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Restoring America's Fiscal Constitution by John Merrifield, Hardcover | Indigo Chapters
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Restoring America's Fiscal Constitution by John Merrifield, Hardcover | Indigo Chapters
From John Merrifield
Current price: $160.00
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Size: 0.96 x 9.38 x 1.21
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Restoring America's Fiscal Constitution estimates the potential impact of new fiscal rules on the U. S. economy over the next two decades. The new rules would require a cyclically balanced budget and an expenditure limit. The study shows that over the forecast period, the budget could be balanced and the total debt-to-GDP ratio reduced to the 60 percent tolerance level under this scheme, but this fiscal consolidation can only be achieved using a combination of fiscal reforms that go far beyond what has been proposed by Congress and the President. The first chapter explores the theoretical foundations of a fiscal constitution. The orthodox public finance view of public debt is contrasted with a public choice perspective. This is followed by chapters surveying the new fiscal rules enacted in other countries to address debt issues. Several chapters provide a historical perspective on U. S. debt, including a critical appraisal of our fiscal rules. New laws are proposed to address the debt crisis, and a dynamic simulation model is used to estimate the impact of the proposed laws on the U. S. economy. The final section provides a roadmap for enacting the proposed constitutional and statutory fiscal rules. | Restoring America's Fiscal Constitution by John Merrifield, Hardcover | Indigo Chapters