That implies leaner stocks and reductions in discretionary spending, such as capital projects or advertising campaigns.
I disagree with the conclusion but agree with one of the premises: that discretionary fiscal policy was a disappointment during the crisis.
I will send you a budget that holds the growth of discretionary spending below inflation, makes tax relief permanent, and stays on track to cut the deficit in half by 2009.
Barack Obama has proposed a spending freeze on discretionary items such as education and national parks.
Just cut discretionary spending, redirect the odd earmark or zero fund that nest of socialism, public broadcasting - and, hey presto, the budget is balanced.
They have a lot of discretionary buying power.
They are spending less on discretionary items, and many are struggling to keep their balances down-even, ominously, if they have gleaming credit scores.
He also proposed a five-year freeze in discretionary spending, and more defence cuts.
They constitute an unprecedented reduction of some 10%in non-defence discretionary spending, meaning all government programmes barmandatory entitlement schemes and defence (see chart).
If resistant strains raise it to even 5%, let alone 10%, a lot of orthopaedic surgery, cataract replacements and other discretionary but life-enhancing procedures would simply stop.
Indeed, Mr. Obama has lately been going where the money isn’t, making a big deal out of a freeze on nonsecurity discretionary spending, which accounts for only 12 percent of the budget.
They would explain that discretionary spending has little to do with the long-run imbalance between spending and revenues.
In such a case, "there is no discretion in the [officer's] conduct for the discretionary function exception to protect."
