America’s fiscal outlook is disastrous, but forgotten
On the campaign trail, both main candidates largely ignore the problem
It was not so long ago that the hottest topic in American politics was the ballooning national debt. In 1992 Ross Perot had the best showing for a third-party candidate in a presidential election since 1912 on a platform of fiscal probity. Two years later the Republicans seized control of Congress for the first time in 40 years, with the first item in their “Contract with America” being a pledge to balance the budget. Bill Clinton easily won re-election two years after that, in part by negotiating spending cuts with Republicans that led to America’s first surpluses in a generation.
Explore more
This article appeared in the Briefing section of the print edition under the headline “Budgetary blindness”
From the May 4th 2024 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from Briefing
The right in Congress and the courts will reshape Donald Trump’s agenda
As dominant as the new president is, there is still life in Washington’s institutions
How far will Donald Trump go to get rid of illegal immigrants?
It is his signature policy, but the obstacles are daunting
Young customers in developing countries propel a boom in plastic surgery
Falling costs and converging beauty standards spur new habits
The Assad regime’s fall voids many of the Middle East’s old certainties
What if Syria abandoned its hostility to the West and stopped menacing Israel?
Syria has exchanged a vile dictator for an uncertain future
It is not clear how stable or how benign the new regime will be
Gambling is growing like gangbusters in America
Technology and legal changes are spurring a betting bonanza