51

 

Michal Kalecki

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It is the export surplus and the budget deficit which enable the capitalists to make profits over and above their own purchases of goods and services.
The connection between 'external' profits and imperialism is obvious.

 

Michal Kalecki

 

The resolution of our current account deficit and household debt burdens does not strike me as overly worrisome, but that is certainly not the case for our fiscal deficit, which, according to the Congressional Budget Office, will rise significantly as the baby boomers start to retire in 2008. Our fiscal prospects are, in my judgment, a significant obstacle to long-term stability because the budget deficit is not readily subject to correction by market forces that stabilize other imbalances.

 

Alan Greenspan

 

"Other aspects of Taiwan's reforms are similar to structural adjustment programmes in Africa: in particular, the currency was devalued as part of an effort to shift from import substitution with overvalued exchange rates to import substitution with export promotion. However, the nominal exchange rate was tightly controlled by the Government, which kept it at realistic levels. Interest on savings and on loans were consistently positive in real terms, similar to structural adjustment recommendations that rates be set at positive real levels: these undoubtedly assisted the high savings rate and local resource mobilisation, while not subsidising capital and assisting industry to develop in a labour-intensive manner. Assisted by generous aid from the U.S., and driven by the fear of hyperinflation, the Government in Taiwan rejected deficit spending strategies and resolved to balance the budget through direct and indirect taxation, bringing about a surplus from 1964 onward."

 

Deborah Brautigam

 

In any case of the budget deficit the private sector of the economy receives more from government expenditure than it pays in taxes.

 

Michal Kalecki

 

Economists may insist we are running a trade deficit, but in reality, we are running a margin surplus.

 

Andy (author) Kessler