bill white

bill white

America’s Fiscal Constitution: Its Triumph and Collapse - A Discussion with Author Bill White

3w ago
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America’s Fiscal Constitution tells the remarkable story of fiscal heroes who imposed clear limits on the use of federal debt. Those national leaders relied on well-defined budget practices to balance federal spending and revenues. That traditional fiscal constitution collapsed in 2001. For the first time in history, federal elected officials cut taxes during war, funded permanent new programs entirely with debt, grew dependent on foreign creditors, and claimed that the economy could not thrive without routine federal borrowing.