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Moody’s Opens Path to U.S. Fiscal Crisis
The latest report on the U.S. government’s credit worthiness is nothing short of fiscal and political dynamite. It should put Congress and President Biden on full alert.
The latest report on the U.S. government’s credit worthiness is nothing short of fiscal and political dynamite. It should put Congress and President Biden on full alert.
There is this notion that America will never face a fiscal crisis of the kind other countries have fallen victim to. This notion is dead wrong. Here is what an American fiscal crisis can look like.
While the stars are lining up for another fiscal crisis in Europe, the ECB’s chief economist fails to even mention the threat. Is the ECB ignorant on what is coming down the pike?
Every government with debt on hand, and especially those with debt levels that are already unsustainable, must get to work on a contingency plan for the coming recession.
We will only get one chance to save America from the abyss of a debt crisis. Let us make sure we get it right on day one.
If government size and employment rate had been the same in 2022 as they were in 2000, the cost of today’s government would have been $47,000 per employed person. That is a lot of money—until we do the same arithmetic with today’s government size and employment rate. Then the cost comes out to $59,700.
Inflation has given tax revenue an artificial boost over the past couple of years. Price stability is back now, yet government spending keeps growing at unsustainable rates.
In 18 months, the cost of the federal government’s debt has increased by 86%. Where will it be 18 months from now?
In a nefarious attempt to grab power, the EU keeps pushing for its own tax revenue—and to be allowed to spend a lot more money.
The U.S. Congress must make a choice—and make it now. Do they want to play fiscal defense and let the debt grow? Or do they want to play fiscal offense and solve the problem for good?
The latest report on the U.S. government’s credit worthiness is nothing short of fiscal and political dynamite. It should put Congress and President Biden on full alert.
There is this notion that America will never face a fiscal crisis of the kind other countries have fallen victim to. This notion is dead wrong. Here is what an American fiscal crisis can look like.
While the stars are lining up for another fiscal crisis in Europe, the ECB’s chief economist fails to even mention the threat. Is the ECB ignorant on what is coming down the pike?
Every government with debt on hand, and especially those with debt levels that are already unsustainable, must get to work on a contingency plan for the coming recession.
We will only get one chance to save America from the abyss of a debt crisis. Let us make sure we get it right on day one.
If government size and employment rate had been the same in 2022 as they were in 2000, the cost of today’s government would have been $47,000 per employed person. That is a lot of money—until we do the same arithmetic with today’s government size and employment rate. Then the cost comes out to $59,700.
Inflation has given tax revenue an artificial boost over the past couple of years. Price stability is back now, yet government spending keeps growing at unsustainable rates.
In 18 months, the cost of the federal government’s debt has increased by 86%. Where will it be 18 months from now?
In a nefarious attempt to grab power, the EU keeps pushing for its own tax revenue—and to be allowed to spend a lot more money.
The U.S. Congress must make a choice—and make it now. Do they want to play fiscal defense and let the debt grow? Or do they want to play fiscal offense and solve the problem for good?
Congress is borrowing 26 cents of every dollar they spend. Only structural spending reforms can prevent a fiscal meltdown—and time is running out.
The German government again suspends its debt brake. So far, their country has been saved by its formidable export machine. Those days are gone.
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