Fiscal Policy
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With the U.S. national debt already exceeding $15 trillion, tax reform championed by President Trump and increased spending are adding to the country’s deficits.
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Trump’s trade policy is turning out to be worse than expected and the growth surge mostly reflects a temporary sugar high from last December’s tax cut. The caveat has to do with corporate investment.
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Sales tax revenues have recovered. Fiscal year 2019, which started in July, should be a good year thanks to Federal disaster aid. The real question though is what happens when Federal aid starts to fall.
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To minimize the risk of greater global imbalances, U.S. policymakers should rethink U.S. fiscal policy and focus on the transatlantic imbalances, not the bilateral trade deficit with China.
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Germany seems to have ruled out all the mechanisms for eurozone fiscal expansion that the IMF liked…
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This is the second session of the American Debt: Causes, Consequences, and Fixes symposium.
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This is the first session of the American Debt: Causes, Consequences, and Fixes symposium.
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Irish tax distortions have a material impact on aggregate eurozone economic data.
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At this point, profit shifting by multinational corporations doesn’t distort Ireland’s balance of payments; it constitutes Ireland’s balance of payments.
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Will there be a mismatch between what the U.S. wants to sell (Treasuries) and what the world wants to buy?