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This book provides insight into the problems affecting both the
United States and Mexico to improve not only economic relations
between Mexico and the United States, but also social, cultural,
and political relations. It deals the problems from both
theoretical and practical viewpoints.
This book provides insight into the problems affecting both the
United States and Mexico to improve not only economic relations
between Mexico and the United States, but also social, cultural,
and political relations. It deals the problems from both
theoretical and practical viewpoints.
In this book on new fiscal approaches, nineteen experts examine
topics ranging from constitutional reform and debt fatigue to
fiscal rules and zero-based budgeting. Together, these
contributions inform a multifaceted, nuanced argument for the need
to formalize spending restraint and redefine state debt to include
unfunded liabilities. Scholars will find the book useful as a
reference tool explaining how rules-based fiscal policy is used to
address debt fatigue and unsustainable spending growth. Legislators
and practitioners will find the book useful as a reference source
in designing and simulating second generation fiscal rules, and
educators will find the book helpful for its close analysis of
policies in representative states such as Illinois, New York, New
Jersey, Nebraska, and California.
Slowing economic growth and debt fatigue continue to hamper fiscal
policy in the United States. The question is whether there is an
alternative path to the one projected in CBO long term forecasts,
and if so, how citizens can choose this alternative path. The
experiences of Germany, Sweden, and Switzerland reveal that an
alternative path of sustainable debt is possible, and that citizens
in a democratic society are capable of choosing that path. This
book explores the potential impact of Swiss-style fiscal rules on
the U.S. budget and the economy over the next three decades. The
dynamic simulation analysis reveals that with these fiscal rules in
place, it is possible for the U.S. to stabilize and reduce debt to
sustainable levels over the forecast period. The government must
preserve policy credibility by demonstrating a commitment to meet
the challenges of economic shocks. The recent economic crises have
provided a learning experience, and the rules-based macroeconomic
framework required for this new era may differ significantly from
that of the past. With new fiscal rules in place, the U.S. can
restore long term economic growth. However, empirical analysis
reveals how difficult this challenge will be, and why the U.S. is
likely to continue to experience debt fatigue.
As countries recover from the coronavirus pandemic, they are
confronted with an even more challenging debt crisis. Xavier Debrun
argues in the foreword that in deciding where we go from here that
there is no longer a consensus regarding the optimum design and
enforcement of fiscal rules. Rather we must address a series of
questions and challenges to the conventional wisdom. This readings
book provides an opportunity for scholars to explore these
questions from an international perspective, with reference to
European countries, and emerging nations as well as the United
States.
Restoring America's Fiscal Constitution estimates the potential
impact of new fiscal rules on the U.S. economy over the next two
decades. The new rules would require a cyclically balanced budget
and an expenditure limit. The study shows that over the forecast
period, the budget could be balanced and the total debt-to-GDP
ratio reduced to the 60 percent tolerance level under this scheme,
but this fiscal consolidation can only be achieved using a
combination of fiscal reforms that go far beyond what has been
proposed by Congress and the President. The first chapter explores
the theoretical foundations of a fiscal constitution. The orthodox
public finance view of public debt is contrasted with a public
choice perspective. This is followed by chapters surveying the new
fiscal rules enacted in other countries to address debt issues.
Several chapters provide a historical perspective on U.S. debt,
including a critical appraisal of our fiscal rules. New laws are
proposed to address the debt crisis, and a dynamic simulation model
is used to estimate the impact of the proposed laws on the U.S.
economy. The final section provides a roadmap for enacting the
proposed constitutional and statutory fiscal rules.
This book explores new fiscal rules introduced in OECD countries
and the relevance of fiscal rules for the unique fiscal policies
and institutions in the United States. The rules in different
countries are compared, with a more in depth analysis of two
countries with arguably the most successful fiscal
rules-Switzerland and Sweden. The study compares the challenge of
fiscal consolidation facing the U.S. with that in other OECD
countries. The centerpiece of the study is analysis of fiscal rules
using a dynamic simulation model. A Swiss style fiscal rule is
compared to an alternative fiscal rule proposed by Representative
Amash, H.J.Res 24.The authors propose a new fiscal rule designed
for the unique fiscal institutions in the U.S. Dynamic scoring is
used to measure the impact of different fiscal rules on the federal
budget, economic growth, and revenue. The effectiveness of the
different fiscal rules is analyzed with respect to several
criteria. A major objective of the rules is fiscal stabilization in
the long run to bring debt/GDP ratios below tolerance levels. The
fiscal rules are also designed for budget stabilization in the
medium term, such that deficits in periods of recession are offset
by surplus revenue in periods of economic expansion. The concluding
section of the study explores the political economy of enacting new
fiscal rules in the U.S. The study proposes fundamental changes in
budget process required for the proposed fiscal rule to be
effective. The study concludes with a discussion of alternative
routes to enacting new fiscal rules, and the prospects for new
fiscal rules to be enacted in the U.S.
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