A Fiscal Policy Fit for the Next Crisis

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Re-arming US fiscal policy for aggressive use the next time we need it is not just a matter of controlling debt in the medium and longer term. It also requires structural improvements in other aspects of fiscal capacity: specifically, more powerful automatic stabilisers. In this FT column, I suggest three possiblities: a national sales tax, curbs on tax relief for debt, and a much-expanded Trade Adjustment Assistance program.   

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Clive Crook is a senior editor of The Atlantic and a columnist for Bloomberg View. He was the Washington columnist for the Financial Times, and before that worked at The Economist for more than 20 years, including 11 years as deputy editor. Crook writes about the intersection of politics and economics. More

Crook writes about the intersection of politics and economics.

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