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"Unfazed by this turnaround," notes Mr. Peterson, "the Bush administration proposed a second tax-cut package in 2003 in the face of huge new fiscal demands, including a war in Iraq and an urgent 'homeland security' agenda". Result: now the 10-year fiscal projection is for a $4 trillion deficit.
To meet the strict fiscal demands of adopting the euro, several countries recapitalized and sold unprofitable state enterprises.
Any package will need to take into account the longer-term fiscal demands of an ageing population, particularly as baby-boomers retire.
(Though, he also admits, the fiscal demands of the first world war deserve most credit for adoption of meaningful income taxation across the rich world).
But in Catalonia's case, Mr. Mas and his allies are threatening to escalate the conflict if Mr. Rajoy ignores their fiscal demands.
Our publics are paying the price for this policy inertia, which, in addition to raising their security risks, needlessly increases costs for defense and misdirects resources away from fiscal demands, domestic priorities and emerging security challenges and threats.
Similar(36)
Mr Brown wants to turn the clock back and to reinvent contra-cyclical fiscal demand management, which was used enthusiastically in the 1950s and 1960s but abandoned thereafter because changes in public spending or taxes were often too late, so they exaggerated rather than dampened cyclical movements in the economy.
The bruised political fortunes of the Coalition demand one thing, and that's rapprochement with the voters, and pronto – but fiscal reality demands the government pursue a measured course on policy recalibration.
Fiscal discipline demands that we make hard decisions sacrificing certain things we cannot afford.
Leadership on fiscal issues demands more than simply caving in to the politics of tea-ism.
Fiscal realism demands this step, and its consequences are unlikely to be grave or even noticeable once some time has passed.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com