The Quotable DeLong on Appropriate Macro Policy

The only thing that you needed to know to understand the Principles of Animalism in Animal Farm was "four legs good, two legs bad"[1].

Similarly, the only thing you needed to know to understand the macroeconomic policy line of the Obama administration--or, rather, what the macroeconomic policy line should be--is "short-run deficit spending to speed short-term recovery, long-run budget balance to enable long-term growth."

That is the right economic policy for the country.

-Brad DeLong