Читать книгу Northern Light: Lessons for America from Canada's Fiscal Fix - Robert P. Murphy - Страница 37

In the first chapter, we have summarized the fiscal hole into which the United States government has dug itself. Unless something is done – and soon – the federal government will be trapped in a runaway cycle of mushrooming debt, as interest costs and entitlement spending grow faster than what the taxpayers can support.

Fortunately, there is a way out of this crisis. Smart reforms can turn the fiscal crisis around with remarkable speed, and without harming economic growth or worsening the plight of the unemployed. Canada in the mid-1990s faced a fiscal crisis in many respects worse than that of the United States today, and yet it managed to escape from the debt spiral. In Part II of the book we explain the Canadian success story.