Tax v Spend

In my vague quest to read everything written by Idrees Kahloon, I read this Harvard article from 2018:

Harvard Idrees Kahloon Austerity

tl,dr: an influential expert asserts that austerity is relatively useful when it means spending cuts, and relatively destructive when it means tax increases.

"A reduction in spending on the order of 1% of GDP is associated with a loss in GDP of less than 0.5 percent; a tax increase of similar magnitude tends to decrease GDP by 3 percent."

However:

"The repeated estimates put forth by economists vary widely enough to allow individuals to continue believing what they wish."

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