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.

Good news is that awareness of the problem is growing.

Politicians should follow fiscal policy’s Gold Rule.

Spending burdens were climbing in most nations even before the pandemic.

A new study from the European Central Bank may help answer.

Here’s what actually happens when politicians try to control debt with spending restraint or tax increases.