Budgets around the world are in a bigger mess than politicians will admit. They need to get real, fast
budgets is always part of politics, but today’s fiscal brinkmanship is truly frightening. In America Democrats and Republicans are playing a game of chicken over raising the government’s debt ceiling. As the drama intensifies, the stakes are getting dangerously high. Janet Yellen, the treasury secretary, says her department could run out of cash to pay the government’s bills on June 1st if no deal is struck.
Governments elsewhere face similar pressures—and appear just as oblivious. Those in Europe are locked in a silly debate about how to tweak debt rules, at a time when the European Central Bank is indirectly propping up the finances of its weakest members. China’s official debt figures purport to be healthy even as the central government prepares to bail out a province. Governments are stuck in a fiscal fantasyland, and they must find a way out before disaster strikes.
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