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It's possible that federal budgets might never get cut outright, with Congress instead slowing the path of spending growth.
If we continue down the path of spending cuts and fiscal contraction demanded by sequestration, next month it will be much more than furloughed FAA workers and snarled air travelers feeling the pinch of unnecessary austerity.
Insolvency needn't be a concern; if the government really felt the need to reassure bond markets, the best thing it could do would be to reduce the long-run path of spending on health care.
The budget looks set to remain in deficit for some time, and the quest for a surplus will be made all the harder if the government continues down the path of spending the revenue from savings and tax measures elsewhere in the economy.
If we're going to stay on this financial-planning path of spending our way out of the recession, President Obama should cut the FICA tax in half for the next 18 months.
What he meant That will teach that Novak Djokovic lookalike Robert Chote at the Office for Budget Responsibility to accuse me of a rollercoaster path of spending plans.
Similar(52)
WASHINGTON -- The House passed legislation Friday that clears the path for spending tens of billions of dollars on overseas wars, including the one against Islamic State militants that Congress still hasn't authorized.
It did nothing to control the unsustainable path of "entitlement" spending on pensions and health care (the latter is on track to double as a share of GDP over the next 25 years); nothing to rationalise America's hideously complex and distorting tax code, which includes more than $1 trillion of deductions; and virtually nothing to close America's big structural budget deficit.
When care became a question of spending a potentially large amount of the household savings or assets, mothers were less likely to control the path of treatment.
That's because lower spending today means lower taxes tomorrow, and limiting the future path of government spending does limit future taxes, as Milton Friedman, the late Nobel laureate and conservative icon, so clearly explained.
As a result, the economy is facing an unusual period of uncertainty, with many analysts saying they do not know whether consumer spending will remain strong -- or even accelerate -- or whether it will soon follow the path of corporate spending.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com