As with the test-ban treaty, the Republicans are seeking to embarrass the president, rather than to agree upon a fiscal policy.
This is problematic because we know that in every country wealth surveys tend to underestimate top wealth shares as compared to estimates based upon administrative fiscal data.
Politically, Mr. Ravitch's plan offers lawmakers a deal: It opens the door to, and creates political cover for, borrowing money to cover the state's short-term operating deficit, a move usually frowned upon by fiscal experts.
Under pressure from Germany, EU leaders agreed upon a new "fiscal compact" to toughen budget rules.
Clegg's pitch for the centre depends upon having the fiscal discipline and independence from the trade unions that Labour lacks, as well as the fairness that the Conservatives miss.
3. Direct government borrowing from central banks generally is frowned upon as encouraging fiscal irresponsibility and commonly is subject to statutory limitation; nevertheless, in many countries the central bank is the only large source of credit for the government and is used extensively.
The coalition's austerity programme has also been largely forced upon it by the fiscal crisis.
Madrid is struggling to meet agreed budget targets and impose greater fiscal discipline upon regional governments.
Bingo.Gasp The converse of this observation is that Democratic politicians, increasingly dependent on money and votes from SEIU, AFSCME, NEA, and so forth, fear they will reap the electoral whirlwind if they stand up to the unions even when union-negotiated benefits packages threaten to wreak fiscal devastation upon state and municipal budgets.
Only then can we begin to reflect upon how monetary and fiscal policy might support a new era of economic growth, prosperity, and low unemployment that is not sustained by a mountain of debt.
