The Real Crisis: Government Spending and Deficits
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Lawmakers in the US are grappling with the issue of a widening budget deficit following the massive spending on pandemic relief, which amounted to $5 trillion. The country is now considering the need for spending restraint, particularly due to the rising expenses of Social Security and Medicare. However, there are concerns about whether the US economy is strong enough to handle austerity measures.
Former Treasury Secretary Larry Summers has warned that the current federal budget deficit poses a significant challenge to the economy, surpassing previous attempts to reduce the deficit through tax increases and spending cuts. Summers suggests that strengthening IRS enforcement could help raise more tax revenue, as seen in the Inflation Reduction Act. However, a House Republican proposal to cu...
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