Consolidation programme

摘要

Every so often a right-leaning economist raises the alarm about the apparently parlous state of America's public finances. The subject gripped Washington in the early 2010s but has since been mostly disregarded. At 78% of GDP, America's net public debt is high, if not yet huge. hanks to President Donald Trump's tax cuts, the federal deficit will exceed 4% of GDP his year, a level that is more typical after economic slumps than in the benign conditions seen today, with unemployment at 3.6%. What is more, unless taxes go up or spending on pensions and health care for the elderly is contained, public debt will rise to 92% of GDP in 2029, the highest since 1947, and go on rising for decades more, according to official projections.