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Fiscal Therapy – Balancing Today's Needs with Tomorrow's Obligations | Oxford Scholarship Online
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Fiscal Therapy: Balancing Today's Needs with Tomorrow's Obligations

William G. Gale

Abstract

America faces two distinct but related economic challenges. Steadily rising federal debt—largely fueled by rising healthcare costs and an aging population that will boost spending on Social Security, Medicare, and Medicaid—will make it harder to grow the nation’s economy, boost living standards, respond to wars or recessions, address social needs, and maintain the US role as a global leader. At the same time, an increasingly fractured society has left many people behind and let critical investments lag, even as overall prosperity has grown. How and when US citizens address these challenges wil ... More

Keywords: fiscal policy, taxes, government spending, deficits, debt, federal budget

Bibliographic Information

Print publication date: 2019 Print ISBN-13: 9780190645410
Published to Oxford Scholarship Online: April 2019 DOI:10.1093/oso/9780190645410.001.0001

Authors

Affiliations are at time of print publication.

William G. Gale, author
Arjay and Frances Miller Chair in Federal Economic Policy, Director, Retirement Security Project, and Co-Director, Urban Institute-Brookings Tax Policy Center, Brookings Institution