The New World Fiscal Order: Implications for Industrialized Nations
C. Eugene Steuerle, Masahiro Kawai
Urban Institute Press, 1996 - Political Science - 277 pages
Despite widespread deficit reduction legislation in recent years, the nations of the industrialized world have not gained control over their long-term fiscal policy. The authors examine the triple threat of factors that have brought this problem to a head. They look at demographic issues: the aging of populations and decline in birthrates that burden social security programs. They analyze the yoke of prior commitments -- or current spending based on past decisions. And they address the unsustainable growth of government debt, which eats up a substantial portion of worldwide net saving and poses severe problems. Finally, the authors address the steps needed for nations to effectively plan for its future in an increasingly interdependent world.
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PART ONE THE FISCAL IMPLICATIONS OF CHANGING
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