On the first day of the Political Economics class I told my students, "There are three items on every test: Define fiscal policy, monetary policy and know the name of the chair of the Federal Reserve. If you leave a class in political economy without knowing these I have failed you. Again, it will be on every test..." By the time I repeat myself students usually pick up a pencil and start writing.
In last night's debate Senator McCain twice referred to the "fiscal crisis". He either misspoke or he does not understand the definition of the term.
All-in-all I thought the debate was pretty good for both sides. I often wonder how the world would be different if Al Gore had been president. When I see McCain I wonder how the world would have different if he had received the nomination in 2000.
Off the top of my head, i list these, in order of how sure I am that it's correct.
ReplyDeleteBen Bernanke!
Monetary: The amount of money in circulation, decided by the federal reserve.
Fiscal: Policies relating to tax rates and borrowing.
-Chip