A Future-Oriented US Fiscal Policy
NEW YORK – At last, Republican candidates in the US presidential campaign have begun focusing on the economy. At a time of rising anxiety among middle-income voters about wealth inequality, and growing awareness of the unsustainability of Social Security and Medicare, this conversation could not be more important. Unfortunately, not enough attention is being paid to the link between these two key issues.
The alternative – allowing the past, in the form of interest payments on the national debt and entitlement spending, to continue dictating fiscal policy – would block prosperity among middle-income households, by requiring continuous tax increases and reduced public investment.
Senator Bernie Sanders, Clinton’s Democratic rival, actually proposes to expand the programs’ unfunded liabilities.