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Unfortunately, bad economies do not produce extra tax receipts, which are needed for fiscal improvement.
Both supporters and critics of Mr. Bush cautioned against attributing much long-term significance to the recent fiscal improvement, in part because tax revenues have become more volatile.
So in Britain in 2010 one might have reasonably concluded that austerity would deliver very little fiscal improvement for the economic pain.
Instead they will almost certainly further shrink an economy that has already shrunk by an astounding 25 percent over the past few years, making fiscal improvement nearly impossible.
The officials cited a study released last week by a group of financial and educational professionals, the Fiscal Improvement Team, saying the city's schools were failing and were in need of reform.
"I hope that Congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having it all happen at one date," he added.
Similar(49)
But a calamitous recession and higher unemployment undid this work.Some of Europe's fiscal improvements were illusory, however.
In the fiscal sense, health improvement can cost us money.
The Greek economy continues to face huge problems despite the very big efforts at fiscal adjustment and improvement of competitiveness," Papademos said, the tension evident in his voice.
Thus, after an increase in inequality during transition, fiscal consolidation entails improvements in the distribution of both wealth and income.
But, he reasoned, a short-term postponement of tax cuts could favor a long-term improvement of fiscal health.
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