# Dean Peter Henry explains the importance of fiscal discipline

1 Faculty News April 5, 2014 ![OZY logo](/sites/default/files/styles/246w/public/assets/images/ozy192x144.jpg?itok=GNkYVaPM)>

Excerpt from [OZY](http://www.ozy.com/c-notes/ozys-guest-walk-on-economic-superstar-peter-henry/30615.article) -- "What fiscal discipline means is no more complicated than the story of the ant and the grasshopper: it means saving when times are good so when times are bad you can have a surplus. The best third world example of this is Chile. Chile is a third world ant; the United States is virtually a grasshopper."

[Read more](http://www.ozy.com/c-notes/ozys-guest-walk-on-economic-superstar-peter-henry/30615.article)