"I also think philosophically he doesn't like these straitjacket fiscal formulas, like promising to reach a certain spending level by a certain date".
Because the UK's public-sector deficit remains a high 5% of national income, Labour, Tory and LibDems are all committed to making cuts - although by 2020 Labour would need to make £50bn a year less in cuts than the Tories, based on their respective fiscal formulae and plans.
Paul Kellogg, artistic and general director of City Opera, said the company had a $50 million pledge for a new home from a former chairman and major benefactor, Robert W. Wilson, and that Lincoln Center's fiscal sharing formula promised the opera $24 million in city contributions.
But they went along with the fiscal rectitude formula, championed by Robert E. Rubin while he was economic policy coordinator and then Treasury secretary in the Clinton administration, as a way to keep Democratic spending in check.
The GST is a value-added tax of 10% on most goods and services, which is purportedly refunded back to the states based on a complicated horizontal fiscal equalisation formula aimed at providing the same level of services to all Australians.
Bush's formula for fiscal mess was much the same as Reagan's: big tax cuts and run-away military spending, this time on two unfunded wars.
This involved establishment of Council Health Service Boards (CHSBs), Health Facilities Governing Committees (HFGCs), and the introduction of a new formula of fiscal allocation to councils to enhance, among other things, good governance and community ownership in the public health care system at local levels (7, 8).
And we don't know whether the SNP's tabled fiscal policies, if the Barnett formula was scrapped, would actually work – and that's just looking at devo-max.
This of course is a formula for a deepening fiscal crisis and intensifying polarization between the two parties.
Declare that if the fiscal commission comes up with a formula that reduces benefits for seniors, its recommendations will be a dead letter.
