Comparing New Deal deficits to potential GDP offers clearer insight, George Selgin notes

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23.05.2026

Comparing New Deal deficits to potential GDP offers clearer insight, George Selgin notes — New Deal deficits and real GDP gap

George Selgin challenges the conventional approach to measuring the impact of New Deal deficits. He argues that to truly understand their economic stimulus, it is essential to compare the size of the deficits to the gap between actual and potential GDP, rather than to actual GDP as often done.

According to Selgin, using the wrong metric could distort the perceived effectiveness of stimulus efforts.

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