There should be consequences for imprudent choices.

Is a crisis all but inevitable

How the island got into trouble.

Demographic outlooks are deteriorating faster than reforms are happening.

The United States obviously is not in good shape.

Creating the conditions for another European fiscal crisis

How and when debt matters

We have to figure out how to restore the nation’s finances.

Things are getting worse in Europe.

A recipe for long-run fiscal crisis in almost all developed nations.