America?s debt ceiling crisis

Negotiations in Washington are providing an instructive lesson in political economy as both parties haggle over terms for raising the debt ceiling (currently at $14.3 trillion, to be hit on 2nd August). Republicans, employing Rahn curve analysis, argue that optimum government spending (as a percentage of GDP), is around 18%. Yet this level has been far exceeded...

Read the full blog post here

Source: http://www.iea.org.uk/blog/america%E2%80%99s-debt-ceiling-crisis

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