16 octombrie 2021

Building back better requires a firmer fiscal foundation


You cannot build back better on a crumbling foundation. Yet the budget reconciliation process is trying to do just that. The nation’s fiscal health was deteriorating even before COVID-19 struck. The deficit was projected to grow from $984 billion in fiscal year 2019 to more than $1.7 trillion by fiscal year 2030, while the debt was projected to nearly eclipse total GDP in the same period. And that was before the government spent $5.3 trillion to fight COVID-19 and its catastrophic economic and [...]