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Fiscal fundamentalists: Britain now wants to outlaw budget deficits

Remember the kerfuffle in the US about the “fiscal cliff” in 2013, or the regular showdowns since then about the government’s debt ceiling? How about Germany’s insistence on budget surpluses and no new borrowing, enshrined by the passage of a restrictive “debt brake” law (pdf), despite historically low borrowing costs?

In Britain, chancellor George Osborne wants to get in on the action, proposing a law that would oblige the government—and all in the future—to run a budget surplus. Since its unexpectedly large victory in last month’s election, Osborne’s Conservatives have doubled down on fiscal prudence as a key plank of their policy.

Forcing governments, by law, to spend only as much as they can raise in revenue would indeed be a rather radical break from tradition:……..

Kuidas ometi saab selline lollus ruulida?

About Kristjan

Defitsiidi terrorismi vastase pataljoni eriüksuslane (finantsignorantsuse vastu võitlemise osakond). Treening: MMT, postkeinsism, Tartu Ülikool Majandusteadus
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