”A Fiscal Cliff’ is precisely the right book for perilous fiscal times. Giants in economics and public policy offer a spirited defense of fiscal rules critically needed to protect our children and grandchildren from a bleak future.’
-Richard K. Vedder, Distinguished Professor of Economics Emeritus, Ohio University
The unsustainable, and still rapidly growing, U.S. federal government debt is a classic case of ‘’in denial.” Indeed, we are no closer to a solution to the debt crisis than we were ten years ago when the Simpson-Bowles Commission issued a report with recommendations to address the nation’s debt crisis. The bipartisan Commission fell short of the supermajority vote required to submit their recommendations to Congress. President Trump declared a debt crisis, but didn’t act like it. Various commissions and think tanks have made numerous recommendations. In 2019, a Congressional Committee was appointed to recommend budget process reforms, but that Committee could not agree on any recommendations to submit to Congress.
While the dominant sentiment is that maybe if we ignore it, it will just go away, the debt crisis will not just vanish. A Fiscal Cliff: New Perspectives on the U.S. Debt Crisis is a timely addition to a critical policy discussion.
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Barry Poulson is professor emeritus at the University of Colorado Boulder and a visiting professor at several universities, including University of North Carolina; Cambridge University; and Universidad Carlos Tercera, Madrid, Spain. His main area of expertise is economic development and economic history.
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