Let’s give credit where credit is due. Facing down a record-high budget deficit and an entrenched inflation problem, the government is finally embracing fiscal responsibility in a significant way.
Thanks to sweeping spending cuts enacted this year, the government has posted three consecutive monthly budget surpluses – leading to a reduction in money supply growth and a marked lessening of inflation pressures. This hopeful state of affairs doesn’t apply to the government of the United States, of course. It describes what the government of Argentina is achieving under its new president, Javier Milei.
” The Congressional Budget Office, Social Security and Medicare trustees, and other independent watchdogs within the government itself have also sounded alarms. All to no avail. Now the International Monetary Fund is warning that unsustainable growth in U.S. government debt – which is projected to soar from $34 trillion to $46 trillion within a decade – poses a threat to the global financial system.
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