... . But this approach has failed for more than four years, as the economy remains mired in a depression, with a loss of more than 20 percent of GDP since the last business cycle peak in 1998. Furthermore, the crisis was not caused by fiscal profligacy. The worsening of the central government's fiscal balance from 1993 to 2002 was not a result of increased government spending ... ...

• Word Count: 3213
• Approx Pages: 13
• Grade Level: Undergraduate