8/09/2019

Congress Needs Some Fiscal Rules

"The good news is that as the underlying structural roots of budget deficits have become more universally understood, a growing number of countries have adopted spending restraints to restrict unsustainable growth in government and reshape democratic governance. Columbia University macroeconomist Pierre Yared found that in 1990 only seven countries had fiscal rules in place, but by 2015, 92 countries had adopted them. Governments around the world have been adopting mandated deficit, spending or revenue limits to restrict fiscal policy and curtail further increases in government debt."