American voters are in for a rude surprise
That’s Stein’s law, coined by the late American economist Herbert Stein. It means that a trend that is unsustainable will, at some point, no longer be sustained. It has to end, so it will.and former president Donald Trump are set to square off in their first debate on Thursday night. Expect an exchange of haymakers on issues from the border to Ukraine to inflation to the Jan. 6,
The U.S. federal budget deficit, which this year will clock in at US$2-trillion, is the elephant in the drawing room of American politics. It is widely recognized as a long-term problem, just not one anyone wants to deal with. So the beast slumbers in plain sight, quietly eating the future. It’s been there so long that ignoring it requires only minimal effort.
In other words, the CBO’s dire fiscal outlook is not what happens if things go wrong. It’s what happens if everything goes right. But the U.S. is not in a recession today. Unemployment has been at or near record lows for two years. Wages are rising, not falling. We’re at the peak of the economic cycle, yet the U.S. is running a deficit of 7 per cent of GDP. That’s a figure exceeded on only three previous occasions: the pandemic recession, the Great Recession and the Second World War.publication, released in April, Canada’s all-government deficit – Ottawa plus provinces and municipalities – will be 1.
Cent Recession Gdp United States Canada Spending Time IMF CBO Joe Biden
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