Blanchflower: Fiscal Stimulus Needed to Preempt Recession

The video discusses the need for fiscal stimulus in light of potential economic downturns, analyzing global economic indicators such as rising rates and uncertainty due to events like Brexit. It also explores the budget deficit and the role of fiscal policy in supporting economic stability.

Discuss the significance of the budget deficit to GDP as mentioned in the conversation.

What role does the speaker believe the Fed should play in the current economic situation?