Without Rules, Fiscal Policy Chaos Will Continue

The 35-day government shutdown that kicked-off 2019, and the compromise than ended it, are only the latest indicators of the fiscal chaos that reigns in Washington. The latest version is just now getting underway, kicked off by the President’s 2020 budget message.

  • The “primary” part of the term means that interest payments on the national debt are disregarded. Although interest payments are a form of government outlay, in the short run, they are not under the control of policymakers. Instead, for any given level of debt, federal interest expenditures are largely determined by market interest rates.

Economist, Senior Fellow at Niskanen Center, Yale Ph.D. Interests include environment, health care policy, social safety net, economic freedom.

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