Euros & Dollars: The Three Phases of U.S. Fiscal Decline
Congress is borrowing 26 cents of every dollar they spend. Only structural spending reforms can prevent a fiscal meltdown—and time is running out.
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 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.
The Greek economy was almost destroyed because politicians prioritized the Greek budget deficit over the Greek economy, and because economists at the IMF were not properly educated.
The Greek economic disaster a decade ago was totally preventable. It was inflicted upon Greece by arrogant politicians and incompetent economists. If we learn its lesson, we can avoid similar disasters when Europe enters its next recession.
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.
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