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As history and theory indicate, this fiscal consolidation should happen through reduced future spending growth, especially on transfer payments.
Professor Philip Booth, editorial and programme director at the IEA, said: "Without reform, today's young people are likely to be disappointed, either in terms of higher tax rates or in terms of reduced future benefits provided by government.
The network also said Time Warner Cable had rejected an option that could have lowered its subscriber fee if YES's long-term deal with Cablevision led to reduced future payments.
It creates an even bigger hole in the budget from 2010, sucks out funds to keep old kit going, increases the unit costs of delayed and reduced future equipment, and penalises those at the end of the procurement pipeline.
Even without such a structure, European countries have reduced future pension costs.Some of the pyramid problems could be avoided if developed-world pension schemes invested in those emerging markets with more favourable demographic trends.
The column suggested that reduced future consumption spending (as a result of the tax) wouldn't cause a fall in total spending in the economy, because investment would rise to pick up the slack.
Similar(22)
This will reduce future economic growth.
It would reduce future competition markedly.
This in turn reduces future revenues.
Eventually, they may yank out trees, reducing future supply.
The budget office said the bill would reduce future deficits by $132 billion over that period.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com